Infrastructure in the securities area
Last published: 12 March 2025
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.
Facts about the securities market infrastructure
In Norway, there are five regulated markets and one multilateral trading facility. Oslo Børs ASA, which is owned by Euronext N.V., operates the two regulated markets Oslo Børs and Euronext Expand and the multilateral trading facility Euronext Growth Oslo, and owns 97 per cent of the shares of the regulated market Fish Pool. In addition, there are a further two regulated markets: Nasdaq Oslo ASA and Norexeco ASA.
Verdipapirsentralen ASA (Norwegian central securities depository) operates a securities register and the securities settlement system VPO NOK. Verdipapirsentralen ASA is also owned by Euronext N.V. and uses the brand name Euronext Securities Oslo.
Central counterparties offer clearing of various financial instruments. In the Norwegian market, the following central counterparties are relevant: SIX x-clear AG, LCH Ltd, Cboe Clear Europe N.V, LCH S.A, Nasdaq Clearing AB and European Commodity Clearing AG.
Finanstilsynet supervises the following administrators of financial benchmarks: Norske Finansielle Referanser AS, Oslo Børs ASA, Fish Pool ASA, Norexeco ASA, Nord Pool European Market Coupling AS and Nordic Bond Pricing AS. Benchmarks are indices used as reference points in financial instruments and contracts, or to measure the performance of investment funds.
Supervision
Oslo Børs
In April 2024, Finanstilsynet published an inspection report addressing Oslo Børs’ follow-up of equal treatment of shareholders in connection with issuers' use of private placements. The inspection was part of a more extensive thematic inspection that also included a number of investment firms, checking whether they comply with the requirements of the Securities Trading Act when advising on, arranging and placing issues. In the report, it was pointed out that Oslo Børs has not been sufficiently effective in monitoring issuers' compliance with the equal treatment rules. Oslo Børs therefore updated its procedure in this area.
In March 2024, Finanstilsynet sent a letter to the Ministry of Finance, proposing to appoint a public committee to review the practice of private placements and assess whether there is a need to amend the regulations.
In August 2024, Finanstilsynet approved Oslo Børs' application to register Euronext Growth Oslo as an SME growth market.
Finanstilsynet participates in a supervisory college with the national supervisory authorities of the other stock exchanges in the Euronext Group. In 2024, Finanstilsynet was in charge of a joint thematic inspection concerning the group’s compliance function.
Fish Pool
Fish Pool was a regulated market for salmon derivatives where companies could hedge parts of their production. The market was closed down with effect from 13 January 2025, and Finanstilsynet has therefore deleted the company's registration as a benchmark administrator.
Euronext Securities Oslo
In November 2024, Finanstilsynet published an inspection report following an inspection at Verdipapirsentralen concerning its activities in 2023. This was the first inspection of the company after it was authorised under the Central Securities Depositories Act.
An error that occurred when registering two foreign shares in the VPS register entailed a breach of the provisions on oversight of account operators and the duty to inform Finanstilsynet. In 2023, Finanstilsynet issued an order for corrective measures and an administrative fine of NOK 1 million to Verdipapirsentralen. Verdipapirsentralen appealed the decision, which, however, was confirmed by the Ministry of Finance in April 2024.
Finanstilsynet processed three notifications of ICT outsourcing from Verdipapirsentralen in 2024.
Nominee registration in Norwegian owner registers
Nominee registration of Norwegian shares, subscription rights and equity certificates registered in a central securities depository and nominee registration in the unit holder registers of Norwegian mutual funds require approval from Finanstilsynet.
In 2024, Finanstilsynet authorised three new nominees, two of whom were Norwegian. Furthermore, the authorisations of 13 nominees were withdrawn, three of whom were Norwegian. At the end of the year, there were 217 authorised nominees, 53 of whom were Norwegian.
Benchmarks
In the first half of 2024, Finanstilsynet obtained documentation from the six banks that contribute to the interest rate benchmark Nibor. This mainly included the banks' policies and procedures, but also various reports related to their contributions to Nibor. The documentation forms the basis for Finanstilsynet's assessment of whether the banks meet their obligations as contributors to Nibor.
Derivatives transactions and clearing
In 2024, Finanstilsynet considered two applications for an exemption from the requirement to exchange collateral for intra-group derivative transactions and 22 notifications concerning exemptions from the obligation to report intra-group transactions to a transaction register.
As part of its supervision of central counterparties clearing trades on Norwegian marketplaces, Finanstilsynet also participated in supervisory colleges and resolution colleges with other national supervisory authorities in 2024.
Regulatory development
EMIR and SFTR
Important amendments to the EU regulations EMIR (EMIR Refit) were incorporated in the Securities Trading Act in 2024. The same applied to the Securities Financing Transactions Regulation (SFTR). In this connection, Finanstilsynet adopted amendments to the Securities Trading Regulations, whereby a number of supplementary rules (Commission Delegated Regulations) were incorporated into Norwegian law.
Proposed regulations
On commission from the Ministry of Finance, Finanstilsynet drafted a consultation document on how a number of EEA Regulations can be incorporated into Norwegian law. These were the CCP Recovery and Resolution Regulation (CCPRRR), the Central Securities Depositories Regulation (CSDR Refit) and the Regulation on ESG rating providers.
Finanstilsynet assisted the Securities Law Commission in connection with proposed amendments to the Securities Trading Act as a result of the ‘MiFID II/MiFIR review’.