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100+ Free Bulgarian Financial Instruments Broker Exam Practice Questions

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Bulgarian Investment Consultant Exam (Инвестиционен консултант / КФН)

Practice Questions
2026 Statistics

Key Facts: Bulgarian Financial Instruments Broker Exam Exam

80 Points

Maximum Exam Score

FSC Rules for Conducting the Exams, 2026

48 Points

Passing Mark (60%)

FSC Rules for Conducting the Exams, 2026

4 Hours

Examination Duration

FSC Rules for Conducting the Exams, 2026

306.78 EUR

Examination Admission Fee

Art. 17(1), FSC Ordinance No. 76/2025

35%

Weight of Valuation (Part Six)

FSC Thematic Syllabus, Protocol No. 12/10.02.2026

The Bulgarian Financial Instruments Broker licence requires passing a single-session four-hour FSC examination worth 80 points, with 48 points (60%) needed to pass and an admission fee of 306.78 EUR. Every official item is closed-type with one correct answer. This 100-question English MCQ bank is a study adaptation weighted to the FSC thematic syllabus, where valuation of financial instruments alone accounts for 35%.

Sample Bulgarian Financial Instruments Broker Exam Practice Questions

Try these sample questions to test your Bulgarian Financial Instruments Broker Exam exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Article 5 of the Bulgarian Markets in Financial Instruments Act (ЗПФИ), which of the following is legally classified as an investment intermediary (инвестиционен посредник)?
A.A legal entity that is not a credit institution whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis under a license issued by the FSC
B.A commercial bank with a banking license that does not provide investment services
C.A natural person trading financial instruments solely on their own personal private account
D.A real estate brokerage agency selling residential apartments
Explanation: Under Article 5, Paragraph 1 of the Bulgarian Markets in Financial Instruments Act (ЗПФИ) (transposing EU MiFID II Directive 2014/65/EU), an investment intermediary (инвестиционен посредник) is a person who, by occupation, provides one or more investment services and/or performs investment activities on a professional basis under a license issued by the Financial Supervision Commission (КФН).
2Under Article 6 of the Bulgarian Markets in Financial Instruments Act (ЗПФИ), which of the following is classified as a core investment service (основна инвестиционна услуга)?
A.Reception and transmission of orders in relation to one or more financial instruments, and execution of orders on behalf of clients
B.Safekeeping and administration of financial instruments for the account of clients (custody)
C.Granting credits or loans to an investor to allow them to execute a transaction in financial instruments
D.Advice to undertakings on capital structure, industrial strategy, and related matters
Explanation: Under Article 6, Paragraph 1 of ЗПФИ (Section A, Annex I of MiFID II), core investment services and activities include: (1) reception and transmission of orders; (2) execution of orders on behalf of clients; (3) dealing on own account; (4) portfolio management; (5) investment advice; (6) underwriting or placing financial instruments; and (7) operation of MTFs or OTFs.
3Under Ordinance No. 7 of 27 May 2021 of the Financial Supervision Commission (КФН), what qualification activities is a licensed Financial Instruments Broker (Брокер на финансови инструменти) authorized to perform?
A.Accepting, transmitting, and executing client orders for transactions in financial instruments, and dealing on own account on behalf of an investment intermediary
B.Providing individual personalized investment portfolio advice to institutional pension funds
C.Managing collective investment schemes (UCITS funds) as a management company director
D.Conducting statutory financial audits of public joint-stock companies
Explanation: Under Article 3, Paragraph 1 of FSC Ordinance No. 7 of 27 May 2021, a licensed Financial Instruments Broker is authorized to receive, transmit, and execute client orders for financial instruments and conduct transactions on own account for the investment intermediary. Personalized investment recommendations and portfolio management require the separate Investment Consultant license.
4Under the Bulgarian Public Offering of Securities Act (Закон за публичното предлагане на ценни книжа — ЗППЦК) and Regulation (EU) 2017/1129 (Prospectus Regulation), when is a prospectus mandatory for offering securities in Bulgaria?
A.When securities are offered to the public or admitted to trading on a regulated market, unless an explicit statutory exemption applies (e.g. offerings solely to qualified investors or total consideration under statutory thresholds)
B.For every private commercial loan granted between natural persons
C.Exclusively when government treasury bills are auctioned by the Bulgarian National Bank
D.Only when a limited liability company (ООД) transfers internal company quotas
Explanation: Under Article 78 of ЗППЦК and EU Regulation 2017/1129, a prospectus approved by the Financial Supervision Commission (КФН) is mandatory prior to making a public offering of securities or seeking admission of securities to trading on a regulated market (such as the BSE Main Market), subject to specific exemptions (offers to qualified investors, offers to fewer than 150 persons per Member State, or offers below exemption thresholds).
