54th Meeting

On 9 December 2025, the Board of the Croatian Financial Services Supervisory Agency held its 54th meeting and adopted the following decisions of public interest:

1. Ordinance on the conditions of establishment and operation of and reporting by a branch of a pension company from an OECD member country in the Republic of Croatia
2. Ordinance amending the Ordinance on the requirements for issuing authorisation and approval for the acquisition of a qualifying holding in a pension insurance company
3. Ordinance amending the Ordinance on the resolution of investment firms
4. Ordinance on supervisory reports for legal persons authorised to provide crypto-asset services
5. Ordinance amending the Ordinance on supervisory reports and information on matters relevant for the exercise of supervision or for monitoring compliance of obliged entities within the meaning of the law on the prevention of money laundering and terrorist financing
6. Ordinance on the form and contents of financial statements and statistical reports of persons having a licence to pursue insurance distribution business and/or reinsurance distribution business
7. Ordinance amending the Ordinance on the structure and contents of financial statements and additional reports of insurance companies and reinsurance companies
8. Ordinance amending the Ordinance on the requirements for membership of management and supervisory boards of pension insurance companies
9. Ordinance amending the Ordinance on the requirements for performing a key function in a pension insurance company
10. Ordinance on the structure and contents of financial statements of crypto-asset service providers
11. Ordinance on the prudential requirements for crypto-asset service providers referred to in Article 67 of Regulation (EU) 2023/1114
12. Decision on the maximum percentage of the fee paid to the depositary for the year 2026
13. Decision on the delivery of monthly statistical reports of investment funds
14. Decision granting approval to Središnje klirinško depozitarno društvo d.d. (Central Depositary and Clearing Company), with its registered office in Zagreb, OIB: 64406809162, LEI: 747800V0CCQGC89GOW91, for the management fee relating to the management of the Investor Protection Scheme for the year 2026, totalling EUR 1,562.00 per year, per each member of the Investor Protection Scheme
15. Decision granting approval to the company Zagrebačka burza d.d. Zagreb (Zagreb Stock Exchange, ZSE), OIB: 84368186611, LEI: 7478000050A040C0D041, for the amendments to the ZSE Rules, adopted by the Management Board of the Zagreb Stock Exchange on 20 November 2025
16. Decision ordering the company Oraclum Capital LLC, 3 E Evergreen Road, Suite 101 PMB 799, New City, New York 10956, from the United States of America, acting as the investment manager/general partner of the hedge fund ORCA BASON Fund with its registered office and address as the company’s, to cease and prohibiting it from any further trading in units of the hedge fund ORCA BASON Fund with its registered office and address as the company’s (including distribution and marketing activities) in the territory of the Republic of Croatia without delay, upon receipt of this decision. The company may not, before the expiry of a 12-month period from the date of adoption of this decision, notify Hanfa of its intention to distribute units of the hedge fund ORCA BASON Fund, in respect of which the prohibition was imposed. The 12-month prohibition applies to professional investors, whereas it is permanent in relation to retail and qualified investors. The Decision also orders the company to notify the Cooperative Glas poduzetnika 2.0 za poslovanje i savjetovanje, from Petrinja, Sajmište 4, entered in the court register of the Commercial Court in Zagreb, MBS: 081416816, OIB: 38917012175, and all members of the Cooperative, retail investors, who have deposited funds through the Cooperative for the purpose of investing in the hedge fund ORCA BASON, by direct and public announcement, at the latest within 30 days from the date of receipt of this Decision, of the cessation and prohibition of any further unauthorised marketing of units of the hedge fund ORCA BASON Fund (including distribution and marketing activities), in the territory of the Republic of Croatia, in accordance with points 1 and 2 of the operative part of this Decision, and of all consequences and rights related to this matter with respect to individual members of the Cooperative (including the right to receive payments of the funds in a lawful manner). The Cooperative is also ordered to submit to Hanfa, at the latest within 60 days from the date of receipt of this Decision, a report on the measures taken to prove compliance with points 1 and 3 of the operative part of this Decision and all relevant evidence showing that the company in question has complied with the supervisory measures imposed by points 1 and 3 of the operative part of this Decision, including evidence of the mechanisms established to prevent the distribution of units of the hedge fund ORCA BASON Fund in the territory of the Republic of Croatia, evidence of the submission of the notification referred to in point 3 of the operative part of this Decision, as well as evidence of all further activities ensuring the exercise of all rights of the recipients of the notification
