Bulgarian Financial Instruments Broker Exam study plan
Bulgarian Financial Instruments Broker Exam · Give each week a clear focus.
8 weeks · About 6 hours per week
Regulatory Framework and Market Supervision
Map the Bulgarian regulatory architecture by identifying the roles of FSC, BNB, and Ministry of Finance in securities markets
Summarize key provisions of Markets in Financial Instruments Act (MFIA) and its implementing ordinances
Distinguish between investment firms, credit institutions, and other supervised entities under Bulgarian law
Explain the passporting regime for Bulgarian firms operating in other EU member states and vice versa
Your checkpoint
Create a one-page regulatory authority map with at least 10 entities and their supervisory responsibilities, plus a 300-word summary of MFIA scope.
Regulatory Framework and Market Supervision & Financial Instruments: Types, Characteristics and Valuation
Outline the licensing process and ongoing obligations for investment firms under MFIA
Classify financial instruments according to MFIA categories (shares, bonds, derivatives, units, etc.)
Describe the characteristics and valuation principles of equities and debt securities
Compare valuation approaches for derivatives and collective investment schemes
Your checkpoint
Produce a comparison table of at least 8 financial instrument types with their key features, valuation methods, and regulatory classification.
Financial Instruments: Types, Characteristics and Valuation & Markets, Trading Venues and Order Handling
Analyze the structure and functioning of Bulgarian trading venues: BSE, regulated markets, MTFs, and OTFs
Explain order types, execution policies, and best execution requirements under MFIA
Describe the trade lifecycle from order entry to settlement, including CCP and CSD roles
Evaluate the impact of market microstructure on order handling and transparency
Your checkpoint
Write a 500-word case study on how an order for a BSE-listed stock flows through the trading venue, including order types and best execution checks.
Markets, Trading Venues and Order Handling & Investment Services, Client Categorisation and Suitability
Differentiate between investment services and ancillary services under MFIA
Apply client categorisation rules (retail, professional, eligible counterparty) to given scenarios
Conduct a suitability assessment using know-your-client, risk tolerance, and investment objectives
Explain appropriateness tests for non-advised services
Your checkpoint
Complete a mock client onboarding file with categorisation decision, suitability questionnaire, and recommended portfolio rationale (minimum 400 words).
Investment Services, Client Categorisation and Suitability & Market Abuse, Conduct of Business and Ethics
Identify conflicts of interest and apply inducements rules under MFIA and MiFID II
Recognize market abuse behaviours: insider dealing, market manipulation, and unlawful disclosure
Describe surveillance and reporting obligations for suspicious transactions
Apply ethical decision-making frameworks to conduct of business scenarios
Your checkpoint
Create a 10-question quiz with answer key on market abuse and conduct of business, including at least 3 scenario-based questions.
Anti-Money Laundering and Counter-Terrorist Financing
Summarize Bulgarian AML/CTF legal framework, including Measures Against Money Laundering Act
Conduct customer due diligence (CDD) and enhanced due diligence (EDD) for high-risk clients
Identify red flags for money laundering and terrorist financing in securities transactions
Explain reporting obligations to the Financial Intelligence Directorate
Your checkpoint
Develop a 1-page AML checklist for client onboarding and transaction monitoring, covering CDD, EDD triggers, and reporting thresholds.
Risk Management, Capital Adequacy and Client Asset Safeguards
Explain capital adequacy requirements for investment firms under CRR/CRD and Bulgarian implementing rules
Describe client asset segregation and safeguarding requirements
Identify key risk types (market, credit, liquidity, operational) and their measurement
Outline the internal control and risk management framework required for investment firms
Your checkpoint
Draft a risk register with at least 8 risks, their likelihood/impact ratings, and mitigation measures, plus a 200-word explanation of client asset segregation.
Reporting, Record-Keeping and Transaction Transparency & Regulatory Framework and Market Supervision & Market Abuse, Conduct of Business and Ethics
Detail transaction reporting obligations to the FSC and other authorities under MFIA
Describe record-keeping requirements for client orders, communications, and transactions
Review transparency requirements for trading venues and investment firms
Integrate regulatory, conduct, and reporting knowledge through full-length practice exams
Your checkpoint
Complete two full-length mock exams (100 questions each) under timed conditions, scoring at least 75% on each, and review all incorrect answers with written explanations.
Milestones
Week 4: Score at least 70% on a 40-question quiz covering Domains 1-4, and submit the client onboarding file for peer review.
Week 6: Pass a 30-question quiz on AML/CTF with a score of 80% or higher, and receive feedback on the AML checklist.
Week 8: Achieve a minimum of 75% on both full-length mock exams, with no domain scoring below 60%.