Regulatory Alerts2025-01-01
Law on Voluntary Pension Funds – Unofficial Consolidated Text (NN, Nos. 19/14, 29/18, 115/18, 156/23 and 52/25)
The Croatian Financial Services Supervisory Agency (HANFA) issued this consolidated Law on Voluntary Pension Funds, which transposes key EU directives into national legislation and establishes the comprehensive legal framework for establishing, operating, and supervising voluntary pension funds, pension companies, depositaries, and cross-border services. It defines 69 essential terms covering fund structures, membership rights, qualifying holdings, related persons, and market instruments, while mandating that no entity may offer or manage a fund without prior Agency approval and requiring the maintenance of official, publicly accessible registers. The legislation further clarifies tax treatment, delegation rules, and supervisory reporting obligations to EIOPA, ensuring full alignment with Solvency II, UCITS, and digital operational resilience standards for the financial sector.