Regulatory Alerts2017-01-01
Regulation on Status Changes of Pension Funds Managing Mandatory Pension Funds - Unofficial Consolidated Text (NN, No. 60/14, 88/14 and 39/17)
The Croatian Agency for Financial Services Supervision issued this consolidated regulation to specify the conditions and procedures for approving status changes—including restructuring, division, merger, and amalgamation—of pension funds managing mandatory pension funds. It mandates that applications for such changes must include specific approvals, documentation, and proof of paid fees, while ensuring that the position and assets of fund members are not adversely affected. The regulation streamlines electronic submission processes, clarifies the applicability of voluntary pension fund provisions, and establishes that its amendments apply retroactively to pending approval proceedings.
UNOFFICIAL CONSOLIDATED TEXT NN 60/2014 (effective from 24.05.2014.) NN 88/2014 (effective from 31.07.2014.) NN 39/17 of 21.04.2017. (effective from 01.05.2017.) CROATIAN AGENCY FOR FINANCIAL SERVICES SUPERVISION Pursuant to Article 28, Paragraph 7 of the Mandatory Pension Funds Act (»Narodne novine« No. 19/2014, hereinafter: the Act), the Croatian Agency for Financial Services Supervision (hereinafter: the Agency) at a meeting of its Management Board held on 9 May 2014 adopts REGULATION ON STATUS CHANGES OF PENSION FUNDS MANAGING MANDATORY PENSION FUNDS INTRODUCTORY PROVISIONS Article 1. This Regulation further specifies the conditions that must be met for granting approval of status changes to pension funds managing mandatory pension funds.
Article 2. For the purposes of this Regulation, certain terms have the following meanings: – Agency means the Croatian Agency for Financial Services Supervision. – Act means the Mandatory Pension Funds Act (»Narodne novine« No. 19/2014). – Pension fund means a pension fund for managing mandatory pension funds. – Pension fund (fund) means a mandatory pension fund.
Article 3. (1) A pension fund that is a joint-stock company may be restructured into a limited liability company and vice versa. (2) A pension fund may be divided, merged or amalgamated.
(3) With respect to status changes of pension funds not regulated by the Act, the provisions of the Companies Act (»Narodne novine« No. 111/93, 34/99, 121/99 – authentic interpretation, 52/2000 – Decision of the Constitutional Court of the Republic of Croatia, 118/2003, 107/2007, 146/2008, 137/2009, 152/2011 – consolidated text, 111/2012 and 68/2013, hereinafter: the Companies Act) shall apply. (4) The position of members of pension funds managed by a pension fund participating in a status change shall not be adversely affected by such status change. When deciding on an application for approval of a status change, the Agency shall be guided by the protection of assets of pension funds managed by the participating pension fund, or the protection of property rights of members of those funds, as well as by the protection of the mandatory pension fund system as a whole.
RESTRUCTURING Article 4. (1) In the case of restructuring into a limited liability company, the pension fund shall submit to the Agency together with its application for approval a resolution of the general meeting on restructuring and copies of statements from impaired shareholders pursuant to Article 559, Paragraph 2 of the Companies Act, where applicable. (2) In the case of restructuring into a joint-stock company, the pension fund shall submit to the Agency together with its application for approval a resolution of the shareholders' meeting on restructuring and copies of statements from impaired shareholders pursuant to Article 565, Paragraph 2 of the Companies Act, where applicable. (3) Upon registration of the restructuring in the court register, the pension fund shall without delay notify the Agency and submit a copy of the court decision on registration. (4)