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A new report from the Nordic Competition Authorities refers to a less than optimal use of resources in the waste management sector. Competition authorities believe that increased use of competition would lead to significant savings for residents, better recycling rates, and the creation of a market that will incentivise innovative developments.
Citizens are given control of their own data – significant new responsibilities conferred upon businesses processing personal data.
The Ministry of Finance has requested the Norwegian FSA (FSAN) to draft legislation that may allow issuers of bonds to require information about the identity of the bondholders, including bondholders who hold their bonds through nominee accounts. This may increase the transparency in the Norwegian bond market.
The Norwegian Government Pension Fund Global – Strengthens CSR profile and takes further steps towards infrastructure investments
The Norwegian right-wing Government recently submitted its annual white book to the Parliament on the management of the Government Pension Fund Global (GPFG) in 2014. The GPFG performed well in 2014, with returns of 7.6 % excl. asset management costs.
The Financial Supervisory Authority of Norway (the “FSAN”) has published its Annual Report for 2014. The full report is to date only available in Norwegian. In the following we present a brief summary of the most important events and developments from 2014 within banking and finance, insurance and pensions, and the securities area.
Steenstrup Stordrange has contributed to the International Comparative Legal Guide – Insurance & Reinsurance 2015, by supplying the Norwegian chapter.
Earlier this month, the Norwegian regulator took action against alleged mis-selling of a fund that charges high fees for active management but, in the regulator’s view, merely mirrors an index – i.e. closet-tracking.
Investment funds for sale to the general public – in other words, open-ended collective Investment structures of which shares may be redeemed on a regular basis and of which investment objectives are Financial instruments – have traditionally been strictly regulated in Norway.