The Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance held the fourth and final quarterly consultation of 2025 with financial industry representatives, in cooperation with the Croatian Chamber of Economy (HGK), as part of a series launched in late 2024 to facilitate an open exchange on capital market challenges. Hanfa’s Deputy President Anamarija Staničić positioned the regulatory sandbox as only one element of a broader market dialogue, and urged participants to provide concrete, operational proposals for amending laws and regulations and to flag early any risks that proposed EU-level changes could create for smaller markets such as Croatia. Discussions covered more than 30 capital-markets topics across the year, including compliance with liquidity management tools under the new fund regulation, integration of sustainability risks under the SFDR, and changes expected from the Insurance Recovery and Resolution Directive (IRRD) for the insurance market. Hanfa also presented European Commission legislative initiatives, potential easing of regulatory burdens for pension companies based on industry proposals, and the European Commission initiative to shorten the settlement cycle from T+2 to T+1. The Ministry of Finance outlined legislative activities planned for the next year in financial markets and highlighted a European Commission package on financial literacy, including recommendations on a savings and investment account model. The Central Depository and Clearing Company (CDCC) also announced work to implement a new version of registration and voting functionality in its system for shareholders’ meetings.

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