Membership in international organisations
Go backHanfa is a member of the International Organization of Securities Commissions (IOSCO), which brings together the world's securities regulators who pursue the same goal – a common combat by all signatory countries against crime in the capital market by means of exchanging information from their respective jurisdictions, based on the Multilateral Memorandum of Understanding. Hanfa is a member of the European Regional Committee and the Growth and Emerging Markets Committee within IOSCO.
IOSCO was founded in 1983 and has more than 180 members from over 100 countries. This global body serves as a forum for the exchange of experience among securities regulatory bodies and strives to develop globally accepted standards for the organisation of capital markets in order to strengthen investor protection and enhance the functioning of the international financial system. To achieve this goal, the supervisory framework is constantly adjusted to changing conditions in national and international securities and derivatives markets. The IOSCO Multilateral Memorandum of Understanding is an international criterion for cross-border cooperation in the securities sector.
IOPS is the international umbrella organisation of supervisory authorities of private pension and occupational retirement provision institutions, such as pension funds and Pensionskassen, and currently has over 60 members. IOPS was founded in 2004 and brings together members as observers from countries with different pension systems, supervisory systems and levels of economic development.
As an organisation, IOPS is similar to the IAIS, and its goal is to improve the quality and effectiveness of supervision of private pension systems worldwide by using international standards, thereby optimising their development and operational efficiency. At the same time, it fosters international cooperation and the exchange of information and closely cooperates with other international organisations such as the OECD, World’s Bank, the IAIS, and the IMF.
The IAIS is the global umbrella organisation of insurance supervisors. It was founded in 1994 and its members come from more than 140 countries. The main task of the IAIS is to develop international principles and standards for insurance supervisory authorities and make the global insurance supervision more effective and standardised, due to which it promotes cooperation and the exchange of information among its members. In addition, the IAIS intensively addresses issues relating to financial market stability, taking into account the specific parameters of the global insurance markets, and takes part in the debate with other international organisations on this topic.
Together with another four countries (Brazil, Bulgaria, Peru and Romania), in 2022, Croatia received an invitation to become a full member of the Organisation for Economic Cooperation and Development (OECD).
The OECD is an international organisation that brings together 38 highly developed countries with democratic systems. At the global level, the OECD aims at shaping better policies that foster prosperity, equality, opportunity and well-being for all. The OECD’s programme includes achieving the highest sustainable economic growth and a rising standard of living in member countries, and contributing to the development of the world economy and to the expansion of world trade. Membership of this organisation will therefore bring a number of benefits for Croatia too.
Hanfa is actively participating in the accession process with respect to the economic areas falling fully or partly within its competence, such as the insurance market, capitalised pension savings market, financial markets, issues concerning the free movement of capital and cross-border provision of financial services, corporate governance, financial literacy and protection of financial services users.
In this process, Hanfa closely cooperates with sectoral ministries in charge of the above-mentioned areas, in particular with the Ministry of Finance and Ministry of Ministry of Labour, Pension System, Family and Social Policy and Ministry of Justice and Public Administration, including the Ministry of Foreign and European Affairs, which coordinates the entire accession process.
Apart from participating in the accession process, Hanfa also takes part in the work of the OECD’s committees and bodies responsible for specific economic areas within their competence: the Insurance and Private Pensions Committee, Working Party on Private Pensions, Committee on Financial Markets, Corporate Governance Committee and International Network on Financial Education.
