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Annual Report 2006

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Annual Report 2006 HANFA CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY Annual Report 2006 1 HANFA Godišnje izvješće 2006 CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY Annual Report 2006 Zagreb, 2007 išnje izvješće 2006 3 PUBLISHER Croatian Financial Services Supervisory Agency Miramarska 24b, 10000 Zagreb Web site: www.hanfa.hr Telephone: +385 1 6173 200 Fax: +385 1 4811 406 EDITOR-IN-CHIEF Ingrid Lenac EDITORIAL BOARD M.A. Ksenija Milošević Toni Lukšić EDITOR Oliver Rohtek TRANSLATION Maja Barać Those using data from this publication are requested to cite the source. ISSN 1846-5285 išnje izvješće 2006 5 Contents Contents................................................................................................................................................................. 7 Introduction ............................................................................................................................................................ 9 The Capital Market............................................................................................................................................... 17 The Zagreb Stock Exchange........................................................................................................................... 19 The Varaždin Stock Exchange........................................................................................................................ 22 Regulatory Activities........................................................................................................................................ 24 Licensing......................................................................................................................................................... 26 Supervision of the Capital Market ................................................................................................................... 30 Educational Programme.................................................................................................................................. 34 Public Reference Room .................................................................................................................................. 36 Investment Funds ................................................................................................................................................ 41 Open-End Investment Funds .......................................................................................................................... 41 Closed-end Investment Funds ........................................................................................................................ 44 Regulatory Activities........................................................................................................................................ 45 Licensing......................................................................................................................................................... 46 Supervision of Investment Funds .................................................................................................................... 47 Pension Funds ..................................................................................................................................................... 53 Mandatory Pension Funds .............................................................................................................................. 54 Voluntary Pension Funds ................................................................................................................................ 58 Regulatory Activities and Licensing................................................................................................................. 62 Supervision of Pension Funds......................................................................................................................... 63 Supervision of the REGOS.............................................................................................................................. 65 Educational Programme.................................................................................................................................. 66 Insurance Market ................................................................................................................................................. 71 Introduction ..................................................................................................................................................... 71 Market Description .......................................................................................................................................... 73 Regulatory Activities........................................................................................................................................ 94 Licensing......................................................................................................................................................... 96 Supervision of the Insurance Market............................................................................................................... 97 Pension Insurance Company............................................................................................................................. 103 Market Description ........................................................................................................................................ 103 Regulatory Activities...................................................................................................................................... 104 Supervision of the Operations of Pension Insurance Companies ................................................................. 105 Leasing .............................................................................................................................................................. 109 Introduction ................................................................................................................................................... 109 General Data................................................................................................................................................. 110 Assets, Capital and Liabilities........................................................................................................................ 116 Solvency and Liquidity Ratios of the Leasing Industry .................................................................................. 130 Regulatory Framework.................................................................................................................................. 133 Supervision of Operations of Leasing Companies ........................................................................................ 135 Remarks on Methodology ............................................................................................................................. 136 Factoring............................................................................................................................................................ 141 Cooperation and Consumer Protection.............................................................................................................. 145 Cooperation with Croatian and Foreign Institutions and International Organizations .................................... 145 EU Screening ................................................................................................................................................ 147 Consumer Protection .................................................................................................................................... 149 Employee Education ..................................................................................................................................... 150 Agency’s Financial Report ................................................................................................................................. 155 Appendix............................................................................................................................................................ 159 išnje izvješće 2006 7 Introduction Supervision of the non-banking financial sector was carried out, up until 1 January 2006, in accordance with the special acts which regulated this area and was under the competence of three institutions – the Croatian Securities Commission, the Agency for the Supervision of Pension Funds and the Insurance and the Insurance Companies Supervisory Authority. In order to establish a unique supervisory body for the supervision of the non-banking financial sector, the Act on Croatian Financial Services Supervisory Agency1 was adopted on 17 November 2005, and upon the entry into force of this Act on 1 January 2006, the existing supervisory institutions of the non-banking financial sector consolidated into one and became the Croatian Financial Services Supervisory Agency (hereinafter: the Agency). The Agency is an independent legal person with public authorities and is responsible to the Croatian Parliament. The main goals of the Agency are to promote and preserve the stability of the financial system and to supervise the legality of supervised entities’ business activities. In the pursuance of its goals, the Agency operates in a transparent manner, by building confidence among the participants of the financial market and by reporting to the
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