Supervision Commission


The Financial Supervision Commission (FSC) was established on March 1st, 2003 under the Financial Supervision Commission Act. It is an institution that is independent from the executive authority and reports its activity to the National Assembly of the Republic of Bulgaria. The Commission is a specialized government body for regulation and control over different segments of the financial system – capital market, insurance market, health insurance market, pension insurance market.

The primary mission of the institution is to assist through legal, administrative and informational means for the maintenance of stability and transparency on the non-banking financial sector, and to ensure the protection of the consumers of financial services and products.

The current composition of the Commission is directly elected by the National Assembly of Bulgaria on 15 July 2010 and is composed as follows.

Stoyan Mavrodiev

Chairman of FSC
He was elected by the National Assembly of Republic of Bulgaria on the 16th of June 2010 with a 6-year term of office.

September 2003 – October 2005, University of National and World Economy, Faculty of Finance, Master of Science in Finance (MSF);
September 1990 – September 1994, Sofia University “St. Kliment Ohridski”, Faculty of Law, Master of Laws (LLM);
1992 – 1996, The International Bureau of Fiscal Documentation (IBFD), Amsterdam, The Netherlands, attending various courses, such as – “Principles of international taxation”; “Application of tax treaties”; “Permanent establishment”; “Tax treatment of transfer pricing”; “US Corporate tax law”.

16.06.2010 – present, Financial Supervision Commission (FSC), Sofia, Bulgaria, Chairman;
14.07.2009 – 16.06.2010, 41st National Assembly, Parliamentary Group of Political Party GERB (Citizens for European Development of Bulgaria), Member of the Parliamentary Group of Political Party GERB;
29.07.2009 – 16.06.2010, 41st National Assembly, Budget and Finance Committee, Member of the Budget and Finance Committee;
30.07.2009 – 16.06.2010, 41st National Assembly, Economic Policy, Energy and Tourism Committee, Deputy Chairman;
02.09.2009 -22.03.2010, 41st National Assembly, Ad Hoc Committee of inquiry on the expenditures, appointments and transactions made by the government of Sergey Stanishev in the last year, Chairman;
04.09.2009 – 18.07.2010, 41st National Assembly, Delegation to the Parliamentary Assembly of the Organization for Security and Co-operation in Europe, Head of the delegation;
16.11. 2006 – 10.01.2010, Political Party GERB (Citizens for European Development of Bulgaria), Member of the Initiative Committee for establishing of Political Party GERB, Founder of GERB, Member of the Executive Commission of GERB, Financial secretary of GERB;
10.01.2010 – present, Political Party GERB (Citizens for European Development of Bulgaria), Member of the Controlling Commission of GERB;
June 1996 – November 2006, United Consulting, Consultancy services, Founder and Managing Partner;
November 1991 – June 1996, Price Waterhouse Coopers, Consultancy services, Tax, Legal and Business Consultant.

In his professional carrier up till now Mr. Mavrodiev has gained a significant experience in the field of financial, commercial, tax and corporate law, international tax planning and consulting, acquisitions, mergers and acquisitions of companies, derivative financial instruments, financial markets, private investment banking, corporate finance, privatization projects and foreign investments.

Sofia Bar Association
Bulgarian Macroeconomic Association
International Bar Association
International Tax Planning Association

Fluent in English and Russian language.

Dimana Rankova

Deputy Chairperson in charge of Investment Activity Supervision Division


1990 – 1995 – Master of Law from the Sofia University St. Kliment Ohridski.

1995 – 1996 – Sofia District Court, trainee judge and a trainee in a lawyer’s office;
1996 – 2001 – Securities and Stock Exchanges Commission, renamed in 2000 in Bulgarian National Securities Commission: consecutively held positions – expert, chief expert, Head of Legal Department and Legal Regulations Department;
May 2001 – March 2003 – Member of the Bulgarian National Securities Commission
March 2003 – May 2009 – Deputy Chairperson of the Financial Supervision Commission in charge of Investment Activity Supervision Division;
November 2009 – July 2010 Member of the Managing Board of the Bulgarian Development Bank;
December 2009 – July 2010 – Chairman of the Board of Directors of Burgas – Alexandroupolis Oil Pipeline – BG EAD Project Company.

Author of over 100 publications in specialized editions, including: Comments on the
Law on Public Offering of Securities – first (2001) and second (2005) edition, co-authorship; The Bulgarian Wall Street – 2004, co-authorship, as well as a multitude of publications in Finance and Law magazine.

