Finanstilsynet withdraws Terra Markets' licences to provide investment services

Finanstilsynet withdrew Terra Markets' licences to provide investment services on 12 April 2012. This action was taken after Finanstilsynet conducted an on-site inspection of the company.

Finanstilsynet withdraws Acta Asset Management's licences to provide investment services

Finanstilsynet withdrew Acta Asset Management's licences to provide investment services on 12 April 2012.

Risk outlook 2012: Many households vulnerable if interest rates increase

Finanstilsynet presents its report “Risk Outlook 2012” today. The report describes and analyses developments in the real economy, markets and financial institutions. It also assesses households’ and firms’ financial position, and covers stress tests of banks and households.

Finanstilsynet to use Oslo Børs announcement system

As from March 2012 Finanstilsynet is using the Oslo Børs announcement system to publish its final letters in matters arising from its supervision of listed companies' financial reporting.

Finanstilsynet warns of possible withdrawal of Acta Management Asset Management AS's licences

Finanstilsynet notified Acta Asset Management AS by letter of 3 February 2012 that it is considering withdrawing all the latter's licences to provide investment services under the Securities Trading Act. Acta Asset Management AS is wholly owned by the stock exchange listed company Acta Holding ASA.

Financial market trends and challenges

Talk given by the Director General of Finanstilsynet, Morten Baltzersen, at the Foreign Exchange Seminar of the Association of Norwegian Economists on 3 February 2012.

Pension funds - annual financial reporting 2011

Circulars issued in 2011 and an overview of removed circulars

Reporting – annual report and financial statements 2011

New members join Expert Panel on Accountancy

The Ministry of Finance has appointed Kjell Magne Baksaas, Nina Rafen and Geir Moen as new members of the Expert Panel on Accountancy. Roar Inge Hoff and Reidar Jensen are appointed as alternates. Aase Aa. Lundgaard was reappointed as a member.

Index regulation pursuant to section 5 of "Regulations on minimum capital requirements for Norwegian insurance companies"

Regulatory development – EEA

On 19 January 2012 Finanstilsynet sent the Ministry of Finance an overview of relevant EEA legislation expected to come into force in the period 2012-2015.

Finanstilsynet supports the EBA's plan for recapitalisation of European banks

The European Banking Authority (EBA) today published a recommendation, and final figures, related to banks' recapitalisation needs based on new, higher requirements. This is done to maintain stability and confidence in the markets.

ESMA statement on sovereign debt in IFRS financial statements

On 25 November 2011, The European Securities and Markets Authority (ESMA) issued a statement regarding accounting for sovereign debt in IFRS financial statements of issuers listed on a regulated market within the EEA area.

Finanstilsynet supports plan for recapitalisation of European banks

As a part of European measures to restore confidence in financial markets, the European Banking Authority (EBA) has published a plan for the recapitalisation of European banks based on new, higher requirements.

The European Securities and Markets Authority (ESMA) report on monitoring enforcement of International Financial Reporting Standards (IFRS) in Europe 2010

The report is based on the activities of the European Enforcement Co-ordination Sessions (EECS) and provides a description of the European enforcement system, an analysis of the enforcement, and a summary of CESR’s co-operation with third country authorities.

Valuation of investment property

Finanstilsynet has reviewed property valuations in periodic reports filed by a number of listed entities. The review focuses on investment in office property.

Finanstilsynet considers tightening the guidelines for prudent residential mortgage lending practice

The situation in the housing market, banks' compliance with guidelines for prudent mortgage lending practice and the home loan survey of August 2011 are the background against which Finanstilsynet is now considering tightening the guidelines for prudent lending practice in respect of residential mortgages.

Norwegian financial industry feeling the effects of international turbulence

Norway's financial industry has a solid footing, but is affected by the turbulence in international financial markets. Norwegian banks are impacted by reduced funding opportunities internationally. Falling share and fixed income values are reducing life insurers' return. A substantial setback in the international economy would also affect Norwegian business and industry, and potentially result in increased loan losses. In addition, pressures in the housing market and growing household...

Higher fees for vetting and approval of prospectuses as from 1 September

The fees levied by Finanstilsynet for vetting and approval of prospectuses are raised with effect from 1 September 2011.