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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 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.
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.
Effective from 1 July 2014, the Financial Supervisory Authority of Norway (FSAN) will increase the fees for approval of prospectuses with 20 percent. The increase will apply to all types of prospectuses and also encompass the additional fee for so called specialist issuers.
On 9 May 2014, the Ministry of Finance proposed new legislation regarding credit rating agencies. The background for the proposal is Regulation No 1060/2009 (CRA I) of the European Parliament, which has been incorporated into the EEA Agreement.
On 31 March 2014, the Financial Supervisory Authority of Norway published a consultation paper setting forth proposed regulations for the determination of interest rate benchmarks. This article provides a short summary of the consultation paper.
With effect from 9 December, Oslo Børs calculates NIBOR rates for Finance Norway.
The Ministry of Finance today decided that from 1 July 2015, a countercyclical buffer requirement of 1 % shall apply to Norwegian banks. The level will apply equally for Norwegian branches of foreign banks from 2016, however earlier if the home state regulatory authorities of those banks decide.