Capital market

The Croatian capital market and the scope of activities and competence of Hanfa are regulated by the Capital Market Act and the Act on the Takeover of Joint-Stock Companies.

The Capital Market Act regulates the following areas:

  1. provision of investment services and performance of invested activities and related ancillary services
  2. establishment, business operations, supervision and dissolution of investment firms
  3. investor compensation scheme
  4. establishment, business operations, supervision and dissolution of market operators
  5. rules of trading on a regulated market and multilateral trading facility (MTF)
  6. offering of securities to the public and admission of securities to a regulated market 
  7. disclosure of information on issuers of securities admitted to a regulated market
  8. prohibition of market abuse
  9. establishment, business operations, supervision and dissolution of operators of clearing and/or settlement systems
  10. safekeeping of financial instruments and clearing and settlement of transactions in financial instruments

The Act on the Takeover of the Joint-Stock Companies regulates the following areas:

  • conditions governing publication of takeover bids for offeree companies
  • takeover procedure
  • rights and obligations of participants in a takeover procedure
  • supervision of procedures relating to takeover of offeree companies.

The following are capital market participants in the Republic of Croatia:

  • investors in financial instruments
  • intermediaries (investment firms, credit institutions, and others)
  • issuers of securities and other financial instruments
  • Zagrebačka burza d.d. Zagreb (Zagreb Stock Exchange) (market and MTF operator)
  • Središnje klirinško depozitarno društvo d.d. Zagreb (Central Depository and Clearing Company) (operator of the central depositary of dematerialised securities and operator of the central register of other dematerialised financial instruments, operator of the clearing and settlement system for dematerialised securities and operator of the investor protection scheme).
  • SKDD-CCP Smart Clear d.d. za pružanje usluga središnje druge ugovorne strane (SKDD-CCP)
Financial instruments on the capital market are:
  • transferrable securities (shares and bonds)
  • money market instruments
  • units in undertakings for collective investments
  • derivatives.


Regulations Click here

Short Selling


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