Market conduct

Laws and regulations

Published: 11 March 2022
Last updated: 6 September 2023

The securities market conduct rules are based largely on rules included in the EEA Agreement and subsequently implemented in Norwegian law in the form of Norwegian acts and regulations or through incorporation provisions stating that the provision applies as Norwegian law.

Guidances/circulars from Finanstilsynet

Repeal of previous guidance

When MAR was implemented in Norwegian law, parts of the Securities Trading Act and Regulations were repealed and replaced with references to MAR in the act and regulations and commission implementing and delegated regulations to MAR. For the same reason, Finanstilsynet has revoked its circular ‘The Securities Trading Act – some comments to chapters 3 and 4’ (last updated on 18 August 2015).

Guidance on order situations

Finanstilsynet has prepared a guidance to market participants on the ‘understanding and practical use’ of MAR Article 8 on insider dealing when handling orders. The background for the mandate was to clarify the interpretation of MAR's prohibition against insider dealing, including whether the execution of an ‘order’ ‘placed’ before the investor came into possession of inside information should not be deemed to be unlawful insider dealing, or whether a concrete assessment must be made in such cases of whether the execution of a trade should be deemed to be ‘use’ of inside information.

Circular on short selling in connection with capital increases

Finanstilsynet has prepared a circular related to short selling in connection with capital increases.

Key laws and EU/EEA regulations relating to market conduct

Short Selling Regulation (SSR)

Key regulations and EU/EEA regulations that apply as Norwegian regulations

MAR level 2 regulations

Pursuant to Section 3-1 of the Securities Trading Regulations, the following MAR level 2 regulations apply as Norwegian regulations:

Topic

Title

Insider lists (MAR Article 18)

Commission Implementing Regulation (EU) 2016/347 laying down implementing technical standards with regard to the precise format of insider lists and for updating insider lists in accordance with the Market Abuse Regulation.

Submission of notifications of new financial instruments (MAR Article 4 nos. 1 and 2)

Commission Implementing Regulation (EU) 2016/378 laying down implementing technical standards with regard to the timing, format and template of the submission of notifications to competent authorities in accordance with the Market Abuse Regulation.

Commission Delegated Regulation (EU) 2016/909 with regard to regulatory technical standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications.

Delay of disclosure, disclosure thresholds, trading during closed periods, market manipulation, types of notifiable transactions, etc. (MAR Articles 6, 12, 17 and 19)

Commission Delegated Regulation (EU) 2016/522 as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions, as amended by Commission Delegated Regulation (EU) 2019/461 amended by EUT L 103 of 12 April 2019, p. 61.

Notification requirement for persons discharging managerial responsibilities (MAR Article 19)

Commission Implementing Regulation (EU) 2016/523 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions in accordance with the Market Abuse Regulation.

Accepted market practices (AMP, MAR Article 13)

 

 

Commission Delegated Regulation (EU) 2016/908 supplementing the Market Abuse Regulation laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance.

STORs (suspicious transaction and order reports, MAR Article 16)

 

 

Commission Delegated Regulation (EU) 2016/957 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions.

Investment recommendations etc. (MAR Article 20)

 

 

Commission Delegated Regulation (EU) 2016/958 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest, amended by EUT L 110 of 27 April 2017, p. 9.

Market soundings

(MAR Article 11)

 

Commission Implementing Regulation (EU) 2016/959 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with the Market Abuse Regulation.

Commission Delegated Regulation (EU) 2016/960 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings.

Buy-back programmes and stabilisation (MAR Article 5)

Commission Delegated Regulation (EU) 2016/1052 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures.

Public disclosure of inside information (MAR Article 17)

 

Commission Implementing Regulation (EU) 2016/1055 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information in accordance with the Market Abuse Regulation.

Exchange of information with ESMA (MAR Article 33)

Commission Implementing Regulation (EU) 2017/1158 laying down implementing technical standards with regard to the procedures and forms for competent authorities exchanging information with the European Securities Market Authority as referred to in Article 33 of the Market Abuse Regulation.

Cooperation between competent authorities of EU/EEA member states (MAR Article 25)

 

Commission Implementing Regulation (EU) 2018/292 laying down implementing technical standards with regard to procedures and forms for exchange of information and assistance between competent authorities in accordance with the Market Abuse Regulation.

The above regulations are, available in all EU languages - search by year and number.

SSR level 2 regulations

Pursuant to Section 3-5 of the Securities Trading Act, cf. Sections 3-5 through 3-9 of the Securities Trading Regulations, the following SSR level 2 regulations apply as Norwegian regulations:

Topic

Title

Requirements for notification and disclosure of short positions, calculations with respect to principal trading venues, etc.

Commission Delegated Regulation (EU) 2012/826 with regard to regulatory technical standards on notification and disclosure requirements with regard to net short positions, the details of the information to be provided to the European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares.

Means for public disclosure, measures to ensure availability for settlement, dates and periods for determining principal trading venues etc.

Commission Implementing Regulation (EU) 2012/827 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share.

Specification of definitions, calculations, thresholds, adverse events etc.

Commission Delegated Regulation (EU) 918/2012 with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events.

Methods for calculating significant falls in value (in connection with the implementation of measures according to the SSR, chapter V)

Commission Delegated Regulation (EU) 919/2012 with regard to regulatory technical standards for the method of calculation of the fall in value for liquid shares and other financial instruments.

ESMA

General information about ESMA

Finanstilsynet is a member of the European Securities and Markets Authority (ESMA) and has the same rights and obligations as the financial supervisory authorities of other EU member states. The only exceptions are that Finanstilsynet does not have voting rights and that ESMA cannot make binding decisions addressed directly to Finanstilsynet or Norwegian institutions.

ESMA has more information on relevant topics:

After an internal approval process, ESMA issues

  • Guidelines
  • Recommendations
  • Questions and answers (‘Q&As’) on the understanding of regulations

Read more about this here (in Norwegian only)

ESMA guidelines and Q&As relating to market conduct:

The guidelines have not been translated into Norwegian, but are available in all EU languages (including English, Danish and Swedish). ESMA's Q&As are prepared in English only.

Market Abuse Regulation (MAR)

Short Selling Regulation (SSR) 

Other relevant information

ESMA's topic pages:

You can find additional information, reports, etc. on ESMA's topic pages:

The European Commission’s topic pages:

You can find further information, reports etc. on the European Commission's topic pages

Information on the incorporation of MAR in Norwegian law

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