The Croatian National Bank recently published a report which discovered interesting, but not unexpected, changes in consumer behaviour in the payment services market brought about by the COVID-19 pandemic. The pandemic has influenced not only world markets and economies, but also the everyday lives of market participants and their payment habits. The changes in citizens' payment habits brought about by the pandemic are already showing signs of turning into trends.
The Croatian cybersecurity system is a complex cross-sectorial network of institutions and regulations in constant development but aligned with the requirements acquired through the country's membership of the European Union and the North Atlantic Treaty Organisation. This article explores the institutions that contribute to Croatia's systematic and coordinated effort to improve its cybersecurity abilities.
The Croatian cybersecurity system is a cross-sectorial complex network of institutions and regulations in constant development but aligned with the requirements acquired through the country's membership of the European Union and the North Atlantic Treaty Organisation. From a legal perspective, various cybersecurity matters are covered by several relevant acts, each addressing different issues within its scope. This article explores this legislation.
Seven years after its accession to the European Union, Croatia has entered the last stage of preparation to adopt the euro. The European Central Bank recently announced a list of eight Croatian banks which will be under its direct supervision following the country's admission to the exchange rate mechanism (ERM II) and the banking union. Since Croatia entered both the banking union and ERM II simultaneously, adopting the euro may be possible in 2023.
At present, the regulation of the AI sector in Croatia is practically non-existent, as is the case in many other EU member states. This might be viewed as troublesome, as the technology is advancing rapidly without a specific legal control system to provide guidance. However, the issues arising from the use of AI are complex and difficult to foresee, which makes the legislative process time consuming and demanding.
During and following the peak of the COVID-19 crisis in Croatia, the government launched three packages of measures to mitigate the lockdown's effects on the economy. Since a large number of businesses remain far from recovery and their liquidity in the upcoming period is questionable, new types of financing option and support from the Croatian Bank for Reconstruction and Development are being introduced.
Croatia has among the lowest number of infected persons and persons requiring hospital care due to the COVID-19 outbreak. Despite this fact, the government has amended the Electronic Communications Act enabling the legal use of mobile data as an additional tool in its strategy to combat the pandemic. However, the process has been deterred by the opposition finding the amendments potentially unconstitutional and unjustified.
As the whole world is struggling to manage the COVID-19 pandemic and the consecutive economic fallout, the Croatian banking and financial sector has introduced a number of measures to alleviate the pressure on struggling companies as well as citizens affected by the crisis. The Croatian National Bank has taken several actions with the purpose of increasing the liquidity of the financial system and provided additional liquidity for commercial banks, which have also introduced their own measures.
This article provides an overview of banking regulation in Croatia, including which authorities govern banking regulation and what the central bank's role is therein, the type of licence required to conduct banking services and what the application process is like, the forms of bank which can operate in Croatia and how are they regulated and how the Croatian regulatory regime distinguishes between different forms of bank.
The EU Payment Services Directive (PSD2) aims to enhance competition in otherwise traditional and closed industries. A draft of the new Payment System Act, transposing PSD2, was recently released for public consultation. The draft defines the information that banks must forward to third parties for each category of payment services and sets limits on forwarding more information than is expressly requested from a bank.
The European Commission's recent communication shows that only two member states have adopted the national legislation required to implement the EU General Data Protection Regulation. Others, Croatia included, are at different stages of the process. To meet the May 25 2018 deadline, Croatia should promptly address its national approach to open issues – in particular, its policies surrounding administrative fines.