Regulation on the Approval of Establishment, Prospectus and Statute of a Voluntary Pension Fund - Unofficial Consolidated Text (NN, Nos. 52/14 and 41/17)

UNOFFICIAL CONSOLIDATED TEXT NN 52/2014 of 28.04.2014. NN 41/17 of 27.04.2017. (effective from 01.05.2017.) CROATIAN AGENCY FOR FINANCIAL SERVICES SUPERVISION Pursuant to Article 100(3), Article 170(4), Article 173(3), Article 175(2), Article 177(7), Article 180(3), Article 182(5) and Article 185(2) of the Act on Voluntary Pension Funds (Official Gazette, No. 19/2014), the Croatian Agency for Financial Services Supervision (hereinafter: the Agency) at a meeting of its Management Board held on 18 April 2014 adopts REGULATION ON THE APPROVAL OF ESTABLISHMENT, PROSPECTUS AND STATUTE OF A VOLUNTARY PENSION FUND

INTRODUCTORY PROVISIONS Article 1. This Regulation further regulates: a) the content of applications for approval to establish and manage a voluntary pension fund, b) the content of applications for approval of the prospectus of a voluntary pension fund. c) additional conditions relating to the publication of the prospectus of a voluntary pension fund, d) conditions for granting approval on material changes to the prospectus of a voluntary pension fund, e) the content of applications for approval of the statute of a voluntary pension fund, f) additional conditions for the publication of the statute of a voluntary pension fund.

Article 2. Certain terms used in this Regulation have the following meanings:

1. Agency means the Croatian Agency for Financial Services Supervision.
2. Act means the Act on Voluntary Pension Funds (Official Gazette, No. 19/2014).
3. Pension company means a pension company managing voluntary pension funds.
4. Fund means a voluntary pension fund.

APPLICATION FOR APPROVAL TO ESTABLISH AND MANAGE THE FUND Article 3. (1) The application for approval to establish and manage the fund is submitted by the pension company on behalf of the fund to the Agency. (2) The application referred to in paragraph 1 of this Article, in addition to the documentation and data specified in Article 100(2) of the Act, must also contain:

1. the decision on the establishment of the fund,
2. proof of maintained capital of the management company in accordance with Articles 19 and 20 of the Act,
3. proof of paid administrative fee and charge,
4. other documentation upon the Agency's request,
5. in the case of a closed fund, data on the sponsor (full name/company name/trade name, address/headquarters of the sponsor), and the contract concluded between the sponsor and the pension company.

PROSPECTUS OF THE FUND Application for Approval of the Prospectus Article 4. (1) The pension company submits to the Agency an application for approval of the fund's prospectus. Along with the application, a draft prospectus in written form, certified by seal and signature on the last page by persons authorized to represent the pension company, is submitted, as well as in electronic form on an appropriate medium in a clear and readable format. (1) The pension company submits to the Agency an application for approval of the fund's prospectus. Along with the application, a draft prospectus of the fund certified by signature or electronic signature on the last page by persons authorized to represent the pension company is submitted. If the fund's prospectus is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format. (2) When an Agency official, during the approval procedure for the prospectus, determines that certain alignments with statutory and subordinate regulations are required, the pension company shall submit the aligned draft prospectus in the manner prescribed in paragraph 1 of this Article.

Publication of the Prospectus Article 5. In addition to provisions on the method and conditions for publishing the fund's prospectus, prescribed by Articles 172 and 173 of the Act, each publication or amendment and supplement to the prospectus in electronic form on the pension company's website must meet the following conditions:

1. the prospectus must be published in a visible location, and
2. fund members must have the ability to save and print the prospectus.

Application for Approval on Material Changes to the Prospectus Article 6. Along with the application for approval on material changes to the fund's prospectus, the pension company submits: – the amended fund prospectus in written form, certified by seal and signature on the last page by persons authorized to represent the pension company, as well as in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the prospectus in electronic form on an appropriate medium in a clear and readable format, and – the amended fund prospectus certified by signature or electronic signature on the last page by persons authorized to represent the pension company. If the amended fund prospectus is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the prospectus in electronic form in a clear and readable format, and – the decision on adoption of changes to the prospectus, indicating in which parts the prospectus is changed and how, with a statement that there are no changes in the remaining parts.

Article 7. In the notice on material changes to the prospectus published in accordance with Article 177(2) of the Act, and in the notice sent to fund members in accordance with Article 177(3) of the Act, the pension company is obliged to specify: – which material changes apply to the prospectus, – the date of publication of the notice, – the date on which material changes to the Prospectus enter into force in accordance with Article 177(6) of the Act, and – instructions to fund members from Article 177(4) of the Act.

Non-material Changes to the Prospectus Article 8. (1) The pension company is obliged to notify the Agency in writing or electronically of non-material changes to the fund's prospectus, specifying which data in the prospectus have been changed. (2) The pension company may submit the notification referred to in paragraph 1 of this Article in the manner prescribed by Article 11a of this Regulation.

STATUTE OF THE FUND Application for Approval of the Statute Article 9. (1) The pension company submits to the Agency an application for approval of the fund's statute. Along with the application, it must submit a draft statute of the fund in written form, certified by seal and signature on the last page by persons authorized to represent the pension company, as well as in electronic form – on an appropriate medium in a clear and readable format. (1) The pension company submits to the Agency an application for approval of the fund's statute. Along with the application, a draft statute of the fund certified by signature or electronic signature on the last page by persons authorized to represent the pension company is submitted. If the fund's statute is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format. (2) When an Agency official, during the approval procedure for the statute or changes to the statute, determines that certain alignments with statutory and subordinate regulations are required, the pension company shall submit the aligned draft statute in the manner prescribed in paragraph 1 of this Article.

