Regulatory Alerts2021-01-01
Law on the Implementation of Regulation (EU) 2016/1011 on Indices Used as Reference Values
The Croatian Financial Services Supervisory Agency (Agencija) and the Croatian National Bank (HNB) jointly implement Regulation (EU) 2016/1011 by establishing clearly delineated supervisory competences over reference value administrators, covering regulated data, commodity, interest rate, climate transition, and Paris Agreement-aligned values. The law mandates detailed operational oversight, including approval and registration procedures, conflict-of-interest management, input data contribution requirements, and the enforcement of misdemeanor sanctions for non-compliance. It further codifies information-sharing obligations with ESMA, establishes a college for key reference values, and defines the precise scope of work for both authorities to ensure market stability and regulatory alignment.