For more information about AmCham please visit www.amcham.hr or call +385-1-4836-777

The Croatian Financial Services Protection Agency (HANFA), at the end of last week, approved the new regulations of the Zagreb Stock Exchange (ZSE). According to the ZSE press release these will be implemented as of July 20, 2009.

Most of the new regulations refer to the market makers. Many brokerage companies have been insisting for some time to become market makers for certain securities. Certain members of the exchange will hold a special status that will enable them to maintain the liquidity of certain securities. They will have to highlight the purchasing prices and their sales price of certain securities. In addition to these “specialists”, the new rules implemented the so-called”Prime market.” In the future, the ZSE trading should be divided into three quotations, or more precisely three markets. For shares to be listed on the Regular market, 15% of the issued shares should be in free trade. To be listed on the Official market, which is presently the highest on the ZSE, the share has to reach 25%. The new regulations also allow a membership at a certain market even if a certain stock does not have the required free trade percentage only if the “stock market confirming this enables a fair and efficient trade.”