Last published: 12 March 2025
The institutions and markets that are supervised by Finanstilsynet play a key role in the financial infrastructure. In the reports from the supervised sectors for 2024, the work carried out by the various areas during the past year is highlighted. The reports address important supervisory matters, relevant regulatory developments and a number of licensing matters from 2024.
Banks, mortgage companies, finance companies, payment institutions and electronic money institutions are key players in the financial system, providing financing, payment services and savings products. Regulation and supervision shall contribute to well-functioning markets, financial stability and confidence in the financial system. In 2024, the supervision of banks and other financing activity focused on management and control, liquidity, capital adequacy, credit risk, anti-money laundering (AML), ICT risk and emergency preparedness.
Regulation and supervision shall help ensure that insurers, pension funds and insurance intermediaries are financially sound and thus able to meet their obligations, that they properly manage and control operations, and that they safeguard customers’ interests and rights. Supervisory activity in 2024 focused on market risk, insurance risk, consumer protection and the undertakings' use of artificial intelligence.
The infrastructure in the securities area encompasses trading venues, central counterparties, central securities depositories and financial benchmark administrators. These are shared functions that play a key role in ensuring that the securities market functions as a source of capital for the business sector and as a basis for investment activities and savings.
The purpose of the conduct rules is to protect investors and facilitate safe, orderly and effective trading in financial instruments. The rules on unlawful insider dealing, market manipulation and due care in handling inside information are of key importance. Finanstilsynet also follows up the rules on insider lists, the notification obligation and the mandatory disclosure obligation in connection with securities trading, as well as the rules on short selling.
In 2024, Finanstilsynet initiated one on-site inspection and three thematic inspections encompassing a total of 23 investment firms. The inspections focused on advice and information to retail clients, handling of inside information and valuation of unlisted securities. During 2024, Finanstilsynet also registered six breaches of the capital requirements. In one case, Finanstilsynet revoked the licence.
Supervision of fund managers is risk-based and focuses especially on managers' compliance with rules promoting consumer protection. Emphasis is placed on ensuring that mutual funds are retained as a regulated savings product with a high degree of investor protection. In its supervision of managers of alternative investment funds (AIFMs), Finanstilsynet gives precedence to matters of significance to retail investors.
Read more about Mutual funds and collective investment schemes
Finanstilsynet controls and approves EEA prospectuses concerning public offerings of transferable securities targeting the Norwegian market and the listing of transferable securities on Norwegian regulated markets. In 2024, Finanstilsynet approved a total of 108 prospectuses, compared with 91 in 2023.
Read more about Approval of prospectuses – transferable securities
In 2024, Finanstilsynet gave priority to controlling how companies report on climate-related and macroeconomic matters in their annual financial statements. Taxonomy reporting was an area of focus in the control of sustainability reporting. Finanstilsynet's control revealed several weaknesses in the reporting.
Market participants’ confidence in financial reporting by the business sector is key to a well-functioning market. High audit quality contributes to increased confidence. In 2024, Finanstilsynet carried out inspections at three audit firms that audit public interest entities and 27 other audit firms. Regulatory violations have in some cases resulted in administrative fines or the revocation of authorisations.