Regulatory Alerts2017-01-01
Regulation on the Content of Notices Regarding the Merger of Mandatory Pension Funds and Their Delivery Method - Unofficial Consolidated Text (NN, No. 60/14 and 26/17)
The Croatian Financial Services Supervisory Agency issued this Regulation to define the content and delivery procedures for merger notices concerning mandatory pension funds. It requires transferring and acquiring pension companies to submit written merger notices to the Central Insurance Registry (REGOS) promptly, enabling REGOS to publish them electronically, provide free printed copies at reception points, and distribute them via email to opted-in members. A 2017 correction rectifies a drafting error in Article 4 by replacing an incorrect cross-reference to paragraph 2 with the correct reference to Article 3.
UNOFFICIAL CONSOLIDATED TEXT NN 60/2014 dated 16.05.2014. NN 26/2017 dated 22.3.2017. CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY Pursuant to Article 159, paragraph 6 of the Mandatory Pension Funds Act (Official Gazette No. 19/2014), the Croatian Financial Services Supervisory Agency (hereinafter: the Agency) at a meeting of its Management Board held on 9 May 2014 adopts REGULATION ON THE CONTENT OF NOTICES REGARDING THE MERGER OF MANDATORY PENSION FUNDS AND THE METHOD OF THEIR DELIVERY INTRODUCTORY PROVISIONS Article 1. (1) This Regulation further regulates the content of notices regarding the merger of mandatory pension funds and the method of their delivery to members of those funds, namely the transferring fund and the acquiring fund. (2) The merger of pension funds is carried out in the following cases: – in the transfer of management operations, whether voluntary or compulsory, to another pension company that already manages pension funds, – if one pension company directly acquires all shares, or business interests, in another pension company (sole owner), or – in the mutual merger or absorption of pension companies. Article 2. Certain terms, for the purposes of this Regulation, have the following meanings: – Agency means the Croatian Financial Services Supervisory Agency. – Act means the Mandatory Pension Funds Act (Official Gazette No. 19/2014). – Pension company means a pension company for the management of mandatory pension funds. – Pension fund means a mandatory pension fund (transferring or acquiring fund). – REGOS means the Central Insurance Registry. CONTENT OF NOTICES REGARDING THE MERGER OF PENSION FUNDS Article 3. In addition to what is stated in Article 159, paragraph 3 of the Act, the notice to members of the acquiring and transferring funds regarding the merger of pension funds also includes the opinions of depositaries on the merger pursuant to Article 158 of the Act. METHOD OF DELIVERY OF NOTICES REGARDING THE MERGER OF PENSION FUNDS Article 4. (1) The pension companies of the acquiring and transferring funds are required to deliver the notice referred to in Article 3 of this Regulation to REGOS in written form, and in a timely manner, so that REGOS may make it available to all members within the timeframe specified in Article 159, paragraph 4 of the Act. (2) REGOS is required to publish the notice referred to in paragraph 2 of Article 3 of this Regulation electronically on its website and make it available free of charge by providing printed copies for inspection at REGOS reception points, as well as to send it to each member of the acquiring and transferring funds via electronic mail, if the member has provided a valid email address to the pension company or REGOS and has chosen this method of data delivery. FINAL PROVISIONS Article 5. This Regulation shall be published in the Official Gazette, and shall enter into force on the eighth day from the date of its publication in the Official Gazette. Class: 011-02/14-04/38, Reference No.: 326-440-14-1 Zagreb, 9 May 2014, Chairman of the Management Board, Petar-Pierre Matek, (own signature) NN 26/2017 dated 22.3.2017. CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY Following a comparison with the original text, an error was identified in the Regulation on the Content of Notices Regarding the Merger of Mandatory Pension Funds and Their Delivery Method, published in the Official Gazette No. 60 dated 16 May 2014, and is hereby provided as follows: CORRECTION TO THE REGULATION ON THE CONTENT OF NOTICES REGARDING THE MERGER OF MANDATORY PENSION FUNDS AND THEIR DELIVERY METHOD In the Regulation on the Content of Notices Regarding the Merger of Mandatory Pension Funds and Their Delivery Method (Official Gazette No. 60/2014), in Article 4, paragraph 2, instead of the words "Notice referred to in paragraph 2 of this Regulation", the words "Notice referred to in Article 3 of this Regulation" shall stand. Class: 011-02/14-04/38 Reference No.: 326-01-440-17-3 Zagreb, 17 March 2017. Chairman of the Management Board Petar-Pierre Matek, (own signature)