Finanstilsynet’s tasks in relation to auditors comprise approval of individuals and firms in accordance with the legal requirements applying to profession as well as registration and supervision.
Banking and finance
Banks are key actors in the financial system. Supervision of the banking and financial sector promotes solid financial institutions with good risk awareness, management and control. Finanstilsynet conducts both on-site inspections and off-site supervision (document based).
Supervision of debt collection agencies encompasses their financial position, treatment of client funds and debt collection performed on the basis of a personal licence.
Supervision of estate agents encompasses the activities of firms licensed to practise estate agency and lawyers whose estate agency is ancillary to their law business, as well as housing cooperatives that are licensed to provide estate agency services and ordinary housing cooperatives’ brokerage of cooperative flats.
Finanstilsynet, pursuant to the Securities Trading Act § 15-1, third paragraph, supervises the periodic financial reporting (i.e. annual accounts (at both group and company level), directors report, half yearly financial report and other financial reports) of issuers of tradable securities who are listed, or have applied for a listing, on a regulated market in the EEA and whose home state is Norway pursuant to the Securities Trading Act § 5-4.
Insurance and pensions
Supervision of the insurance and pensions area aims to ensure satisfactory financial strength, risk awareness, management and control at institutions.
Finanstilsynet’s supervision of institutions in the securities market comprises on-site inspections and off-site supervision. Finanstilsynet is also assigned administrative and legislative tasks.