Removal of investment barriers from national legislation is prerequisite for unique EU capital market
For the first time a meeting of the initiative of the European Commission to remove investment barriers was taken over by the Croatian central depository and clearing company SKDD, which is actively involved in the European regulatory processes in the field of capital markets.
SKDD, in cooperation with the local regulator, HANFA, is intensively working on removing such barriers and creating a unique approach to addressing issues related to corporate actions. However, the key thing is to make an analysis of the existing legislative framework in order to incorporate all novelties from European into Croatian legislation.
When the European Commission in 2004 established the CESAME Group (Clearing & Settlement Advisory and Monitoring Experts) to remove barriers to a single settlement, a precondition for a single capital market, national Market Implementation Groups (MIG) were established. The Croatian MIG, composed of representatives of SKDD, the Croatian Agency for Financial Services Supervision (HANFA), the Zagreb Stock Exchange and local custodians, deals with harmonising corporate actions.
In addition to national MIGs, there is a MIG at EU level (E-MIG) and a MIG at CEE level (CEE MIG), which is composed of members of national MIGs. E-MIG and CEE MIG meet once a year, with the last meeting having been held in Copenhagen in 2017.
Jelena Bilusic
Head of Relationship Management
Global Securities Services Croatia
jelena.bilusic@unicreditgroup.zaba.hr