5Under Article 145 of the Bulgarian Public Offering of Securities Act (ЗППЦК), what are the mandatory threshold percentages for disclosing major shareholdings in a public company?
A.Whenever the holder's voting rights reach, exceed, or fall below 5% or any subsequent number that is a multiple of 5% of the votes in the general meeting
B.Whenever the holder's voting rights reach, exceed, or fall below 5%, 10%, 15%, 20%, 25%, 30%, 1/3, 50%, 2/3, 75%, or 90% of the votes
C.Only when a shareholder acquires more than 1/3 of the voting rights and thereby gains control
D.Only on reaching an absolute majority of more than 50% of the voting rights
Explanation: Article 145(1) of ЗППЦК (transposing the EU Transparency Directive) uses a single repeating ladder: notification to the company and the FSC is required whenever the holder's voting rights reach, exceed, or fall below 5 per cent, or a number that is a multiple of 5 per cent, of the votes in the general meeting. The trigger points are therefore 5%, 10%, 15%, 20%, 25% and so on in 5-point steps, with no special fractional thresholds.
6Under Article 149 of the Bulgarian Public Offering of Securities Act (ЗППЦК), when is a shareholder obligated to launch a mandatory tender offer (задължително търгово предложение) to purchase the remaining voting shares of a public company?
A.When a person acquires directly or indirectly more than 1/3 (33.33%) of the voting shares in a public company where no other person holds more than 50%, or when a person acquires more than 50% of the voting shares
B.Whenever a shareholder buys at least 5% of shares on the stock exchange
C.Only when the company's annual revenue drops by more than 25%
D.Mandatory tender offers are required only during insolvency liquidation
Explanation: Under Article 149, Paragraphs 1 and 6 of ЗППЦК, a person who acquires more than 1/3 of the voting rights (in the absence of a >50% shareholder) or exceeds 50% of the voting rights in a public company is legally required to register a mandatory tender offer with the FSC to purchase the shares of all remaining shareholders.
7Under the Collective Investment Schemes and Other Undertakings for Collective Investment Act (ЗДКИСДПИ), what is the key feature of an Open-Ended Investment Company (Инвестиционно дружество от отворен тип / UCITS)?
A.It issues shares that are continuously redeemed or repurchased at the request of shareholders at net asset value per share (NAVPS)
B.It has a fixed number of shares that can never be repurchased by the fund
C.It invests exclusively in unquoted commercial real estate properties
D.It is exempt from appointing a licensed depository bank
Explanation: Under Article 4 of ЗДКИСДПИ (transposing the EU UCITS IV/V Directives), an open-ended collective investment scheme continuously sells and redeems its shares/units at the request of investors at a price based directly on the net asset value (NAV) calculated on each valuation day.
8Under Article 7 of the EU Market Abuse Regulation (MAR / Regulation EU No 596/2014), what are the four cumulative elements that define 'Inside Information' (вътрешна информация)?
A.Information of a precise nature, which has not been made public, relating directly or indirectly to one or more issuers or financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments (reasonable investor test)
B.Any historical financial information published in the state gazette
C.Rumors circulating on anonymous internet investment blogs
D.A technical chart pattern generated by trading software
Explanation: Under Article 7(1)(a) of MAR, inside information is: (1) information of a precise nature, (2) not made public, (3) relating directly/indirectly to issuers/instruments, and (4) would likely have a significant price effect (i.e. information a reasonable investor would use as part of the basis of their investment decisions).
9Under Article 14 of the EU Market Abuse Regulation (MAR), which of the following activities is strictly prohibited?
A.Engaging or attempting to engage in insider dealing, recommending that another person engage in insider dealing, or unlawfully disclosing inside information
B.Executing a client order entered via an open limit order on the stock exchange
C.Publishing an audited annual financial statement on the BSE website
D.Trading government treasury bonds on behalf of a retail client
Explanation: Under Article 14 of MAR, a person shall not: (a) engage or attempt to engage in insider dealing; (b) recommend that another person engage in insider dealing or induce another person to engage in insider dealing; or (c) unlawfully disclose inside information.
10Under Article 12 of MAR, what constitutes 'Market Manipulation' (пазарна манипулация)?
A.Entering into a transaction, placing an order to trade, or engaging in behavior that gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of a financial instrument, or secures the price at an abnormal or artificial level
B.Executing a large block trade through a transparent pre-negotiated auction authorized under exchange rules
C.Publishing independent economic research containing fundamental valuation models
D.Rebalancing a mutual fund portfolio in accordance with its published prospectus
Explanation: Under Article 12(1)(a) of MAR, market manipulation includes entering transactions, placing orders, or any behavior that gives false or misleading signals regarding instrument supply/demand/price, secures artificial prices, uses fictitious devices/deception, or disseminates misleading information through the media.

