The Croatian government sent a proposal to amend the Capital Market Act to parliament on Thursday, aligning the national regulatory framework with EU law.

Noting that five relevant EU directives and two regulations were transposed into the Croatian law, Finance Minister Zdravko Maric said that the purpose of the amendments was to remove formal barriers and achieve balance between the sufficient level of transparency towards the client, the highest security standards and eligible costs for investment services providers.

To protect the interests of beneficiaries of investment services, the amended law will also provide that investment companies can be financially promoted not just by regulated entities but also by market agents, Maric said.