Lecturer at the New Bulgarian University.
Fluent in French.

Ralitsa Agayn – Guri

Deputy Chairman in charge of Insurance Supervision Division

Elected by the National Assembly of the Republic of Bulgaria on January 24th, 2014 for a 6-year term.
Mrs Agayn-Guri was born on December 2nd, 1976 in Sofia. She holds a Master’s degree in Business Administration from the Saïd Business School – University of Oxford, as well as a Bachelor’s and Master ‘s degree in International Economic Relations from the University of National and World Economy, Sofia.
From May, 2009 to July, 2010 Mrs Agayn-Guri was a Deputy Chairperson of the FSC in charge of the Investment Supervision Division. From April, 2005 to May, 2009, she served as a FSC’s Deputy Chairperson in charge of the Insurance Supervision Division .
Since 2008, she has been teaching courses of the Master’s program in Insurance Supervision at the Insurance and Finance High School /VUZF/, Sofia.
In 2001 Mrs Agayn-Guri was elected MP of the 39th National Assembly (2001 – 2005), where she also served as a Chairperson of the Subcommittee on Capital Markets at the Economic Policy Committee, Vice-Chairperson of the Bulgaria – U.S. Friendship Group and a member of the Permanent Delegation to NATO’ s Parliamentary Assembly.
In the period from 1998 to 2001, she worked as a financial analyst at CC & Co.
Mrs Agayn-Guri is a co-author of the books “Corporate Governance in Development: Bulgaria 2002 – 2004” and “Bulgaria’s Wall Street”.
She is also a member of the Boards of Trustees of “Junior Achievement”, Bulgaria and the “Workshop for Civil Initiatives”.

Mrs Agayn-Guri is fluent in English.

Angel Djalazov

Deputy Chairman in charge of Social Insurance Supervision Division

1991 – 1996 – Master of Law from the Sofia University St. Kliment Ohridski;
1998 – 1999 – Master in International Finance and Management from the University in Amsterdam, the Netherlands;
1996 – 1997 – post-diploma qualification in European Law from the University of Strasbourg, France.

Professional experience
1996 – 1997 – legal advisor in SOMAT;
1997 – 1998 – expert in European law and integration at the Ministry of Environment and Water;
1999 – 2000 investment manager in TBD Fund, the Netherlands;
2000 – 2003 – director of legal department in MG & JD;
2003 – 2006 – executive director in management company KD Investments;
2004 – 2009 – executive director in investment company KD Pelikan;
2007 – 2009 – CEO for Bulgaria of Capital Dynamics
2009 – 2010 – CEO for Bulgaria of Euro-Phoenix Financial Advisors

Professional skills and competences
Ten years’ experience in the field of investment banking, capital markets, mutual funds, share investments management and cross-border corporate mergers and acquisitions in the East European region.

Membership in organizations
Bulgarian-Slovene Chamber of Commerce and Industry
Bulgarian Association of Risk Investment
Bulgarian Business Angels Association.

Fluent in English, German, Russian and Dutch languages.

Vladimir Savov 

Member of FSC

Mr Vladimir Savov was elected by the National Assembly of the Republic of Bulgaria on January 24th, 2014 for a 6-year term.
Mr Savov was born on August 24th, 1971 in Varna. He holds a MBA Degree from the London Business School and a Master’s in International Economic Relations from the University of National and World Economy, Sofia.
Between 1993 and 1998, he worked for Unicredit Bulbank as a manager of Correspondent relations with foreign countries. In 1999 Vladimir Savov completed internships at the departments of Central and Eastern Europe and Global Depository Receipts in The Bank of New York, London. From 2000 to 2009, he worked in Moscow, initially as a senior analyst at Brunswick UBS, and from 2003 to 2006 as a Deputy Director and subsequently – Director of Analysis on the Banking and Consumer Sectors Unit at the Uralsib Capital Bank. Between 2006 and 2009, he was Director of the Analysis Department at the Credit Suisse Investment Bank, and from 2009 to 2013, Mr. Savov was a Managing Director, Head of the Analysis Department at “Otkritie” Financial Corporation, the biggest private financial holding in Russia.
In his professional career, he has gained rich experience in the field of financial analysis and strategies, investments, capital markets, banking and international finance.

Mr Vladimir Savov is fluent in English and Russian.