Finanstilsynet has taken over supervision of the ongoing disclosure obligation and delayed disclosure of inside information and the responsibility as takeover supervisory authority

The rules on the ongoing disclosure obligation, share buy-backs and stabilisation follow from the Market Abuse Regulation (MAR) and apply to issuers whose financial instruments are admitted to trading, or for which admission to trading has been requested, on a regulated market (Euronext Oslo Børs and Euronext Expand) or on a multilateral trading facility (Euronext Growth Oslo). Chapter 6 of the Norwegian Securities Trading Act regulates the mandatory bid obligation and voluntary bids in the case of acquisitions by issuers listed on a regulated market and implements Directive 2004/25/EC on takeover bids in Norwegian law (the Takeover Directive). The stated trading venues are operated by Oslo Børs.

The rules concerning the various supervised sectors are unchanged. However, the transfer of supervisory tasks will have implications for issuers as they will be obliged to notify Finanstilsynet, not Oslo Børs, when submitting written notifications (hereinafter called ‘Notification’) to the supervisory authority upon disclosure of inside information that has been subject to delayed disclosure under MAR. Reporting to Finanstilsynet shall be undertaken via Altinn. The notification obligation imposed on issuers upon decisions on delayed disclosure according to Oslo Børs' issuer rules, has been revoked by Oslo Børs with effect from 1 April 2025. Finanstilsynet will not retain this notification obligation. In addition, notification to the takeover supervisory authority pursuant to Section 6-8 of the Securities Trading Act by the party that has or will have an obligation to make an offer must now be given to Finanstilsynet, and not Oslo Børs.

On 21 March 2025, Finanstilsynet published an information letter to issuers that contains more information about the implications of the transfer and the submission of Notifications to Finanstilsynet. The information letter was also distributed to the issuers by Oslo Børs.

• Transfer of supervisory tasks from Oslo Børs to Finanstilsynet and implications for issuers (pdf)

Finanstilsynet has updated its website with additional information on relevant regulations and practical information on the submission of Notifications of delayed disclosure via Altinn and information on the review of takeover bids.