Title: Training in supervision of stock exchange,
OTC Market and Central Depository Agency
Client: Croatian Securities Commission
Country: Croatia
Year: November 2001
Financing: World Bank
Description of project and services rendered
On December 14, 1995, the Croatian Securities Commission (hereafter, "the Commission" or "CROSEC") was established pursuant to the Law on Issuance and Sale of Securities. The objective of this technical assistance is to upgrade the comprehensiveness of CROSECs enforcement powers and to improve the skills of the staff of CROSEC's enforcement division.
Scope of the Work
Training of the staff of CROSEC's enforcement division in order to upgrade inspection, investigation and surveillance techniques regarding different issues related to Securities Law as for example: supervision of Stock exchange, OTC public market and Central Depository Agency.
Work Plan
- Getting familiar with existing legal regulation in the Republic of Croatia concerning capital market, especially with Securities Law.
- Training of the staff of CROSEC's enforcement division based on
"case study method" in order to clear up and upgrade inspection,
investigation and surveillance techniques regarding different issues
from the Securities Law related to supervision of Stock exchange, OTC
public market and Central Depository Agency such as:
- OTC public markets: scope of information that remains permanently stored in trading systems (i.e. all accepted orders, or just open orders, change of order, an old order can be detected, is not erased, upon the making of a new order);
- information that exchanges must give, free of charge, must be made public and it must be done within certain time-periods;
- what must be supervised/enforced in organized markets;
- deadlines and reasons for nullifying transactions;
- Central Depository Agency (CDA): does the supervising agency have the authority to determine the cost of CDA services, based upon estimation;
- what should be supervised at the CDA.
