The UK will become a third country in relation to EU-rules if it withdraws from the EU without a deal ("hard Brexit" or "no-deal Brexit"). Fund management companies based in third countries are not eligible for the notification regime (passporting) for marketing, as set out in the UCITS and AIFMD directives. Marketing of funds associated with third countries in Norway requires authorisation from Finanstilsynet.
MoreFinanstilsynet has adopted a strategy for the period 2019-2022. The strategy formulates goals for the authority’s operations and provides direction during the strategy period, and is therefore an important basis for ongoing prioritisation and management of the authority’s activities.
MoreSections 5-2 and 5-5 of the Norwegian Financial Institutions Act regulate the process to be followed by institutions in an EEA member state wishing to operate in Norway. After Brexit, the operations of UK financial institutions in Norway will no longer be regulated by Sections 5-2 or 5-5 of the Financial Institutions Act.
MoreSections 4-2 and 4-3 of the Norwegian Financial Institutions Act regulate the process to be followed by Norwegian institutions wishing to operate in another EEA member state. After Brexit, the operations of Norwegian financial institutions in the United Kingdom will no longer be regulated by Sections 4-2 and 4-3 of the Financial Institutions Act.
MoreThe Nordic and Baltic financial stability authorities have conducted a joint financial crisis management exercise. The exercise was held from 22 to 23 January 2019 and involved 31 authorities from Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden as well as relevant European authorities. A staff member of the International Monetary Fund observed the simulation.
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