meta_id 3267169

On June 15, 2026, Norway's Financial Supervisory Authority (Finanstilsynet) submitted a draft consultation paper to the Ministry of Finance proposing amendments to rules governing qualified ownership stakes in financial undertakings. The Financial Supervisory Authority undertook this review at the Ministry of Finance's request, following the European Free Trade Association (EFTA) Court's judgment in case E-24/24, delivered on September 30, 2025. The draft consultation paper addresses potential legislative and regulatory changes required under the Financial Undertakings Act (finansforetaksloven), with particular focus on provisions relating to qualified ownership interests. The Financial Supervisory Authority's proposals include repealing Section 3-3, second paragraph of the Financial Undertakings Act, which currently requires that three-quarters of share capital in banks or insurance undertakings be subscribed through capital increases without pre-emptive rights for existing shareholders or other parties. This provision has been identified as requiring modification in light of the EFTA Court's decision. The Ministry of Finance is expected to formally launch a public consultation on the proposed amendments. Stakeholders, including financial institutions, industry bodies, and other interested parties, will have the opportunity to submit responses during the consultation period. The consultation will inform the development of final legislative proposals to amend the Financial Undertakings Act and related regulations governing qualified ownership structures in Norway's financial sector. REFERENCES: https://www.finanstilsynet.no/nyheter/utkast-til-horingsnotat-om-regler-for-kvalifiserte-eierandeler/