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Croatia Updates Banking Regulations
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The Croatian government has made significant changes to its banking regulations, aiming to strengthen financial stability and enhance consumer protection. A series of amendments to various laws and acts have been published in the Official Gazette (Narodne Novine), affecting credit institutions, credit unions, foreign exchange operations, payment systems, and electronic money.
Credit Institutions Act
One of the key updates is the amended Credit Institutions Act, which aims to improve the supervision and regulation of credit institutions. The changes introduce new rules for:
- Risk management
- Internal governance
- Reporting requirements
Payment System Act
The Payment System Act has also been revised to strengthen payment system stability and security. The amendments introduce new provisions on:
- Payment institution licensing
- Payment transaction monitoring
- Consumer protection
Electronic Money Act
The Electronic Money Act has been updated to align with European Union regulations and ensure the smooth functioning of electronic money transactions in Croatia.
Foreign Exchange Act
The Foreign Exchange Act has undergone several changes to enhance foreign exchange operations, including amendments related to:
- Currency exchange rates
- Foreign exchange reserves
- Reporting requirements
Resolution Framework
The government has also strengthened its resolution framework for credit institutions and investment firms, introducing new rules for:
- Crisis management
- Resolution procedures
Financial Stability Council
The Financial Stability Council, established in 2013, will continue to play a key role in monitoring financial stability and identifying potential risks to the financial system.
These regulatory updates demonstrate Croatia’s commitment to maintaining a stable and secure banking sector, while also promoting economic growth and consumer protection. The changes are expected to take effect soon, with credit institutions, credit unions, and payment service providers required to comply with the new regulations.