The UK departed from the EU on 31 January 2020 and entered into a transitional arrangement. During the transition period, the UK will be treated as if it were still a member of the EU and the EEA, with the same duties and rights. However, UK authorities will not be represented in the EU's decision-making bodies. The transition period ends on 31 December 2020.
Financial markets and financial institutions are affected both by physical climate change and by the transition to a low emission society. High on the agenda is understanding how climate change may affect the financial system and the role of the supervisory authorities. Finanstilsynet's participation in this work involves developing methodology and supervisory tools.
Coronavirus: Information on Finanstilsynet's follow-up
Overview of the information provided by Finanstilsynet (the Financial Supervisory Authority of Norway) on the handling of the coronavirus situation in the financial sector and measures taken.
Financial Infrastructure Crisis Preparedness Committee (BFI)
The Financial Infrastructure Crisis Preparedness Committee (BFI) is mandated to design and coordinate measures to prevent and resolve crisis situations and other situations that may result in major disruptions to the financial infrastructure.
Finanstilsynet and EEA legislation
Information on supervisory cooperation in the EEA.
Market abuse regulation (MAR) in Norway
Regulation (EU) nr. 596/2014 on market abuse (MAR) enters into force in Norway on 1 March 2021. MAR aims to increase market integrity and investor protection, and thereby enhance the attractiveness of securities markets for capital raising. It contains prohibitions of insider dealing, unlawful disclosure of inside information and market manipulation, as well as provisions to prevent and detect these. Although much of the content in MAR will be familiar in concept, it nevertheless implies a number of changes. Some changes of particular importance are highlighted below.
- Scope of the market abuse legislation
- Persons discharging managerial responsibilities ("primary insiders")
- Reporting of suspicious transactions (STORs)
Finanstilsynet is the competent prospectus authority and responsible for the operative control and approval of EEA prospectuses.
Through its cooperation with the EU, Finanstilsynet is obliged to publish relevant regulations relating to banking and insurance to ensure transparency and enable comparison between national supervisory authorities and the implementation of regulations in different countries. The main purpose of supervisory disclosure is to promote harmonised supervisory practices throughout the EU.
The Norwegian Non-life Insurance Guarantee Scheme
The purpose of the non-life Insurance Guarantee Scheme is to ensure coverage of insurance claims filed under agreements on direct non-life insurance, to the secured and injured party. The task of the guarantee scheme is to cover claims from policyholders in insurance undertakings which are placed under public administration and member of the Guarantee Scheme, provided that the claim falls within the scope of coverage of the Guarantee Scheme.