Croatia's Ministry of Finance has opened public consultation via the e-Savjetovanje portal on three legislative proposals to modernise the country’s financial-system regulatory framework. The package covers a new law for the Croatian Bank for Reconstruction and Development (HBOR), amendments to the Capital Market Act to align with recent EU capital-markets reforms, and a new law to implement the updated EU regime for OTC derivatives, central counterparties and trade repositories. The HBOR proposal updates the 2006 framework to set out its legal status, 100% state ownership, public-interest mandate and governance, and to create a legal basis for recapitalisation to strengthen credit capacity and crisis resilience. The draft would introduce a 12-member supervisory board comprising eight government ministers, three representatives of the Croatian Parliament and the president of the Croatian Chamber of Economy, and would raise HBOR’s share capital to EUR 1.91 billion with scope for further increases by government decision, including funds sourced from the National Recovery and Resilience Plan for strategic digital, green, defence and security investments. The Capital Market Act amendments implement the EU Listing Act and also align with Directive (EU) 2024/2994 on the prudential supervision of investment firms, including by simplifying and flexibilising prospectus documentation, introducing disclosure obligations on multiple voting rights share structures at listing and extending them to issuers already admitted to trading on a regulated market, strengthening the framework for monitoring and managing investment firms’ concentration risk exposures to central counterparties, and transferring operation of the Investor Protection Fund to the Croatian Deposit Insurance Agency. The EMIR implementation proposal would replace the current national law and introduce requirements including active accounts and reporting to trade repositories, an obligation for certain financial and non-financial firms to clear part of their derivatives transactions through an EU central counterparty, expanded eligible collateral through public guarantees and bank guarantees, and periodic penalties alongside a clearer offences structure. Stakeholders can submit comments and proposals through e-Savjetovanje until the consultation deadline, after which the ministry will review inputs as part of finalising the legislative texts.
Ministry of Finance (Croatia) 2026-04-10
Croatia's Ministry of Finance launches consultation on HBOR reform with EUR 1.91 billion capital increase and EU-aligned capital markets and EMIR rules
The Ministry of Finance of Croatia has launched a public consultation on three legislative proposals to modernise the financial-system regulatory framework: a new law for the Croatian Bank for Reconstruction and Development, amendments to the Capital Market Act, and a new law implementing the updated EU regime for over-the-counter derivatives, central counterparties and trade repositories. The package would reinforce HBOR’s capital and governance, align capital markets rules with the EU Listing Act and Directive (EU) 2024/2994, and overhaul national implementation of EMIR, including clearing, collateral and reporting requirements.