meta_id 3256100

On June 19, 2026, Norway's Ministry of Finance (Finansdepartementet) published amendments to the Financial Undertakings Act (finansforetaksloven) and related legislation implementing changes from European Union Directive 2024/1619 on capital requirements. The amendments address capital requirements, confidentiality obligations, administrative penalties, and governance requirements for financial institutions. The amendments introduce significant changes across multiple areas of financial regulation. Key modifications include new provisions requiring securities firms exceeding asset thresholds of 30 billion euros to obtain credit institution licenses; enhanced governance requirements establishing minimum board composition standards and employee representation rights; updated capital adequacy frameworks aligned with the Capital Requirements Regulation; and expanded liquidity and financing stability requirements. The legislation introduces new administrative penalty provisions, including breach fines up to 50 million Norwegian kroner for individuals and up to 50 million kroner or 10 percent of annual turnover for undertakings, whichever is higher. The amendments also establish prohibitions on holding management functions for up to five years for individuals involved in serious violations. The legislation amends 18 existing laws including the Insurance Activities Act, Securities Trading Act, Securities Fund Act, Alternative Investment Fund Management Act, Credit Rating Agency Act, Financial Reference Values Act, Banks' Guarantee Fund Act, Anti-Money Laundering and Counter-Terrorism Financing Act, Securities Depository Act, Auditing and Auditors Act, Insurance Mediation Act, Loan Mediation Act, and others. The amendments strengthen oversight of financial stability, introduce enhanced requirements for identifying and managing sustainability-related risks, and expand the Financial Supervisory Authority's (Finanstilsynet) enforcement powers. Entry into force is determined by the King in Council. REFERENCES: Lovdata. (2026, June 19). Lov om endringer i finansforetaksloven mv. (gjennomføring av endringer i kapitalkravsdirektivet, taushetsplikt, overtredelsesgebyr mv.). Retrieved from https://lovdata.no/