The Croatian Financial Services Supervisory Agency (Hanfa) and Croatia’s Ministry of Finance have published a public consultation document proposing RoadToMarket, an educational and simulation sandbox intended to help entrepreneurs test and prepare capital markets financing routes and to support sustainable financing. The authorities are also inviting market participants to register interest in becoming strategic partners in designing and launching the sandbox. RoadToMarket is positioned as a safe, informal setting combining education, simulations and mentorship to help small and medium-sized enterprises, start-ups and scale-ups assess readiness to raise funds through an initial public offering on the Zagreb Stock Exchange or through venture capital. The consultation targets a broad set of stakeholders, including prospective issuers, existing issuers and potential partners such as the Zagreb Stock Exchange, banks and investment firms, alternative investment fund managers including venture capital fund managers, advisers and professional services firms, academics, development institutions and public bodies; it also aims to gather structured evidence on barriers to capital market access to inform future, proportionate regulatory adjustments. Comments and expressions of interest are open until 5 December 2025. After the consultation closes, Hanfa and the Ministry plan to publish a summary of feedback and organise thematic workshops and further consultations to develop the final sandbox concept.

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