Rules of procedure for Finanstilsynet’s Board of Directors

  Adopted by Finanstilsynet’s Board of Directors on 23 February 2026.  

1. The Board’s administrative procedures  

1) The Board shall consider matters in meetings. The Board Chair may decide that a matter shall be presented in writing or in another appropriate manner, unless a member requests consideration in a meeting. The Board may delegate the handling of matters to the Director General.

(2) The Director General prepares matters to be considered by the Board of Directors and is present during the consideration of the matters.

(3) A quorum requires the presence of at least half of the board members. Decisions of the Board shall be whatever a majority among the attendees have voted in favour of or, in the case of a tie vote, whatever the presiding Chair has voted in favour of.

(4) The Board shall keep minutes.

(Financial Supervision Act, section 2-3)

  • The Board adopts an annual meeting schedule. In addition to the scheduled meetings, board meetings shall be called when requested by a board member or the Director General.
  • Board meetings are chaired by the Board Chair, the Deputy Chair or the member with the longest service on the Board.
  • The Director General attends the board meetings, along with employees whose attendance has been requested by the Director General.
  • The Board Chair and the Director General shall ensure that relevant matters are brought before the Board and that the work of the Board is organised in an appropriate and effective manner.
  • Before the matters presented are discussed, each board member shall declare whether they are disqualified under the Public Administration Act.
  • The Director General may decide matters when an urgent decision is required or it is impossible in practice for the Board to consider the matter. The Board Chair shall be informed as soon as possible, and the matter shall be presented for information at the next board meeting.
  • If the Board Chair or other board members have been involved in preparing matters for consideration, this shall be specified in the memo. The same applies when the matter has been discussed with the Ministry of Finance beforehand.

2. Notice of meeting and case documents

  • Finanstilsynet’s administration shall call the board meetings.
  • The notice of the board meeting shall specify the matters under consideration and the presumed duration of the meeting.
  • Matters for decision shall be presented in writing, with a short description of the matter and a proposal for a decision. Background notes, draft letters and reports, etc. may be attached to the memo, or be made available to the Board in the board portal.
  • The case documents shall normally be received by the board members no less than four business days before the board meeting is to be held, and no later than on the preceding Friday.
  • Long written documents from board members should, if possible, be submitted well ahead of the meeting.

3. Minutes of meetings

  • The minutes shall include the following:
    • a record of those present
    • an overview of submitted case documents
    • important oral information presented at the board meeting
    • information that an assessment of conflicts of interest has been carried out, and the outcome of that assessment 
    • the Board’s decision
    • any dissent
    • statements that board members want to be recorded in the minutes
  • It shall be stated whether any member did not participate in the consideration of a matter and, where the reason is a conflict of interest, the grounds for that determination.
  • The minutes drafted by the administration shall be presented to the Board Chair. After being approved by the Board Chair, the draft minutes shall be shared on the board portal for comments from the other board members.
  • The minutes shall be signed at the next board meeting by the board members who attended the meeting.

4. Matters to be considered and decided by the Board of Directors

(1) Finanstilsynet shall have a Board of Directors that considers and decides individual matters for which the Ministry's ordinary authority to issue instructions is limited, cf. section 1-4. […]

(Financial Supervision Act, section 2-2)

(1) Individual matters of principle or of vital importance shall be considered by the Board of Directors […]

(Financial Supervision Regulations, section 2-1)

Where the Board delegates categories or groups of individual matters to the Director General, the Ministry of Finance shall be notified.

(Ministry of Finance’s instructions to Finanstilsynet’s Board of Directors)

  • The Director General shall ensure that individual matters of principle or of vital importance are brought before the Board.
  • The board members and the Director General may require the Board to consider specific matters.
  • The Board shall, over time, consider matters from all supervised sectors.
  • The Board shall be informed of matters relevant to its work and shall be provided with appropriate reports on the handling of matters delegated to the administration.