National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
FSC
BulgariaFinancial Services Commission
Source / Native Reference: 韩国金融服务委员会
- Supervisory tier
- Tier-3
- License classes
- 2
- Licensed records
- 122
- Active / regulated
- 91
Statutory Supervisory Mandate & Scope
Japan Cryptoasset Business Association (JCBA) (JCBA) is the Tier-2 statutory financial markets and securities supervisory authority in Japan. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Prudential Tier Assessment
Tier-3Tier-3 national capital markets, securities, and derivatives supervisory authority in Bulgaria, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (FSC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSC in Bulgaria.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSC.
National Investor Protection / Compensation Scheme (Bulgaria)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
FSC Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of Bulgaria
- FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (Bulgaria)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to FSCAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Eligible for EU/EEA MiFID II and MiCA cross-border freedom-of-services passporting across 30 EEA member states.
Supervised institutions & FSC licence records in our database
122 licence records referencing FSC (91 regulated/registered, 15 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Doo Prime | C119023907 | Regulated | DOO PRIME MAURITIUS LIMITED | 2020-05-26 | |
| EC Markets | GB2100130 | Offshore | EC MARKETS LIMITED | 2022-06-20 | |
| GLOBAL | C117017139 | Regulated | B2B Prime Services Limited | 2021 | |
| Exness | GB20025294 | Regulated | Exness (MU) Ltd | 07/12/2020 | |
| Windsor Brokers | 000153/391 | Offshore | Windsor Brokers (BZ) Limited | — | |
| AETOS | GB23202270 | Regulated | AETOS Markets (M) Ltd | 2023-11-29 | |
| Amana Capital | C118023192 | Regulated | ACG International Limited | 2018-12-05 | |
| Viverno | C116016172 | Regulated | BDSwiss Markets (Mauritius) Ltd | 2016-06-12 | |
| XM | 000261/397 | Offshore | XM Global Limited | — | |
| GVD Markets | GB24203047 | Offshore | GVD Pro Capital Limited | — | |
| WisunoFX | GB23201735 | Regulated | WISUNO CAPITAL LIMITED | 2023-07-20 | |
| FBS | 000102/460 | Offshore | FBS Markets Inc. | — | |
| FXTM | C113012295 | Regulated | EXINITY LIMITED | 2013-11-11 | |
| Scope Markets | 000274/394 | Registered | RS Global Ltd | — | |
| AUS GLOBAL | GB23201412 | Regulated | AUS Global MU Ltd | 20/04/2023 | |
| Mohicans Markets | GB20026131 | Regulated | MOHICANS MARKETS | 2021-01-06 | |
| GTC | GB22200292 | Regulated | GTC GLOBAL LTD | 2022-06-03 | |
| RoboForex | 000138/333 | Regulated | RoboForex | — | |
| BHC | GB20025563 | Regulated | Brickhill Capital (Mauritius) Limited | 2020-12-17 | |
| BHC | IFSC/60/490/BCA/16 | Regulated | Brickhill Capital | — | |
| CBCX | GB24202880 | Regulated | CBCX Markets Global Limited | 23/05/2024 | |
| CPT Markets | IFSC000314/470 | Regulated | CPT MARKETS LIMITED | — | |
| INFINOX | GB20025832 | Regulated | INFINOX | 2020-11-19 | |
| VDX | C118023323 | Regulated | VDX DERIVATIVES | 2019-05-09 | |
| CXM Direct | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| CXM Trading | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Exinity | C119470 C1/GB | Regulated | EXINITY LIMITED | 2013-11-11 | |
| GMI | C118023454 | Regulated | Global Market Index Limited | 2018-08-29 | |
| KCM Trade | C117022600 | Regulated | Kohle Capital Markets Limited | 2018-03-01 | |
| KEY TO MARKETS | GB19024503 | Regulated | KEY TO MARKETS INTERNATIONAL LIMITED | 2019-12-17 | |
| Ridder Trader | GB23201566 | Revoked | Ridder Trader Ltd | 2023-04-13 | |
| Swiss Markets | 143350 | Regulated | BDS Markets | 2016-12-06 | |
| Tradeo | IFSC/60/284/TS/17 | Suspected clone | Delwyn Trading Limited | — | |
| Trading | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Xtrade | FSC000281/20 | Regulated | XTRADE INTERNATIONAL | — | |
| ZERO MARKETS | Number pending check | Regulated | ZERO FINANCIAL | 2021-05-10 | |
| Bithumb | 220-88-71844 | Exceeded scope | 주식회사 빗썸코리아 | 2014-01-20 | |
| BULBROKERS | Number pending check | Regulated | Bulbrokers | — | |
| DeltaStock | Number pending check | Regulated | Deltastock | — | |
| EURO PRIME | IFSC/60/511/TS/18 | Suspected clone | IOS Investments Ltd | — | |
| Deriv(Global network record) | GB24101229 | Regulated | Deriv (Mauritius) Ltd | 2024-06-14 | |
| Alpari International(Global network record) | IFSC/60/301/TS/17 | Revoked | Alpari Limited | — | |
| Tradeview(Global network record) | GB20025800 | Regulated | iLC Brokers Ltd | 17/12/2020 | |
| FINVEO(Global network record) | GB22200832 | Regulated | FINVEO MA | 19/01/2023 | |
| FXDD(Global network record) | C117017252 | Regulated | FXDD MAURITIUS LTD | 2017-11-15 | |
| Industrial Bank(Global network record) | Number pending check | Regulated | Industrial Bank of Korea | — | |
