2nd Meeting

20/01/2022

On 20 January 2022, the Board of the Croatian Financial Services Supervisory Agency held its 2nd meeting and adopted the following decisions of public interest:

  1. Decision granting approval to Središnje klirinško depozitarno društvo d.d., (Central Depositary and Clearing Company) with its registered office in Zagreb, Heinzelova 62/a, personal identification number (OIB): 64406809162, for the management fee relating to the management of the Consumer Protection Scheme for the year 2022, totalling HRK 9,702.00 per year, per each member of the Consumer Protection Scheme
  1. Decision imposing the measures upon the company PBZ CROATIA OSIGURANJE d.d. za upravljanje obveznim mirovinskim fondovima, Zagreb, Radnička cesta 44 (hereinafter: the Company), to eliminate the illegalities and irregularities established with respect to business operations relating to investment process and investment of pension funds’ assets, ordering it to by 31 March 2022, at the latest:
  • improve the process of adopting strategies for pension fund investments, which will ensure that these strategies provide clear guidelines on investments and are in line with the proclaimed risk profile of each fund, by specifying more precisely the ranges of target shares of asset classes and sub-classes
  • improve the process of making individual decisions on investing in transferable equity securities whose issuers are established outside the Republic of Croatia, in a way that will ensure that individual investment decisions are properly documented
  • ensure and prescribe by internal regulations the obligation to carry out a comprehensive verification of the adequacy and feasibility of investments before implementing investment decisions, which will include verification whether the issuer's published financial statements exist
  • ensure increased continuous monitoring of investments in transferable equity securities whose issuers are established outside the Republic of Croatia and improve the procedures and processes to be implemented in case of non-fulfilment of the objectives of such investments, i.e. in case of a decrease in their value
  • improve the risk management process with respect to control procedures related to individual investments.

In order to improve business operations relating to the investment process and investment of pension funds’ assets in transferable equity securities whose issuers are established outside the Republic of Croatia, the Management Board of the Company is issued a recommendation to prescribe, improve and standardize the practice and documentation of the investment process and recommendations to improve business operations relating to the management of control functions in the investment process and relating to the handling of complaints by members of mandatory pension funds.

With respect to business operations relating to cyber security management, relations with external suppliers of key ICT services and business continuity, the Company is ordered to eliminate irregularities, and in order to improve business operations with regard to the information system, the Company is given a recommendation to supplement the planned implementation of independent external testing of the vulnerability of the application used to access the balance of accounts of the Company’s clients.

With respect to business operations relating to the investment process and individual decisions on investing in transferable equity securities, as a special supervisory measure, the Company is ordered to submit by 30 June 2022 an internal audit report on the assessment of the suitability and efficiency of the Company's conduct as required by points I.3 and I.5 and recommended by point III of the wording of this Decision.

  1. Decision granting authorisation to Nikolina Žganec to perform the function of a member of the Management Board of the leasing company UniCredit Leasing Croatia d.o.o., with its registered office in Zagreb, Samoborska cesta 145, personal identification number (OIB): 18736141210, for the term lasting 3 (three) years, from 16 February 2022 to 15 February 2025
  1. Decision granting authorisation to Gordana Martinović to perform the function of a member of the Management Board of the leasing company UniCredit Leasing Croatia d.o.o., with its registered office in Zagreb, Samoborska cesta 145, personal identification number (OIB): 18736141210, for the term lasting 3 (three) years, from 16 February 2022 to 15 February 2025
  1. Decision granting authorisation to Marko Juranić to perform the function of a member of the Management Board of the leasing company UniCredit Leasing Croatia d.o.o., with its registered office in Zagreb, Samoborska cesta 145, personal identification number (OIB): 18736141210, for the term lasting 3 (three) years, from 16 February 2022 to 15 February 2025
  2. Decision on removing insurance agent Branimir Biškup from the register of insurance agents maintained by the Croatian Financial Services Supervisory Agency under Article 411(1)(1) of the Insurance Act.
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