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The program contributed: (1) legal, technical, training, and financial support for establishing a Central Depository for Securities, (2) technical and financial support for establishing the regulatory framework and software for the Bulgarian Stock Exchange, (3) training and other support to establish a professional cadre of broker/dealers, (4) technical and legal support to enable the fledgling Securities and Stock Exchange Commission to adequately regulate and oversee the capital markets, and (5) comprehensive support to establish a modern “three pillar” pension system that helped to mobilize savings to deepen the capital markets. The primary beneficiaries of the assistance were the Bulgarian Securities Commission, Bulgarian Stock Exchange, the Central Depository and the Broker/Dealer Association.