| Koderan Forex(Global network record) | IFSC/60/466/FX/16 | Revoked | Koderan International Markets Limited | — | |
| UniCredit Bulbank(Global network record) | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| 24option(Global network record) | 000319/191 | Regulated | RICHFIELD CAPITAL | — | |
| 4XCUBE(Global network record) | MC03/2018 | Regulated | 4XCUBE LIMITED | 2023-09-19 | |
| 7(Global network record) | Number pending check | Regulated | 7 LUCKY TRADING (MAURITIUS) LTD | 2024-04-15 | |
| AROTRADE(Global network record) | IFSC/60/391/TS/19 | Revoked | Speed Solutions Limited | — | |
| Assets(Global network record) | GB23201811 | Regulated | Assets Global Ltd | 2024-05-03 | |
| ASSETS(Global network record) | GB23201811 | Offshore | ASSETS GLOBAL LTD | 2024-05-03 | |
| Axiory(Global network record) | IFSC/60/255/TS/15 | Offshore | AXIORY GLOBAL LTD. | — | |
| Bank Of Kaohsiung(Global network record) | Number pending check | Regulated | Bank Of Kaohsiung | — | |
| Bank of Panhsin(Global network record) | 118 | Regulated | Bank of Panhsin | — | |
| Bank SinoPac(Global network record) | Number pending check | Regulated | Bank SinoPac | — | |
| bank.sinopac(Global network record) | 807 | Regulated | bank.sinopac | — | |
| BelFX(Global network record) | IFSC/60/260/TS/17 | Offshore | BELFX LIMITED | -- | |
| Binance TH(Global network record) | IFSC/60/377/TS/17 | Revoked | CST Financial Services Ltd. | — | |
| BONDEX(Global network record) | IFSC/60/486/BCA/19 | Revoked | Bondex Global Limited | — | |
| Capital(Global network record) | C112010690 | Regulated | Capital Street Intermarkets Limited | 2012-02-24 | |
| CAPITALXTEND(Global network record) | GB23201599 | Regulated | CAPITALXTEND (MAURITIUS) LLC | 2023-06-15 | |
| Cathay United Commercial Bank(Global network record) | Number pending check | Regulated | Cathay United Commercial Bank | — | |
| CG(Global network record) | GB22200249 | Regulated | CG GLOBAL LTD | 2022-04-14 | |
| CGTrade(Global network record) | C118023669 | Regulated | CGTrade (Mauritius) Limited | 2014 | |
| Chang Hwa Bank(Global network record) | Number pending check | Regulated | Chang Hwa Commercial Bank, Ltd | — | |
| COTA Bank(Global network record) | 147 | Regulated | COTA Bank | — | |
| CTBC Bank(Global network record) | 822 | Regulated | CTBC Bank | — | |
| Eastern Int'l Bank(Global network record) | 805 | Regulated | Eastern Int'l Bank | — | |
| entiebank(Global network record) | 816 | Regulated | entiebank | — | |
| EONE(Global network record) | 203973 | Regulated | EONE CAPITAL LIMITED | 10/01/2024 | |
| esunbank(Global network record) | Number pending check | Regulated | esunbank | — | |
| EVEREST(Global network record) | Number pending check | Regulated | MYRTLE LTD | 2021-05-05 | |
| Eximbank (Taiwan)(Global network record) | 015 | Regulated | — | — | |
| First Bank(Global network record) | Number pending check | Regulated | First Bank | 1949-12-08 | |
| FOREX359(Global network record) | Number pending check | Regulated | ELANA TRADING AD | — | |
| ForexVox(Global network record) | SD142 | Offshore | ForexVox (Seychelles) Financial Services Ltd | — | |
| FX Choice(Global network record) | IFSC/60/191/TS/18 | Offshore | FX Choice Limited | — |
FSC (Bulgaria): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSC (Bulgaria)?
FSC (Financial Services Commission) supervises financial institutions in Bulgaria under Securities and Capital Markets Act of Bulgaria and FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSC provide statutory investor compensation and mandatory client asset segregation?
Under FSC's framework, investor protection is governed by National Investor Protection / Compensation Scheme (Bulgaria) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with FSC Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does FSC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSC's digital-asset regime is structured around FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework (Unified EU MiCA (Regulation (EU) 2023/1114) CASP licensing and DLT Pilot Regime.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's FSC licence number and check our 122 recorded licence entries?
Our database currently tracks 122 licence records referencing FSC (91 marked regulated or registered). To verify a counterparty at the primary source, open FSC's official public register (http://www.fsc.go.kr/eng/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to FSC and Bulgaria.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
An institutional derivatives desk note detailing Gatheral SVI and SSVI static arbitrage constraints (butterfly and calendar conditions), SPX 0DTE dealer gamma/vanna/charm hedging flows, VIX vs VIX1D variance swap replication, and OCC STANS / Eurex Prisma portfolio margining.
Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
Statutory licensing classes, base capital rules, and investor protection summaries for FSC (Bulgaria) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSC’s official public register.