New Act on Finanstilsynet entered into force on 1 April 2025
News
Published: 8 April 2025
The new Act on Finanstilsynet (Financial Supervision Act) replaced the previous Act on the Supervision of Financial Institutions etc. from 1956. According to the new Act, the Director General has overarching responsibility for Finanstilsynet’s operations. A new Board of Directors considers and decides individual supervisory and licensing matters.
Finanstilsynet’s social mission to promote financial stability and well-functioning markets is included in a new provision in the Act. Finanstilsynet shall continue to conduct comprehensive supervision of the financial sector across various types of institutions and markets.
In accordance with the provisions of the new Act, Finanstilsynet took over a number of tasks from Oslo Børs with effect from 1 April 2025. This includes supervision of the rules on the ongoing disclosure obligation and delayed disclosure of inside information, supervision of share buy-backs and stabilisation, as well as the responsibility as takeover supervisory authority.
A new appeals board, the Financial Supervision Appeals Board, has been established and will consider appeals against individual decisions made by Finanstilsynet. The Financial Supervision Appeals Board is part of the Appeals Board Secretariat in Bergen.
The Act sets clear requirements for confidentiality and independence for the members of the Board of Directors and Finanstilsynet’s employees. The new Act also restricts the Ministry of Finance’s right to instruct Finanstilsynet.
The previous Act, Act no. 1 of 7 December 1956 on the Supervision of Financial Institutions etc., was repealed when the new Act, Act no. 41 of 21 June 2024 on Finanstilsynet, entered into force.
On 27 March 2025, the Ministry of Finance adopted regulations to the Financial Supervision Act with supplementary provisions to the Act. The Financial Supervision Regulations entered into force at the same time as the Act. An English version is not yet available.