Application for Approval on Changes to the Fund's Statute Article 10. Along with the application for approval on changes to the fund's statute, the pension company submits: – the amended fund statute in written form, certified by seal and signature on the last page by persons authorized to represent the pension company, as well as in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the statute in electronic form on an appropriate medium in a clear and readable format, and – the amended fund statute certified by signature or electronic signature on the last page by persons authorized to represent the pension company. If the amended fund statute is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the statute in electronic form in a clear and readable format, and – the decision on adoption of changes to the statute, indicating in which parts the statute is changed and how, with a statement that there are no changes in the remaining parts.

Public Publication of the Statute Article 11. In addition to provisions on conditions and methods for publishing the fund's statute prescribed by Article 185 of the Act, each publication or change to the statute in electronic form on the pension company's website must meet the following conditions:

1. the statute must be published in a visible location, and
2. fund members must have the ability to save and print the statute.

DELIVERY BY ELECTRONIC MEANS Article 11a. (1) The pension company may submit applications and documentation from Articles 3, 4, 6, 8, 9, 10 and 12 of this Regulation to the Agency in accordance with the Technical Guideline for using the WEB form input service and electronic delivery of documentation, and the Guideline for filling out WEB forms for pension companies. (2) It is deemed that the pension company has submitted documentation from Articles 3, 4, 6, 8, 9, 10 and 12 of this Regulation in the manner prescribed by paragraph 1 of this Article at the moment when the documentation is recorded on the server for sending such documentation.

FINAL PROVISIONS Article 12. (1) In addition to the documentation from applications, the Agency may during the application processing procedure request other documentation it deems necessary for deciding on granting approval of the statute or its changes. (2) The pension company may submit documentation from paragraph 1 of this Article to the Agency in the manner prescribed by Article 11a of this Regulation.

Article 13. This Regulation enters into force on the eighth day from the date of publication in the Official Gazette. Class: 011-02/14-04/23 Reference No.: 326-440-14-1 Zagreb, 18 April 2014. President of the Management Board Petar-Pierre Matek, v.r.

NN 41/17 of 27.04.2017. (effective from 01.05.2017.) The Croatian Agency for Financial Services Supervision (hereinafter in the text: the Agency), pursuant to Article 100(3), Article 170(4), Article 173(3), Article 175(2), Article 177(7), Article 180(3), Article 182(5) and Article 185(2) of the Act on Voluntary Pension Funds (Official Gazette, No. 19/2014), at a meeting of the Management Board held on 13 April 2017, adopts REGULATION ON AMENDMENTS AND SUPPLEMENTS TO THE REGULATION ON APPROVAL OF ESTABLISHMENT, PROSPECTUS AND STATUTE OF A VOLUNTARY PENSION FUND

Article 1. In the Regulation on approval of establishment, prospectus and statute of a voluntary pension fund (Official Gazette, No. 52/14), Article 4(1) is amended and reads: "(1) The pension company submits to the Agency an application for approval of the fund's prospectus. Along with the application, a draft prospectus of the fund certified by signature or electronic signature on the last page by persons authorized to represent the pension company is submitted. If the fund's prospectus is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format."

Article 2. In Article 6(1), items 1 and 2 are amended and read: "– the amended fund prospectus certified by signature or electronic signature on the last page by persons authorized to represent the pension company. If the amended fund prospectus is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the prospectus in electronic form in a clear and readable format."

Article 3. In Article 8, paragraph 2 is added after paragraph 1 and reads: "(2) The pension company may submit the notification referred to in paragraph 1 of this Article in the manner prescribed by Article 11a of this Regulation."

Article 4. In Article 9, paragraph 1 is amended and reads: "(1) The pension company submits to the Agency an application for approval of the fund's statute. Along with the application, a draft statute of the fund certified by signature or electronic signature on the last page by persons authorized to represent the pension company is submitted. If the fund's statute is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format."

Article 5. In Article 10(1), items 1 and 2 are amended and read: "– the amended fund statute certified by signature or electronic signature on the last page by persons authorized to represent the pension company. If the amended fund statute is submitted in written form, it must also be submitted in electronic form on an appropriate medium in a clear and readable format, – the comparative version of the statute in electronic form in a clear and readable format."

Article 6. After Article 11, the heading and Article 11a are added and read: "DELIVERY BY ELECTRONIC MEANS Article 11a. (1) The pension company may submit applications and documentation from Articles 3, 4, 6, 8, 9, 10 and 12 of this Regulation to the Agency in accordance with the Technical Guideline for using the WEB form input service and electronic delivery of documentation, and the Guideline for filling out WEB forms for pension companies. (2) It is deemed that the pension company has submitted documentation from Articles 3, 4, 6, 8, 9, 10 and 12 of this Regulation in the manner prescribed by paragraph 1 of this Article at the moment when the documentation is recorded on the server for sending such documentation."

Article 7. In Article 12, paragraph 2 is added after paragraph 1 and reads: "(2) The pension company may submit documentation from paragraph 1 of this Article to the Agency in the manner prescribed by Article 11a of this Regulation."

Article 8. This Regulation shall be published in the Official Gazette and enters into force on 1 May 2017. Class: 011-02/14-04/23 Reference No.: 326-01-440-17-3 Zagreb, 13 April 2017. President of the Management Board Petar-Pierre Matek, v.r.