Hanfa and the Ministry of Finance launch a public consultation on the RoadToMarket sandbox initiative and invite market participants to a strategic partnership

The Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance of the Republic of Croatia have published a public consultation document, proposing the concept of the educational and simulation sandbox RoadToMarket, a strategic initiative aimed at strengthening capital markets, improving institutional interaction with entrepreneurs and supporting sustainable financing. Market participants are invited to express their interest in the strategic partnership in the project, a key step for launching the sandbox.

This project has the potential to strongly improve the Croatian capital market, enable small and medium-sized enterprises, start-ups and scale-ups to make a realistic preparation for market entry and create a permanent network of mentors, investors, regulators and educators. Its aim is to enable entrepreneurs to assess their readiness for market financing either through the initial public offering (IPO) on the Zagreb Stock Exchange or by attracting venture capital within a safe and informal environment, in a process that involves education, simulations and mentorship.

The initiative represents an important step forward in the implementation of the Action Plan of the Strategic Framework for the Development of the Capital Market in the Republic of Croatia, particularly when it comes to improving corporate governance, strengthening market liquidity and educating existing and potential issuers. The project also contributes to the objectives of the National Recovery and Resilience Plan and to the European agenda to strengthen competitiveness and reduce the administrative burden on companies. 

Hanfa and the Ministry of Finance will collect structured information via the sandbox on the actual barriers for entrepreneurs in accessing the capital market, thus creating the basis for targeted and proportionate regulatory adjustments in the future. All relevant stakeholders are therefore invited to engage in this process and contribute to creating an enabling environment for entrepreneurs who want to take up the opportunities of capital markets for their growth and development.

Public consultation and expression of interest in the strategic partnership

Through the public consultation process, Hanfa and the Ministry of Finance are seeking an open dialogue with all relevant market participants - companies interested in financing through the capital market, existing issuers and potential partners, such as the Zagreb Stock Exchange, banks and investment firms, alternative investment fund managers (especially those managing venture capital funds), consultants, audit firms, lawyers, advisers, academics, development institutions and state administration bodies.

Market participants are invited to comment on the necessity and appropriateness of the proposed concept relating to the functioning of the sandbox, to propose alternative models or transitional solutions that can help develop the accessibility of capital market financing models, and to express their interest in a strategic partnership in the project.

Until 5 December 2025, market participants may use the e-mail address sandboxPNT@hanfa.hr:

1. to submit their comments on the Public Consultation Document (the comments should be drawn up in the Comments Form), providing a mandatory reference “Consultation on RoadToMarket - a sandbox for simulating capital market financing”. All details regarding the participation in the public consultation and the submission of comments are available in the Public Consultation Document.
2. to express their interest in a strategic partnership in the creation and implementation of the first educational and simulation sandbox in Croatia.

All comments and suggestions will be analysed and taken into account when drawing up the final proposal of the sandbox concept. Following the public consultation, Hanfa and the Ministry of Finance will publish a summary of the comments received and organise thematic workshops and consultations in line with the expressed interest. The purpose of the project is to jointly shape a model that will contribute to the development and availability of market-based financing in Croatia in the long term.