Norway Introduces Regulations for Investment Services from Non-EEA Companies

The Norwegian Ministry of Finance has announced regulatory provisions governing the provision of investment services by non-European Economic Area (EEA) companies.

In February 2023, the Ministry of Finance tasked the Financial Supervisory Authority (Finanstilsynet) with evaluating the need for a national legal framework that would permit services from non-EEA companies beyond what currently exists. The consultation document from the Financial Supervisory Authority was open for public input until June 7, 2023.

Today, the Ministry of Finance has enacted a new provision in the Securities Regulations § 9-39a, largely in alignment with the proposal that was subject to public consultation.

The Ministry of Finance also reminds stakeholders that the temporary regulation of December 20, 2018, No. 2204, concerning investment activities and investment services from third-country companies to professional clients and qualified counterparties in Norway (the Contract Continuity Regulation), will expire on October 1, 2023.