THE BULGARIAN ASSOCIATION OF ASSET MANAGEMENT COMPANIES CELEBRATES ITS 20TH ANNIVERSARY

The association's chairperson, Ms. Natalia Petrova, opened the event by welcoming guests from the Financial Supervision Commission, the Ministry of Finance, the Bulgarian Stock Exchange, the Central Depository, the State Agency for National Security, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Supplementary Pension Security Companies, the Association of Banks in Bulgaria, the Association of Bulgarian Insurers, the Association of the Bulgarian Investor Compensation Fund, and the National Committee for Corporate Governance, as well as BAAMC members and all its partners.

Special guests included Mr. Tanguy van de Werve, Director General of EFAMA (European Fund and Asset Management Association), and members Thomas Richter and Tsvetelina Todorova (Germany), Mira Velich (Slovenia), Jean Pricope (Romania), and Snezhana Popovska (Macedonia).

Ms. Petrova emphasized that over the past two decades, BAAMC has been a benchmark for high ethical standards, professionalism, and the development of the Bulgarian capital market while increasing investor confidence. She presented a summary of the association's progress from its establishment to the present, highlighting key milestones and achievements:

• In 2004, BAAMC started with just 8 members; today, it has 41.
• The association works to increase awareness and promote asset management products among Bulgarian investors.
• It actively participates in working groups to improve the legislative framework and reduce administrative burdens.
• BAAMC supports its members by developing and maintaining various internal regulations and standards for daily operations.
• The association collaborates with the Bulgarian Stock Exchange and the Central Depository to modernize and develop market infrastructure, ensuring stability and security.
• BAAMC is an active member of EFAMA, allowing it to influence the future of the European investment market.
• Over the years, it has promoted financial literacy by organizing broker and investment consultant courses in partnership with BALII.
• In recent years, the association has allocated significant resources to increasing awareness of the asset management industry and enhancing financial literacy.

Ms. Petrova addressed the challenges of the rapidly evolving capital markets, emphasizing BAAMC's commitment to finding effective solutions and collaborating with both local and international market participants. Key priorities include:

• Eurozone and the adoption of the euro – a complex process requiring critical decisions amid uncertainties.
• Enhancing competitiveness at the European level – adapting to the dynamic global financial landscape.
• Turning savers into investors – fostering an investment culture as a tool for long-term economic growth.
• Financial literacy improvement – continuing educational initiatives for the public and professionals.
• Bridging the innovation gap between Europe and the U.S. – stimulating technological advancements in European capital markets.
• Developing alternative business financing models – promoting sustainable and flexible capital sources.
• Reducing regulatory burdens – simplifying regulations and easing reporting requirements for market participants.
• Creating a Capital Markets Union – building an integrated and efficient European capital market.

Mr. Tanguy van de Werve, EFAMA's Director General
 

Mr. Tanguy van de Werve, EFAMA's Director General, also delivered a speech highlighting key topics:

• Impact of EU regulations – Decisions made in Brussels significantly affect financial markets, with efforts to ease regulatory burdens on asset managers.
• BAAMC's role in European legislation – Despite regulatory decisions often seeming distant for Bulgarian asset managers, BAAMC's active involvement in EFAMA ensures Bulgaria has a voice in shaping European regulatory frameworks.
• BAAMC's importance for market and product development in Europe – The association plays a crucial role in fostering a competitive and innovative investment environment.

The evening concluded with a festive atmosphere, a cake, and well wishes for many more years of success and growth in support of the Bulgarian capital market.