Intercapital Markets AD is authorized and regulated by the Bulgarian Financial Supervision Commission under License Number RG-03-0204/24.02.2006. This license gives us authorization to receive instructions and execute trades with all types of financial instruments and on all available stock exchanges, as well as execute trades on discretionary basis for clients under Asset Management Agreement.

Polish Branch

The Polish branch of Intercapital Markets AD also falls under Bulgarian Financial Supervision Commission regulation and is as well being supervised by the Polish Financial Supervision Authority.

Protection of Client's funds

Intercapital Markets keeps all client assets in separate accounts. The goal of this policy, called Client Policy, is to protect our clients' money. It guarantees a clear distinction between money that belongs to Intercapital Markets and money that belongs to our clients and which are protected by third party claims against Intercapital Markets.

Intercapital Markets is a member of the Investor Compensation Fund and our clients receive the protection provided by this fund. The Fund provides compensation to non-professional clients of the investment intermediary when it is unable to fulfill its obligations to clients for reasons directly related to its financial condition. The Fund pays compensation to all non-professional clients of the investment intermediary who meet the legal conditions. The amount of the compensation is 90% of the value of the claim, but not more than BGN 40,000 (up to EUR 20 460). For more information, please visit

MIFID II Directive

In order to meet the requirements imposed by the MIFID II Directive, we would like to inform that from January 3rd, 2018, regulations regarding the provision of brokerage and investment services enter into the Polish legal order.

The two main assumptions underlying the MiFID II Directive are ensuring investor protection and increasing the transparency of investment firms. Entities offering products and financial services should focus more on their adjustment to the investment profile of the client. Filling the customer information form allows to determine the propensity to risk and to protect the client against an inappropriate financial product.

Main changes resulting from the entry into force of the provisions of MIFID II:
- increasing the information obligation of entities conducting brokerage activities,
- expanding the adequacy of adaptation of the service with questions regarding customer's tolerance to risk, financial situation and indication of the preferred horizon and investment objective,
- preparation of reports related to transactions concluded and periodic reports,
- informing the client about the anticipated costs of services and financial instruments before concluding the contract, submitting periodic reports on the costs incurred in a given year during the term of the contract.
- the need to obtain and maintain the validity of the LEI code by an investor with legal personality, being an organizational unit without legal personality or a natural person running a business, if the investor intends to use brokerage services on organized markets.