Regulatory Alerts2023-01-01
Law on the Implementation of Regulation (EU) No 1286/2014 on Key Information Documents for Packaged Retail and Insurance-based Investment Products (Official Gazette Nos. 112/18 and 123/23 – Unofficial Consolidated Text)
The Croatian Financial Services Agency (HANFA) issues this Law to implement Regulation (EU) No 1286/2014 by defining its supervisory powers, compliance obligations for PRIIP issuers and distributors, and enforcement mechanisms. It mandates the preparation, delivery, and publication of Key Information Documents in Croatian or an approved alternative language, while establishing secure whistleblower channels that protect employees from retaliatory dismissal. The Law introduces a tiered penalty framework, imposing monetary fines ranging from 2,650.00 EUR to 700,000.00 EUR on responsible persons and legal entities based on the severity, frequency, and financial impact of breaches.
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