According to the 2014 Voluntary Pension Funds Act, voluntary pension fund management activities may only be performed by a pension company incorporated in Croatia. However, a pension company from another EU member state is allowed to establish a branch in Croatia or directly carry out basic and auxiliary voluntary pension fund activities from its home office, but only in relation to closed funds. By virtue of the 2014 Mandatory Pension Funds Act, the performance of compulsory pension fund management services is restricted to pension companies incorporated in Croatia, without exceptions.
Additionally, only credit institutions headquartered in Croatia and branches of credit institutions of other EU Member States, established in Croatia in accordance with the relevant legislation, are allowed to be appointed as depositaries of mandatory and voluntary pension funds. Moreover, the Law on Open-end Investment Funds with Public Offering of 2016 establishes that only fund management companies incorporated in Croatia or in another EU Member State may carry out the activity of managing UCITS funds in Croatia. 
"Article 3 (OG 29/18, 115/18)
Certain terms in the sense of this Act have the following meaning:
1. pension company is a legal entity with its registered office in the Republic of Croatia, which operates separately from the sponsor and which, based on the approval of the Agency, performs the management activity voluntary pension fund
[...]
Article 9
(1) A pension company is established and operates as a limited liability company orjoint stock company with its registered office in the Republic of Croatia, according to the provisions in terms of provisionsthe law governing the establishment and organization of companies.
[...]
Article 15 (OG 115/18)
(1) The activities of a pension company in the Republic of Croatia may be performed by:
1. a pension company that has received a work permit from the Agency
2. a pension company from another Member State which, in accordance with the provisions of this Act, establishes a branch in the Republic of Croatia or is authorized to directly perform basic and auxiliary activities in the Republic of Croatia, but only in relation to closed-end funds
3. a mandatory pension fund management company that has been approved to operate since Agencies
4. a UCITS fund management company that has been approved by the Agency
5. a manager established in another Member State, as defined in Article 14 (1) of this Regulation Of the Act, but only in relation to closed-end funds.
[...]
Article 245 (OG 115/18)
(1) The assets of the fund shall be entrusted to the depository by the pension company for storage and administration.
(2) The depositary may be:
1. a credit institution with its registered office in the Republic of Croatia, [...]
2. a branch of a credit institution of another Member State, established in the Republic of Croatia [...].  [...]" (Voluntary Pension Funds Act (NN 19/2014; 5 February 2014), as last amended by Law NN 115/2018, Articles 3, 9, 15 and 245 [google translation])
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"Article 2 (OG 64/18)
Certain terms, in the sense of this Law, have the following meaning:
1. A pension company is a joint stock company or a limited liability company which manages mandatory pension funds.
[...]
Article 5
(1) A pension company is a company in the sense of the law governing the establishment and business operations of companies established in the legal form of a joint stock company or a company with limited liability.
[...]
Article 170
(1) The assets of the pension fund shall be entrusted to the depositary for safekeeping and administration.
(2) [...] The depositary can be:
1. a credit institution with its registered office in the Republic of Croatia, [...]
2. a branch of a credit institution of another Member State, established in the Republic of Croatia [...]. [...]" (Mandatory Pension Funds Act (NN 19/2014; 5 February 2014), as last amended by Law NN 58/2020, Articles 2, 5 and 170 [google translation])
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"Article 4 (OG 126/2019)
(1) Certain terms, in the sense of this Act, have the following meaning: [...]
8. management company is a legal entity with its registered office in the Republic of Croatia which, based on the approval Agency, performs the activity of managing UCITS funds.
[...]
Article 12
(1) A management company shall be established and operate as a limited liability company or a joint stock company a company with its registered office in the Republic of Croatia, according to the provisions of the law governing the establishment of business operations of companies, unless otherwise provided by this Law.
[...]
Article 122
(1) A management company from another Member State may perform activities in the Republic of Croatia for which has been approved by the competent authority of the home Member State in accordance with the rules laid down in the legal order of the management company's home Member State transposes the provisions of Directive 2009/65 / EC, directly or through a branch. [...]" (Law on Open-end Investment Funds with Public Offering (NN 44/2016; 3 May 2016), as last amended by Law NN 126/2019, Articles 4, 12 and 122 [google translation])
Voluntary Pension Funds Act (NN 19/2014; 5 February 2014), as last amended by Law NN 115/2018, Articles 3, 9, 15 and 245
Mandatory Pension Funds Act (NN 19/2014; 5 February 2014), as last amended by Law NN 58/2020, Articles 2, 5 and 170
Law on Open-end Investment Funds with Public Offering (NN 44/2016; 3 May 2016), as last amended by Law NN 126/2019, Articles 4, 12 and 122
[<a href="https://narodne-novine.nn.hr/clanci/sluzbeni/2014_02_19_362.html">Act</a>],[<a href="https://www.hanfa.hr/media/4182/zakon-o-dobrovoljnim-mirovinskim-fondovima-procisceno.pdf">Act_consolidated</a>],[<a href="https://narodne-novine.nn.hr/clanci/sluzbeni/2014_02_19_361.html">Act</a>],[<a href="https://www.hanfa.hr/media/4663/zakon-o-obveznim-mirovinskim-fondovima-procisceno.pdf">Act_consolidated</a>],[<a href="https://www.hanfa.hr/media/4387/zoifjp_216-2019_pro%C4%8Di%C5%A1%C4%87eni-tekst.pdf">Act</a>]