Financial Crime World

Croatia’s Financial Regulatory Bodies: A Look at the Croatian Financial Services Supervisory Agency (HANFA)

Overview of HANFA

The Croatian Financial Services Supervisory Agency, commonly referred to as HANFA, is the primary regulatory body for the financial sector in Croatia. Established in 2005, it has been responsible for overseeing the operations of various financial institutions and ensuring that they comply with relevant laws and regulations.

Scope of Activities

HANFA’s scope of activities encompasses the supervision of:

  • Stock exchanges
  • Investment firms
  • Insurance companies
  • Pension funds
  • Other financial services providers

Core Values

In achieving its objectives, HANFA operates on a set of core values that include:

  • Independence
  • Impartiality
  • High professional standards
  • Responsibility
  • Teamwork
  • Proactive behavior

These values guide the agency’s decision-making processes and interactions with stakeholders.

Key Responsibilities

One of HANFA’s key responsibilities is to adopt implementing regulations and issue licenses, authorizations, and approvals in accordance with relevant laws. The agency also has the authority to supervise business operations, order measures to eliminate irregularities, and keep records and books.

Climate Change Efforts

In recent years, HANFA has been focusing on climate change and its impact on the financial sector. The agency recognizes the importance of concrete solutions aimed at building a better future for generations to come and is committed to helping the Croatian financial services sector finance the green and digital transformation of society.

Organizational Structure

HANFA’s organizational structure includes:

  • A management board
  • Department directors
  • Other staff members who work together to achieve the agency’s objectives

The management board is responsible for making strategic decisions and overseeing the implementation of policies.

Conclusion

In conclusion, HANFA plays a crucial role in regulating and supervising the financial sector in Croatia. Its commitment to promoting a stable financial system, protecting consumers, and fostering confidence among market participants has earned it a reputation as a trusted regulatory body. As the agency continues to focus on climate change and sustainability, its efforts are likely to have a positive impact on the Croatian economy and society as a whole.