National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
FSC
BulgariaFinancial Services Commission Montserrat
Source / Native Reference: 蒙特色拉特岛金融服务委员会
- Supervisory tier
- Tier-3
- License classes
- 2
- Licensed records
- 122
- Active / regulated
- 91
Statutory Supervisory Mandate & Scope
Financial Services Commission Montserrat (FSC) is the Tier-1 statutory financial markets and securities supervisory authority in United Kingdom. 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 | |
| GLOBAL | C117017139 | Regulated | B2B Prime Services Limited | 2021 | |
| Amana Capital | C118023192 | Regulated | ACG International Limited | 2018-12-05 | |
| EC Markets | GB2100130 | Offshore | EC MARKETS LIMITED | 2022-06-20 | |
| Exness | GB20025294 | Regulated | Exness (MU) Ltd | 07/12/2020 | |
| CBCX | GB24202880 | Regulated | CBCX Markets Global Limited | 23/05/2024 | |
| CPT Markets | IFSC000314/470 | Regulated | CPT MARKETS LIMITED | — | |
| FXTM | C113012295 | Regulated | EXINITY LIMITED | 2013-11-11 | |
| 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 | |
| KEY TO MARKETS | GB19024503 | Regulated | KEY TO MARKETS INTERNATIONAL LIMITED | 2019-12-17 | |
| Trading | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| AETOS(Global network record) | GB23202270 | Regulated | AETOS Markets (M) Ltd | 2023-11-29 | |
| AUS GLOBAL(Global network record) | GB23201412 | Regulated | AUS Global MU Ltd | 20/04/2023 | |
| Deriv(Global network record) | GB24101229 | Regulated | Deriv (Mauritius) Ltd | 2024-06-14 | |
| Mohicans Markets(Global network record) | GB20026131 | Regulated | MOHICANS MARKETS | 2021-01-06 | |
| Viverno(Global network record) | C116016172 | Regulated | BDSwiss Markets (Mauritius) Ltd | 2016-06-12 | |
| XM(Global network record) | 000261/397 | Offshore | XM Global Limited | — | |
| Alpari International(Global network record) | IFSC/60/301/TS/17 | Revoked | Alpari Limited | — | |
| GTC(Global network record) | GB22200292 | Regulated | GTC GLOBAL LTD | 2022-06-03 | |
| GVD Markets(Global network record) | GB24203047 | Offshore | GVD Pro Capital Limited | — | |
| RoboForex(Global network record) | 000138/333 | Regulated | RoboForex | — | |
| Tradeview(Global network record) | GB20025800 | Regulated | iLC Brokers Ltd | 17/12/2020 | |
| Windsor Brokers(Global network record) | 000153/391 | Offshore | Windsor Brokers (BZ) Limited | — | |
| WisunoFX(Global network record) | GB23201735 | Regulated | WISUNO CAPITAL LIMITED | 2023-07-20 | |
| BHC(Global network record) | GB20025563 | Regulated | Brickhill Capital (Mauritius) Limited | 2020-12-17 | |
| BHC(Global network record) | IFSC/60/490/BCA/16 | Regulated | Brickhill Capital | — | |
| FBS(Global network record) | 000102/460 | Offshore | FBS Markets Inc. | — | |
| Scope Markets(Global network record) | 000274/394 | Registered | RS Global Ltd | — | |
| 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 | — | |
| KCM Trade(Global network record) | C117022600 | Regulated | Kohle Capital Markets Limited | 2018-03-01 | |
| Koderan Forex(Global network record) | IFSC/60/466/FX/16 | Revoked | Koderan International Markets Limited | — | |
| Ridder Trader(Global network record) | GB23201566 | Revoked | Ridder Trader Ltd | 2023-04-13 | |
| Swiss Markets(Global network record) | 143350 | Regulated | BDS Markets | 2016-12-06 | |
| Tradeo(Global network record) | IFSC/60/284/TS/17 | Suspected clone | Delwyn Trading Limited | — | |
| UniCredit Bulbank(Global network record) | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| Xtrade(Global network record) | FSC000281/20 | Regulated | XTRADE INTERNATIONAL | — | |
| ZERO MARKETS(Global network record) | Number pending check | Regulated | ZERO FINANCIAL | 2021-05-10 | |
| 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. | — | |
| Bithumb(Global network record) | 220-88-71844 | Exceeded scope | 주식회사 빗썸코리아 | 2014-01-20 | |
| BONDEX(Global network record) | IFSC/60/486/BCA/19 | Revoked | Bondex Global Limited | — | |
| BULBROKERS(Global network record) | Number pending check | Regulated | Bulbrokers | — | |
| 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 | — | |
| DeltaStock(Global network record) | Number pending check | Regulated | Deltastock | — | |
| 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 | — | |
| EURO PRIME(Global network record) | IFSC/60/511/TS/18 | Suspected clone | IOS Investments Ltd | — | |
| 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 Montserrat) 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.fscmontserrat.org/), 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 QuantCalc Tools relevant to FSC and Bulgaria.
Quantitative Risk & Capital Modeling
Basel III Endgame FRTB & ISDA SIMM v2.6+ Quantitative Calibration: Expected Shortfall, Non-Modellable Risk Factors (NMRF), and Cross-Margin Capital Optimization (2026)
Complete quantitative specification of BCBS MAR20-MAR33 Fundamental Review of the Trading Book (FRTB), 97.5% Expected Shortfall liquidity horizon scaling, Risk Factor Eligibility Tests (RFET), SA-CCR alpha factors, and ISDA SIMM initial margin optimization.
Quantitative Pricing & Options Engines
NY Fed SOFR Index ACT/360 In-Arrears Compounding Engine: Cross-Margining & Capital Efficiency Optimization (4.4151% 90-Day Annualized Benchmark)
NY Fed SOFR Index ACT/360 In-Arrears Compounding Engine (SOFR-INDEX-ACT360) stands at 4.4151% (90-Day Annualized) (Source: NY Fed Reference Rates, 2026-10-20), governing inter-commodity correlation offsets and liquidity
Risk-Adjusted Performance Benchmarks
NY Fed SOFR Index ACT/360 In-Arrears Compounding Engine: Model Risk Management (SR 11-7) Validation Benchmarks (4.4151% 90-Day Annualized Benchmark)
NY Fed SOFR Index ACT/360 In-Arrears Compounding Engine (SOFR-INDEX-ACT360) stands at 4.4151% (90-Day Annualized) (Source: NY Fed Reference Rates, 2026-10-20), governing backtesting Kupiec POF exceptions and Christoffers
Fixed Income Duration & Portfolio Risk
CME SPAN 2 Historical & Stress Value-at-Risk (VaR) Model: Cross-Margining & Capital Efficiency Optimization (6.26% Initial Margin / Notional Benchmark)
CME SPAN 2 Historical & Stress Value-at-Risk (VaR) Model (CME-SPAN2-VAR) stands at 6.26% (Initial Margin / Notional) (Source: CME Clearing, 2026-10-20), governing inter-commodity correlation offsets and liquidity add-on
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.