Hanfa and the Ministry of Finance hold the last quarterly consultation of the year
On 16 December 2025, representatives of the Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance participated in the fourth and final quarterly consultation of the year with representatives of the financial industry, held in cooperation with the Croatian Chamber of Economy (HGK).
The quarterly consultations were launched in late 2024 with the aim of an open exchange of views on the industry's current challenges. Throughout the year, over 30 topics from various areas of the capital market were addressed through constructive discussions between regulators and stakeholders.
On this occasion, Hanfa's Deputy President of the Board, Anamarija Staničić, commented on the regulatory sandbox, emphasizing that while it is important, it is only one part of a broader framework for cooperation with the market.
“By its very nature, the sandbox focuses on companies that simulate financing processes, while the need for regulatory burden relief and rule optimization goes beyond the sandbox itself and concerns the entire capital market. Therefore, we call on all market participants to provide the Ministry of Finance and Hanfa with concrete, operational information for amendments to laws and regulations, but also to point out in a timely manner potential problems that the proposed amendments to the European regulatory framework may cause in smaller markets like Croatia's. Such two-way communication is crucial so that, while preserving financial stability and investor protection, we can advocate for regulatory solutions that are proportionate and enforceable, and truly encourage the development of the domestic capital market," said Staničić.
Martina Verić, member of the Hanfa Board, addressed the questions posed by members of the Investment and Pension Funds Association at the Croatian Chamber of Economy regarding compliance with liquidity management tools under the new fund regulation, while Hanfa's Head of the Capital Market Supervision Division, Katica Mandić, answered questions from the Issuers' Association.
Hanfa representatives addressed a number of current topics. Sandra Opačić, Head of the Regulatory Harmonisation and International Cooperation Division, presented the European Commission's new legislative initiatives. Josipa Žilić, Supervision and Analysis Specialist and Team Coordinator in the Funds and Investment Firms Supervision Division, spoke about the integration of sustainability risks under the SFDR, while Ksenija Milošević, Head of the Resolution Office, presented the novelties that the Insurance Recovery and Resolution Directive (IRRD) brings to the insurance market.
Irena Mračić, Head of the Funds and Investment Firms Supervision Division, and Marko Periša, Head of the Pension Funds Supervision Department, spoke about the potential easing of regulatory burdens for pension companies, based on proposals received from the industry. Ivana Tomašić, Chief Advisor in Hanfa's Capital Market Supervision Division, explained the European Commission's initiative to shorten the settlement period from T+2 to T+1.
On this occasion, Ivana Žepić, Head of the Financial Markets and Financial Literacy Sector of the Ministry of Finance, reflected on the entire year 2025, emphasising that the year was exceptionally fruitful year for the Croatian financial sector, and particularly for the development of the capital market. She presented the legislative activities planned for next year in the area of financial markets under the remit of the Ministry of Finance, stressing that the Ministry remains open to continuous communication and cooperation with all stakeholders, with the aim of further improving the existing legislative and regulatory framework.
Sandra Grgorović Hadžija, Head of the Financial Literacy Service at the Ministry of Finance, informed the participants about the European Commission's package aimed at improving financial literacy, and about recommendations regarding the savings and investment account model, which will represent an important direction for future activities in this area.
Head of the Operational and Legal Affairs Department at the Central Depository and Clearing Company (CDCC), Valerija Bezak Kecerin, announced activities related to the implementation of the new version of the registration and voting functionality through the CDCC system at assemblies.
