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DGKV Entrusted with 19 Cases by Bulgarian Financial Regulator

DGKV Entrusted with 19 Cases by Bulgarian Financial Regulator

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DGKV has been retained by Bulgaria's Financial Supervision Commission (FSC) to represent it in a total of 19 proceedings before the Supreme Administrative Court based on the appeal of IsaOdit Ltd. (formerly named RSM Bulgaria OOD) against FSC's decision to remove it from the list of approved auditors to verify the assets of Bulgarian pension and insurance companies.

The FSC's decision was made on September 2, 2016, after a report by the European Insurance and Occupational Pensions Authority (EIOPA) revealed that documents provided by the auditor contained significant false information in attempting to prove RSM’s qualifications, experience, and availability of resources. According to DGKV, although RSM had almost completed its inspections of several funds and insurance companies, "the watchdog obliged the insurers and pension companies to immediately terminate their contracts with RSM and to select a new auditor from the approved list."

Editor's Note: On August 27, 2018, DGKV announced that it has been successful for the Financial Supervision Commission before the five-member cassation panel of the Supreme Administrative Court. The DGKV team consisted of Partner Angel Ganev, Senior Associates Anton Krustev and Vlada Tsenova, and Associates Nikola Minchev and Galin Atanasoff.  

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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