Licensing is a part of supervision of credit institutions which consists of issuing authorisations and approvals.
Depending on the decision-making body (ECB or CNB) and the classification of the credit institution (SI or LSI), the following types of processes can take place:
- common procedures;
- assessment of the suitability of candidates for members of the management or supervisory board of a credit institution (Fit and proper assessment, FAP);
- other procedures.
The IMAS portal is an online platform that supports the submission of applications, notifications and other exchanges of information between supervisors and supervised entities for specific processes under the ECB's competence. The IMAS portal does not change the way of cooperation between the ECB and national supervisory authorities: in all Member States, the national competent authority remains the entry point for the submission of applications and applicants must follow the relevant national laws and administrative practice regarding their submissions.
In Croatia, the IMAS portal currently allows credit institutions directly supervised by the ECB (i.e., significant institutions) to submit applications for assessment of the suitability of candidates for members of the management / supervisory board of a credit institution (FAP), monitor the status of these assessments and exchange related information with supervisors. Significant institutions can also use the IMAS portal for passporting notifications (single passport notifications).
The IMAS portal is expected to be used for other applications as well. More information is available at the following link.
In addition to issuing authorisations and approvals to credit institutions, in accordance with the Credit Institutions Act and the Act on Housing Savings and State Incentives for Housing Savings, the Croatian National Bank also issues authorisations to credit unions, in accordance with the Credit Unions Act.