New market entrants, new technology and new business models in the financial industry create a need for information and guidance. In addition to information on relevant regulations, Finanstilsynet can provide guidance and clarifications on licence applications. Finanstilsynet also has a regulatory sandbox for fintechs.
Fintech is short for financial technology. The term is usually used to describe innovation in the financial market that is enabled by technological developments and may result in new products, solutions and business models.
Market players offering licensable financial services will be supervised by Finanstilsynet. We supervise banks, financial institutions, mortgage companies, electronic money institutions, payment institutions, insurers, pension undertakings and pension funds, insurance intermediaries, investment firms, mutual fund management companies, managers of alternative investment funds, regulated markets (incl. stock exchanges), securities registers, real estate agencies, debt collection agencies, external accountants and auditors. In addition, Finanstilsynet oversees prospectuses, the financial reporting of listed companies and market conduct in the securities market.
Institutions under supervision are responsible for ensuring that undertakings that are to provide or perform services for them comply with applicable rules.
Finanstilsynet has a guidance service targeting fintechs. Guidance takes place either by email or in meetings. Fintechs may also apply for participation in Finanstilsynet's regulatory sandbox.