Hanfa and Ministry of Finance start quarterly consultations with financial sector representatives
On 26 November 2024, representatives of the Croatian Financial Services Supervisory Agency (Hanfa) and of the Ministry of Finance participated in a quarterly consultation with representatives of the financial industry at the Croatian Chamber of Economy. This consultation was launched with the aim of exchanging of views on the current challenges of the industry. The first such gathering, which should become regular, was attended by about 60 participants from the financial sector.
“The purpose and goal of introducing quarterly consultations is to provide an opportunity for an open exchange of views between the Ministry of Finance, Hanfa and the industry on the current regulatory framework, potential problems in application or opportunities to eliminate gold plating or disproportionate requirements, but this should also be a forum for discussion on upcoming regulations and risks, opportunities and trends in the financial industry”, explained Hanfa Board member Anamarija Staničić.
Ana Zorić, Head of the Directorate for Economy and Financial System at the Ministry of Finance, announced legislative activities within the scope of the Ministry of Finance that will be carried out in 2025 and highlighted the importance of involvement in public consultations, emphasizing that the Ministry of Finance is always willing to communicate and cooperate for the purpose of improving the existing framework.
During the consultation, the participants were presented with recent domestic and EU regulations, while they also considered the proposals and initiatives falling within the scope of competence of the Ministry of Finance and Hanfa. There was also discussion about potentials for regulatory relief in the coming period, with special emphasis on reporting obligations. A very interesting and active discussion gave rise to a set of issues to be discussed regarding the challenges of simplifying access to the Croatian capital market for foreign investors and regarding the potential benefits of involving law firms and consultants in such gatherings in order to take into account a wider market perspective.
However, in addition to providing information and allowing for the exchange of views, the quarterly consultations should over time also result in topics of special workshops of particular interest for the financial industry.
Such events should also contribute to more active involvement of industry representatives in the process of preparing legislative proposals.
