Regulatory Alerts2019-12-12
Guidelines on Reference Values Used by Pension Funds in Investments in Transferable Securities
The Croatian Financial Services Supervisory Agency (Hanfa) issued these Guidelines to standardize the reference values that pension funds must use when investing mandatory pension fund assets in transferable equity securities. The document establishes liquidity-based absolute and relative tests for index recognition, permits the creation of weighted index baskets, and mandates detailed reporting on portfolio returns, deviations, and hedge costs in information prospectuses. Pension funds are required to align their investment strategies and documentation with these benchmarks within three months of the Guidelines' entry into force.
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