Bulgaria's Avus Capital to expand into 15 European countries – regulator

The Financial Supervision Commission (FSC) will notify the competent authorities in the relevant countries of Avus Capital's intentions, it said over the weekend in a statement on its website.

In November, the regulator said Avus Capital will start operations in another 11 European countries - Ireland, Cyprus, Estonia, Croatia, the Czech Republic, Slovenia, Slovakia, Ukraine, Latvia, Lithuania, and Malta.

For activities passportable under EU's single market directives, no outright regulatory nod is needed when an EU-registered firm wishes to establish a presence in another member state. The move is subject only to notification with the relevant regulator.

Privately-owned Avus Capital was set up in 2011. It was licensed to operate as an investment intermediary within the EU and the European Economic Area in June 2011.