Bulgarian Association of Licensed Investment Firms
Budget
€10 — €0
EP Access
0
accredited persons
Staff
3
1.35 FTE
EU Grants
None
Mission & Goals
BALIF is a self-regulatory and trade association representing licensed investment intermediaries and banks that are active on the capital market in Bulgaria. The main objectives of the Association are: - to protect the professional and economic interests of its members; - to explain and promote the fundamental principles of the investment process in Bulgaria and the emerging stock market; - to make proposals to the relevant state authorities for the introduction of new regulations and amendments to the legislation regulating the investment process and the stock market; - to contribute to the regulation of professional and ethical relations between the licensed investment intermediaries for the purpose of promoting the good reputation of the Association and its members; - to contribute to the enhancement of the professional qualification of its members; - to contribute to generation & dissemination of information related to problems of the investment process & the capital market.
EU Legislative Interests
Main EU initiatives, policies and legislative files that BALIF is currently following include (list not exhaustive): Capital Markets Union (CMU) Action Plan; Savings and Investments Union (SIU). Implementation, application and prospective amendment of EU legislative acts such as: Directives: 1. Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU. 2. Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits. 3. Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017, amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (OJ L 132/1 of 20.5.2017). 4. Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing (OJ L 334/155 of 27 December 2019). 5. Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (ОJ, L 314/64 of 5 December 2019). 6. Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments (OJ, L 347/50 of 20 October 2020). Regulations: 1. Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012. 2. Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012. 3. Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. 4. Regulation No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs). 5. Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No. 648/2012. 7. Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012. 8. (New, SG No. 16/2022) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. 9. (New, SG No. 25/2022, effective 29.03.2022) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014. 10. (New, SG No. 65/2023) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No. 600/2014 and (EU) No. 909/2014 and Directive 2014/65/EU.
Communication Activities
Meetings with representatives of the European Commission (includig commisionners), the European Securities and Markets Authority (ESMA) and DG FISMA. Participation in public consultations launched by the EuropeanCommission (EC), ESMA, the European Banking Authority (EBA) and other European Supervisory Authorities.
Interests Represented
Promotes their own interests or the collective interests of their members
Member Of
BALIF is: - member of the Confederation of Employers and Industrialists in Bulgaria (CEIB) - member of the Association of the Industrial Capital in Bulgaria (BICA). BALIF is also a member of the working group led by the Ministry of Finance charged with the implementation of the National Financial Literacy Strategy. BALIF is a member of the User Committee with the Central Securities Depository (CSD) as well as member of the T2S Support Group with the CSD. BALIF participates in Working Group 26 "Financial Services" wtih the Council on European Issues and the Ministry of Finance.
Organisation Members
https://balip.com/investicioni-posrednici-chlenove-balip/ https://balip.com/en/members/
Additional Information
BALIF has 31 members which are licensed investment firms and banks. For several years the annual membership contribution of members has been firmly set at BGN 1500 per annum (approximately EUR 750 per annum). The budget of BALIF for one financial year is formed predominantly from such contributions and amounts to BGN 46 500 (approximately EUR 23 200), plus a small revenue from the courses for brokers and investment consultants (conducted once a year) that varies between BGN 4000 (EUR 2000) and BGN 6000 (EUR 3000). The members of the Management Board work pro bono. BALIF has only one employee on a labor contract (its secretary general) and it retains also an accountant and a system administrator as independent contractors. Therefore, the budget constraints do not allow BALIF to set aside more funding for its lobbying activities.
Commissioner Meetings
No recorded meetings with EU commissioners.