Anniversary publication – 20 years as integrated supervisory authority
Kredittilsynet was established in 1986 as the first integrated supervisory authority for the financial market in the western world. With this publication Kredittilsynet wishes to commemorate the 20th anniversary of the agency’s formation.
The article compilation illuminates various aspects of financial sector supervision. Part I presents Kredittilsynet’s work over the past 20 years and legislative developments in the financial and securities sphere. Part II takes up international trends, discussing the benefits of an integrated European capital market, changes in the insurance and pensions market and the role of the regulator, financial stability and the macroprudential approach to regulation and supervision, challenges to European supervisors in implementing Basel II and the UK Financial Services Authority’s experiences with financial regulation and consumer protection.
As a step in preparing its new strategy, Kredittilsynet has analysed financial market developments and new challenges for the agency, and assessed objectives and performance measurements in relation to financial stability and well functioning markets. Part III presents these analyses together with articles focusing on the development of a new supervisory tool for risk-based supervision and the regulation of, and new legislation for, real estate agents.
The fourth and final part of this publication presents external perspectives on Kredittilsynet’s work and areas of activity, first from the vantage point of the Norwegian Financial Services Association. This article gives their view of the supervision of the financial and insurance industry today, also in a European perspective. After that the Norwegian Savings Banks Association describes the supervision of the financial industry as seen by the savings banks – and also discusses the work done by Kredittilsynet during and after the banking crisis. The final articles deal respectively with the audit industry and Kredittilsynet’s role in the financial market, in particular in relation to the consumer in a deregulated market.
Erfaringer og utfordringer – 20 år som integrert finanstilsyn (full version of the publication – Norwegian) (pdf)
Articles in English from the anniversary publication:
Contents (pdf)
Introduction (pdf)
Finn Hvistendahl og Bjørn Skogstad Aamo
Part II. International trends
Chapter 4: The Benefits of an Integrated European Capital Market (pdf)
Charlie McCreevy
Chapter 5: Aims and General Outlines of Solvency II (pdf)
Karel Van Hulle
Chapter 6: The pension crisis: its causes, possible remedies, and the role of the regulator (pdf)
Ragnar Norberg
Chapter 7: The macroprudential approach to regulation and supervision: where do we stand? (pdf)
Claudio Borio
Chapter 8: Challenges for implementing Basel II for European supervisors (pdf)
Danièle Nouy
Chapter 9: Financial Regulation & Consumer Protection (pdf)
Howard Davies
