Croatian Financial Services Supervisory Agency (HANFA): A Key Player in Promoting Stability of the Financial System
The Croatian Financial Services Supervisory Agency, also known as HANFA, is a crucial institution responsible for overseeing the country’s financial markets and services. With its roots dating back to 2005, HANFA has undergone significant transformations, integrating three existing supervisory bodies to become a robust regulatory entity.
About HANFA
HANFA operates independently with public authority, accountable to the Croatian Parliament. The agency’s primary objectives include:
- Promoting and preserving the stability of the financial system: Ensuring that the country’s financial markets operate in a fair and secure environment.
- Ensuring the legality of supervised entities’ operations: Verifying that financial institutions comply with relevant laws and regulations.
Scope of Activities
HANFA’s scope of activities is broad, covering various sectors such as:
- Stock exchanges
- Investment firms
- Insurance companies
- Pension funds
- Financial services providers
The agency exercises its powers by adopting implementing regulations, supervising business operations, issuing licenses and authorizations, encouraging market functioning, maintaining records and registers, and informing other authorities about matters related to their competence.
Addressing Climate Change Risks
In recent years, HANFA has recognized the importance of addressing climate change risks and has made a Climate Pledge to contribute to the green and digital transformation of Croatian society. The agency believes that individual and collective efforts can lead to positive changes in daily life, from transportation and energy consumption to manufacturing and spending habits.
Core Values
HANFA’s core values emphasize:
- Independent and impartial conduct: Ensuring that decisions are made without bias or influence.
- High professional standards: Maintaining the highest level of expertise and integrity.
- Responsibility: Taking ownership of actions and decisions.
- Teamwork: Collaborating with colleagues to achieve common goals.
- Proactive behavior: Anticipating and addressing potential issues before they arise.
- Focusing on results with optimal resource utilization: Achieving the best possible outcomes while minimizing waste and inefficiency.
Conclusion
As a national supervisory authority, HANFA plays a vital role in supporting sustainable development by adopting relevant regulations and conducting proactive supervision. By working together with other institutions, the private sector, and non-profit organizations, HANFA aims to create conditions for a better life in a sustainable and ecologically healthy society.