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 (PRIIPs) – Unofficial Consolidated Text
The Croatian Financial Services Agency (HANFA) issues this Law to implement EU Regulation 1286/2014 by designating itself as the competent authority responsible for supervising PRIIP issuers and distributors, enforcing Key Information Document (KID) compliance, and applying a tiered financial sanction regime. The legislation mandates Croatian language requirements for KIDs, establishes detailed supervisory procedures and information-sharing mechanisms with European supervisory authorities, and introduces robust whistleblower protections that shift the burden of proof to employers. It defines precise fine ranges from €2,650 to €700,000 based on total revenue and breach severity, while granting the Agency powers to order KID corrections, suspend promotional materials, and publish sanctions to safeguard retail investors.