The regulatory basis for the supervision of credit institutions (banks, savings banks and housing savings banks) consists of the Credit Institutions Act and Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.
The Financial Conglomerates Act and the Credit Unions Act are also important for banking and financial supervision in Croatia.
Pursuant to these regulations, the CNB lays down rules for credit institutions and credit unions which are to be adhered to as from the moment of their inception and in the course of their operations. These rules are worded primarily in the form of subordinate legislation and various guidelines and recommendations.
The Croatian National Bank adopts subordinate legislation pursuant to its powers defined in the Act on the Croatian National Bank. This page lists subordinate legislation (decisions, instructions) adopted pursuant to the Credit Institutions Act and subordinate legislation that explains in more detail the implementation of Regulation (EU) No 575/2013 (CRR) or the implementation of implementing regulations adopted by the European Commission in accordance with Regulation (EU) No 575/2013, as well as decisions implementing the guidelines of the European Banking Authority (EBA).
The CRD IV legislative package transposes the Basel III rules into European law. It consists of a regulation and a directive. The entire package entered into force on 1 January 2014, while some of the new rules will be phased-in between 2014 and 2019.
Regulations are a part of secondary law. They are legally binding and directly applicable in all Member States of the European Union.
Interested parties may access all regulations published in the Official Journal of the European Union on the EUR-lex website.
The regulatory products of the European Banking Authority range from binding Technical Standards to Guidelines, Recommendations and Opinions. They cover areas such as own funds, recovery and resolution, internal governance and supervisory reporting.
The Technical Standards are a part of the CRD IV package, which, among other things, comprises:
- Regulatory Technical Standards (RTS) and
- Implementing Technical Standards (ITS).
The Technical Standards are binding for all Member States and are applied across the European Union.
Interested parties may access all Technical Standards published in the Official Journal of the European Union on the EUR-lex website.
Directives are legislative acts that set out goals that all EU Member States must achieve. However, it is up to the individual countries to decide how they will transpose EU directives into their legislative framework. Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms is part of the CRD IV regulatory package and is transposed into the legislation of the Republic of Croatia via the Credit Institutions Act and subordinate legislation adopted pursuant to the powers under this Act.
Interested parties may access all directives published in the Official Journal of the European Union on the EUR-lex website.
The main task of guidelines is to explain legal norms, provide guidance to the subjects of supervision and give recommendations aimed at establishing good practices at credit institutions and investment firms. Guidelines are based on international standards and take into consideration the situation in the market, legal norms of other countries and recommendations by the relevant supervisory bodies. Guidelines are directed at credit institutions and competent authorities. They are applied in accordance with the 'comply or explain' principle. A decision on application is adopted by the Croatian National Bank, notifying the European Banking Authority thereof, within the prescribed time limit.