About the Bulgarian Financial Instruments Broker Exam Exam

The Bulgarian Financial Instruments Broker Exam (Изпит за придобиване на право за упражняване на дейност като брокер на финансови инструменти) is the statutory licensing examination administered by the Financial Supervision Commission (КФН) under Ordinance No. 7 of 27 May 2021 and the Markets in Financial Instruments Act (Закон за пазарите на финансови инструменти — ЗПФИ). It is a single-session, four-hour written paper worth a maximum of 80 points, in which every question and task is closed-type with exactly one correct answer; 48 points are needed to pass. Passing entitles successful candidates to an FSC broker certificate and to receive, transmit and execute client orders on the Bulgarian Stock Exchange (БФБ) with settlement through Central Depository AD. This 100-question English-language MCQ practice bank is weighted to the FSC thematic syllabus and covers economics, financial instruments and markets, Bulgarian capital market regulation, market abuse and AML, return and risk, and instrument valuation. Note: the official exam is conducted in Bulgarian; this bank is an English-language MCQ study adaptation, not an official translation or a simulation of the exam's case-study format.

Assessment

Single-session written and anonymous examination under FSC Ordinance No. 7 of 27 May 2021, built to the FSC thematic syllabus: Economics (5%), Financial Instruments (15%), Financial Markets (15%), Regulation of the Financial Market in Bulgaria (15%), Return and Risk (15%), and Valuation and Application of Financial Instruments (35%).

Time Limit

240 minutes (4 hours)

Passing Score

48 of 80 points (60%)

Exam Fee

306.78 EUR (Art. 17(1), FSC Ordinance No. 76 of 12 June 2025) (Financial Supervision Commission of the Republic of Bulgaria (Комисия за финансов надзор — КФН / FSC))

Bulgarian Financial Instruments Broker Exam Exam Content Outline

5%

Part One — Economics

Demand, supply and elasticity; money and inflation; monetary and fiscal policy; GDP and growth; currency markets, cross rates, arbitrage, exchange-rate parity and purchasing power.

15%

Part Two — Financial Instruments

Classification of instruments by rights conferred, money market and fixed-income instruments, ordinary and preference shares, derivatives, ETFs and contractual funds, and the stages of issuing and underwriting a public offering.

15%

Part Three — Financial Markets

Nature, functions and types of markets; participants including intermediaries, management companies, AIFs, ADSICs, collective investment schemes, pension funds and insurers; and infrastructure — order types, auctions, clearing and settlement, BSE rules, MTFs, indices and Central Depository AD.

