BALIP insists on amendments in the management of the Central Depository

BALIP (Bulgarian Association of Licensed Investment Intermediaries) insists on amendments in the management of the Central Depository AD and is starting consultations with concerned parties such as BSE-Sofia AD, BACB(Bulgarian Association of Commercial Banks), BAUT, CEIBG(Confederation of Employers and Industrials in Bulgaria) and BICA( The Bulgarian Industrial Capital Association) about nominations for the positions of members of the Board of Directors with the aim of stabilizing the depository and optimization of its activities.

The management of the Depository should include persons with a lot of knowledge and long experience in the field of capital markets, the Association stated.

The collapse in the Central Depository system on Friday, 23rd March caused the postponing of the settlement and this once again proved the necessity of amendments in its management. This accident is not an isolated case but the result of a number of mistakes of the management.

The lack of expertise raised doubts about the operational and strategic decisions taken about the activities of the Depository which also questions the functions of the capital market as a whole. The critical situation on Friday, 23rd March is an indication of that.

BALIP has expressed concern about the state of the Central Depository AD on numerous occasions. Current events showed that this concern was not unreasonable and the time for changes has come.

The Association is addressing all concerned parties with the proposition of deciding on a nomination of a noted professional for the position of Executive Director of Central Depository AD and for changes in the Board of Directors.

The united position of the professional community about nominations for The Board of Directors and more specifically for the position of Executive Director should guarantee the stabilization of Central Depository AD and would be in the interest of all participants in the market. Otherwise we will continue to witness critical situations which could lead to the freezing of the market, BALIP also stated.

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