17. Decision granting approval to the company AZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for material amendments to the prospectus of ZB Invest Funds, umbrella UCITS, and granting approval to that company to invest up to 100% of the net asset value of ZB Invest Funds – ZB eplus, open-ended investment sub-fund with public offering, in transferable securities and money market instruments issued or guaranteed by the Federal Republic of Germany or the United States of America; and determining that the approval of material amendments to the prospectus of ZB Invest Funds, umbrella UCITS, referred to in point 1 of the operative part of this Decision, relating to changes in the objective and investment strategy and investment limits of ZB Invest Funds – ZB Portfolio 70 sub-fund, in accordance with the Company’s request, leads to the cessation of the approval to invest up to 70% of the net asset value of ZB Invest Funds – ZB Portfolio 70 sub-fund in bonds and money market instruments issued or guaranteed by the Republic of Croatia, the Federal Republic of Germany or the United States of America. The approval was issued to the Company by virtue of point 3 of the operative part of Hanfa’s Decision, CLASS: UP/I 992-02/22-03/03, REGNO: 326-01-40-42-22-21 of 28 September 2022
18. Decision granting approval to the company ZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for material amendments to the prospectus of ZB money open-ended investment fund with public offering
19. Decision granting approval to the company ZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for the merger of the sub-fund ZB Alpha, lSlN: HRZBINUALPH7, LEI: 747800B0636YAXP5LY50, with the sub-fund ZB Portfolio 70, ISIN: HRZBINUGLBL6, LEI: 549300S5KBS6O9JQQT07, with both funds being sub-funds of ZB Invest Funds umbrella UCITS
20. Decision granting approval to the company ZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for the merger of the sub-fund ZB Bridge, lSlN: HRZBINUZBBR4, LEI: 549300BH4522YUFEKH68, with the sub-fund ZB global 50, ISIN: HRZBINUGL201, LEI: 747800B0O31UOL5K5Q72, with both funds being sub-funds of ZB Invest Funds umbrella UCITS
21. Decision granting approval to the company ZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for the merger of the sub-fund ZB Conservative, lSlN: HRZBINUCONS9, LEI: 74780050N6XS62PHFC05, with the sub-fund ZB Conservative 20, ISIN: HRZBINUBOND3, LEI: 549300Z75IFNXX3UNM30, with both funds being sub-funds of ZB Invest Funds UCITS
22. Decision granting approval to the company ZB Invest d.o.o. za upravljanje UCITS fondovima, with its registered office in Zagreb, OIB: 23889363045, LEI: 549300T0RFRCQ7Z21884, for the merger of the sub-fund ZB Future 2055, lSlN: HRZBINU20553, LEI: 549300HS9XRSMPKPHM03, with the sub-fund ZB Future 2040, ISIN: HRZBINU20405, LEI: 549300SO7BSTNKG9UO45, with both funds being sub-funds of ZB Invest Funds umbrella UCITS
23. Decision determining that the company AGRAM LEASING d.o.o., Zagreb, OIB: 48922277230, LEI: 747800P0HES50ZBOHW53, has eliminated the illegalities and irregularities whose elimination was ordered by Hanfa’s Decision of 11 July 2025 by setting up a comprehensive and efficient risk management system and amending the existing internal regulations governing the process of approving leasing activities, allowing decisions on approving leasing activities to be taken based on appropriate and clearly defined criteria, and by starting to apply them as of the date of the adoption; and terminating the off-site inspection of the Company (CLASS: UP/I 993-06/25-01/01)
24. Decision granting authorisation to Nino Pavić to perform the function of a member of the Management Board of the insurance company ADRIATIC OSIGURANJE d.d., Zagreb, OIB: 94472454976, LEI: 74780000904H51PVL664, Zagreb, for a term of office lasting for 3 (three) years, running as of the day of his appointment
25. Decision granting authorisation to conduct insurance distribution business to Andreja Kučko from Nedeljanec, founder of the insurance representation craft AK ZASTUPANJE, obrt za zastupanje u osiguranju, Andreja Kučko, Nedeljanec, Varaždinska 173
26. Decision granting authorisation to conduct insurance representation business to Andrija Vukojević from Krapina, founder of the insurance representation craft „VUKOJEVIĆ“, obrt za zastupanje u osiguranju, Andrija Vukojević, Krapina, Marije Jurić Zagorke 7
27. Decision granting certified actuary licence to Veljko Šteković from Zagreb