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Croatia’s Financial Regulation Landscape Sees Wave of Changes
In recent years, Croatia has undergone a significant number of changes to its financial regulations, aimed at strengthening the country’s financial stability and ensuring compliance with European Union (EU) standards. The latest updates have been published in the Official Gazette (Narodne Novine), providing insight into the ongoing efforts to modernize the country’s financial framework.
Credit Institutions Act
The Credit Institutions Act (OG 159/2013) sets out the legal framework for credit institutions operating in Croatia, outlining their rights and obligations. Amendments have been made to this act through OG 151/2022, which aimed to:
- Strengthen prudential requirements
- Enhance consumer protection
Payment System Act and Electronic Money Act
The Payment System Act (OG 66/2018) regulates payment operations in Croatia, while the Electronic Money Act (OG 64/2018) governs e-money activities. Both acts have undergone amendments, with OG 114/2022 introducing changes to:
- Payment system requirements
- Consumer protection measures
Foreign Exchange Act
The Foreign Exchange Act (OG 96/2003) regulates foreign exchange operations in Croatia. Amendments have been made through OG 141/2022, which aimed to:
- Strengthen prudential requirements for financial institutions involved in foreign exchange activities
Resolution of Credit Institutions and Investment Firms
The Act on the Resolution of Credit Institutions and Investment Firms (OG 146/2020) outlines the framework for resolving credit institutions and investment firms in crisis situations. Amendments have been made through OG 21/2022, aimed at:
- Strengthening the resolution process
- Enhancing financial stability
Croatian National Bank
The Act on the Croatian National Bank (OG 75/2008) regulates the country’s central bank, which is responsible for maintaining financial stability and implementing monetary policy. Amendments have been made through OG 47/2020, aimed at:
- Enhancing the bank’s powers and responsibilities
These changes reflect Croatia’s ongoing efforts to strengthen its financial regulation landscape, ensuring compliance with EU standards and promoting financial stability in the country.