Published: 10 January 2024
The Storting (Norwegian Parliament) approves Finanstilsynet's budget as part of the annual National Budget. Finanstilsynet's revenue budget includes an annual supervisory levy and fees for specific tasks. Finanstilsynet's expenses shall be fully covered by the institutions under supervision through payment of the annual supervisory levy.
Finanstilsynet's operating expenses
An overview of operating expenses, full-time equivalents and total expenditure can be found on DFØ's web portal ‘Statsregnskapet’ (central government accounts).
- Finanstilsynet at ‘Statsregnskapet’ (in Norwegian only)
The groups of institutions supervised by Finanstilsynet are set out in Act no. 1 of 7 December 1956 on the Supervision of Financial Institutions etc. (Financial Supervision Act). The Act is supplemented by regulations approved by the Ministry of Finance on 18 December 2015, as amended in 2016 and 2023.
The supervisory levy is based on the funds allocated by the Storting in the same year as the supervisory levy is charged. The supervisory levy is calculated on the basis of the extent of supervision carried out of each of the respective groups of institutions, cf. section 9 of the Financial Supervision Act. The distribution on the various groups is based on the number of man-weeks registered and on the institutions’ accounting reports for the preceding year. The distribution between the various supervised entities within each group is laid down in the regulations.
- Financial Supervision Act, section 9 (in Norwegian only)
- Regulations on the distribution of expenses on supervision (in Norwegian only)
Finanstilsynet prepares an annual proposal for calculating supervisory levies that is circulated for consultation to the trade organisations. After the consultation, the final supervisory levies are determined, and demands for payment are sent to the supervised institutions. The Norwegian National Collection Agency assists Finanstilsynet in collecting the levies.
Finanstilsynet also charges processing fees for certain tasks. Fees are charged for control of prospectuses pursuant to the Securities Trading Act, for processing licences to operate as electronic money institutions and payment institutions, and for processing applications for debt collection licences. Fees paid during the year are deducted when calculating supervisory levies for the groups that pay both fees and supervisory levies.
As from 2024, a fee for processing licence applications, etc., as well as an annual fee, will also be charged to:
- Norwegian agents of payment institutions established in another EEA state
- managers of alternative investment funds intending to market an alternative investment fund where the manager or fund is established outside the EEA
- management companies in other EEA states notifying marketing of mutual funds in Norway
- managers of alternative investment funds in another EEA state notifying marketing of funds in Norway
- Norwegian tied agents of investment firms established in another EEA state
- audit firms domiciled in a country outside the EEA that audit the annual financial statements of an undertaking established outside the EEA which has issued transferable securities admitted to trading on a regulated market in Norway
- trust and company service providers
- providers of exchange services between a virtual currency and a fiat currency, as well as providers of virtual currency storage services