44th Meeting

On 16 December 2021, the Board of the Croatian Financial Services Supervisory Agency held its 44th meeting and adopted the following decisions of public interest:

1. Decision granting authorisation to Ivan Lozić to perform the function of a member of the Management Board of the AIF management company CGS Capital d.o.o. za osnivanje i upravljanje alternativnim investicijskim fondovima, Zagreb, Miramarska 24, personal identification number (OIB): 28282983081, for a term of office lasting for 5 (five) years, running as of 31 December 2021

2. Decision granting authorisation to Igor Noršić to perform the function of a member of the Management Board of the AIF management company CGS Capital d.o.o. za osnivanje i upravljanje alternativnim investicijskim fondovima, Zagreb, Miramarska 24, personal identification number (OIB): 28282983081, for a term of office lasting for 5 (five) years, running as of 31 December 2021

3. Decision granting authorisation to conduct insurance distribution business to Emil Pavić, founder of the insurance representation craft AZ plus, obrt za zastupanje u osiguranju, Emil Pavić, Zagreb, Kancelak 13

4. Decision granting authorisation to conduct insurance distribution business to Ivica Penava, founder of the insurance representation craft CO ILAP, obrt za zastupanje u osiguranju, Ivica Penava, Sesvete, Sesvetska cesta 2

5. Decision granting authorisation to conduct insurance distribution business to Milivoj Mance, founder of the insurance representation craft BEDEM, obrt za zastupanje u osiguranju, Milivoj Mance, Rijeka, Krimeja 13

6. Decision granting authorisation to conduct insurance distribution business to Marko Grbeš, founder of the insurance representation craft Feniks, obrt za zastupanje u osiguranju, Marko Grbeš, Zagreb, Slavenskog 1
7. Decision ordering the investment fund management company INTERCAPITAL ASSET MANAGEMENT d.o.o. za upravljanje investicijskim fondovima, Zagreb, Masarykova 1, personal identification number (OIB): 59300096187, as a measure aimed at eliminating illegalities and irregularities established during the examination process, to improve by 30 April 2022 at the latest its risk management system as regards the procedure for determining the risk profile of the management company and the procedure for determining the risk profile of investment funds the company manages; to establish and define the system for reporting on the compliance between the existing level of risk exposure, prescribed risk exposure limits and the risk profile of the management company and investment funds managed by the company determined in advance; to establish and define the obligation to carry out stress tests relating to market risks and to report on results of the tests; to establish and define in an adequate manner the process for preparing analyses prior to investments and the examination of the impact of transactions on the liquidity and risk profile of the fund it manages; as a special supervisory measure, to submit by 30 June 2022 at the latest the compliance function report on the assessment of the adequacy, effectiveness and efficiency of the risk management system; as a special supervisory measure, to submit by 15 January 2022 at the latest proof of the appointment of the compliance function officer; as a special supervisory measure, to ensure by 31 March 2022 at the latest the continuity of compliance function activities; as a measure aimed at eliminating illegalities and irregularities established during the examination process, to improve its internal audit system by updating and amending internal regulations governing activities of the internal audit function; and ordering the company to submit by 31 October 2022 at the latest the internal audit report on the assessment of the adequacy, effectiveness and efficiency of the compliance function system, of the system managing risks faced by the company and funds it manages and of the anti-money laundering and terrorist financing system and the system for implementing international restrictive measures