ESMA launches risk-management review with Bulgaria’s FSC

The Financial Supervision Commission of Bulgaria and the European Securities and Markets Authority have launched a joint supervisory action on the risk-management function at management companies and alternative investment fund managers.

The FSC’s news item, dated 5 August 2026, says ESMA is conducting the action with national competent authorities. The exercise covers risk-management functions at management companies and AIFMs.

ESMA will coordinate the work across competent authorities. FSC Bulgaria retains national supervisory responsibility for firms within its remit. The announcement does not say that ESMA will replace domestic reviews or assume direct supervision.

The stated focus is the organisation and operation of risk management. The source provides no questionnaire, review methodology, reporting channel, sample of firms or findings. It also does not say whether the action will produce supervisory-convergence guidance, Q&As or follow-up measures.

The announcement gives no separate implementation deadline.

Management companies and AIFMs should ensure that their risk-management functions are documented and ready for supervisory review. This includes governance records and materials supporting the function’s operation, although FSC Bulgaria and ESMA do not identify specific documents or controls. Firms should not treat the exercise as a new Level 1 obligation.

The announcement identifies the affected population as management companies and AIFMs but leaves the scope of the information-gathering and review process to subsequent communications from ESMA or the relevant national competent authority. The FSC item does not specify the next technical-standards calendar milestone or a publication date for follow-up.

FSC Bulgaria’s publication attributes the action to ESMA and the national competent authorities. The supplied material contains no named official statement or industry-body response.

Firms under FSC Bulgaria supervision should monitor further requests from the FSC and ESMA and keep risk-management governance records current. The announcement provides no separate deadline or timetable for supervisory follow-up.