With its decision, the government approved a draft Law on Amendments and Supplements to the Law on Credit Institutions (LKI).
The bill envisages changes in the national legal framework in the field of prudential supervision, conditioned by the adoption of the euro as legal tender in the Republic of Bulgaria and the resulting role of the Bulgarian National Bank (BNB) in the Single Supervisory Mechanism (SSM).
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Prerequisites are being created for the implementation of effective banking supervision in accordance with the current rules of the Eurozone, and the distribution of supervisory powers between the ECB and the BNB is brought into line with the requirements of Regulation (EU) No. 1024/2013 and Regulation (EU) No. 468/ 2014.
With the introduction of the euro in the Republic of Bulgaria, the current regime of close cooperation between the ECB and the BNB will cease and our country's participation in the ESM will be similar to that of all other member states in the euro area.
The proposed changes enter into force from the date specified in the Decision of the Council of the European Union on the cancellation of the derogation for the Republic of Bulgaria, adopted in accordance with Art. 140, paragraph 2 of the Treaty on the Functioning of the EU.
In another decision, the Cabinet approved a draft Law to supplement the Law on Credit Institutions.
With the draft law, it is proposed to supplement the provision of Art. 56a, para. 3, item 2 of the Law on Credit Institutions (CLI), adding to the structures of the Ministry of Internal Affairs (MIA) with the right to access the electronic information system of the Bulgarian National Bank (BNB) the Main Directorate “Border Police” (GDGP) and Directorate “Internal Security” (DVS).
The proposed addition to Art. 56a, para. 3, item 2 of the Civil Code will provide an opportunity for the State Security Service and Internal Revenue Service to be designated as structures of the Ministry of Internal Affairs with the right of access to the electronic information system of the BNB. The proposed addition to the mentioned provision of the Criminal Code aims to ensure the fulfillment of the functional obligations of the bodies of the State Police and the Internal Revenue Service in the implementation of operational-search activity, the performance of checks and the investigation of crimes. Thus, access to significant additional information will be provided, which will ensure that the activities of documenting crimes and violations are carried out in full, while also collecting information on financial means acquired from illegal and criminal activity, as well as a more complete, comprehensive and objective investigation.