15%

Part Four — Regulation of the Financial Market in Bulgaria

FSC regulatory and supervisory functions, KYC/AML and market abuse requirements, public offering and prospectus rules, and the regulation of brokers, consultants, intermediaries, management companies, AIFs, public companies and securitisation vehicles.

15%

Part Five — Return and Risk

Time value of money, annuities and perpetuities, nominal/effective/real and time- and money-weighted return, expected return, standard deviation and variance, value at risk, market versus specific risk, duration and modified duration, portfolio risk, and technical analysis basics.

35%

Part Six — Valuation and Application of Financial Instruments

Bond pricing, accrued interest and clean/dirty price, yield measures, term structure and credit/interest-rate risk; equity valuation via CAPM, dividend discount, free cash flow and multiples models; and options, put-call parity, forwards, futures and swaps.

How to Pass the Bulgarian Financial Instruments Broker Exam Exam

What You Need to Know

  • Passing score: 48 of 80 points (60%)
  • Assessment: Single-session written and anonymous examination under FSC Ordinance No. 7 of 27 May 2021, built to the FSC thematic syllabus: Economics (5%), Financial Instruments (15%), Financial Markets (15%), Regulation of the Financial Market in Bulgaria (15%), Return and Risk (15%), and Valuation and Application of Financial Instruments (35%).
  • Time limit: 240 minutes (4 hours)
  • Exam fee: 306.78 EUR (Art. 17(1), FSC Ordinance No. 76 of 12 June 2025)

Keys to Passing

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Bulgarian Financial Instruments Broker Exam Study Tips from Top Performers

1Weight your revision to the syllabus: Part Six (valuation) alone is 35% of the paper, so bond pricing, dividend discount and free cash flow models, multiples, and option payoffs deserve the most time.
2Practise with an approved calculator. Only the Texas Instruments BA II Plus / BA II Plus Professional and the HP 12C family are permitted; programmable and basic calculators are barred, so learn the time-value-of-money keys before exam day.
3Know the EU Market Abuse Regulation (MAR): the four cumulative elements of inside information, unlawful disclosure, insider lists, PDMR notifications and closed periods, and suspicious transaction and order reports (STORs).
4Learn the Bulgarian statutory thresholds precisely: disclosure of major holdings at 5% and each multiple of 5% under Art. 145 ЗППЦК, the mandatory tender offer triggers under Art. 149, and the 95% squeeze-out and sell-out rights under Arts. 157a and 157b.

Frequently Asked Questions

What is the structure and duration of the Bulgarian FSC Broker exam?

Under FSC Ordinance No. 7 of 27 May 2021, the broker exam is a written, anonymous paper sat in a single session lasting four hours. It is scored out of a maximum of 80 points, with one point per correct answer. All questions and tasks are closed-type with exactly one correct answer, and some are grouped under short linked case studies of up to one page.

What is the fee and passing score for the FSC Broker exam?

The examination admission fee is 306.78 EUR under Art. 17(1) of FSC Ordinance No. 76 of 12 June 2025. Candidates who score 48 or more of the 80 available points (60%) are considered to have passed.

What does the official FSC thematic syllabus for the broker exam cover?

The syllabus adopted by FSC Protocol No. 12 of 10 February 2026 has six parts with published weights: Economics (5%), Financial Instruments (15%), Financial Markets (15%), Regulation of the Financial Market in Bulgaria (15%), Return and Risk (15%), and Valuation and Application of Financial Instruments (35%). Valuation is therefore the single largest part of the paper.

How does the Broker exam differ from the Investment Consultant exam?

Both exams cost 306.78 EUR and are held on consecutive days, but they are separate qualifications with separate syllabi. The broker paper lasts four hours and is scored out of 80 points, weighting instruments, markets and trading more heavily. The investment consultant paper lasts five hours and is scored out of 100 points, and it adds financial statement analysis, corporate finance and portfolio management, which do not appear in the broker syllabus.

Does this MCQ practice bank replace the official FSC exam?

No. The official examination is administered in Bulgarian by the Financial Supervision Commission and includes linked case studies. This 100-question English-language MCQ bank is an educational study adaptation for mastering the required regulatory and quantitative knowledge, not an official translation or a format simulation.