Key amendments are related to full harmonization of Croatian regulatory framework for the capital market, namely ensuring the compliance with provisions of Regulation (EU) 2017/1129 of 14 June 2017 on prospectus. As a result, provisions of Directive 2003/71/EC are repealed from Croatian regulations.
More significant change also relates to the additional authorizations given to local regulator HANFA regarding the issuing companies’ corporate governance, in terms of collecting and publishing the relevant information. HANFA will be also able to impose supervisory measures when issuers’ financial information have not been prepared in accordance with the relevant financial reporting framework, which additionally aligns HANFA’s competencies with ESMA Guidelines on enforcement of financial information.
Additionally, the conditions for use of the exception in line with Article 3 of Directive 2014/65/EU, representing the national discretion, have been facilitated.
Amendments to the Capital Market Act also prescribe in more detail the measures and penalties applied to capital market participants (individuals and/or legal entities) responsible for certain misdemeanors.
Impact on investors: There is no direct impact on investors.