The Ministry of Finance proposes amendments to securities trading legislation and other financial laws to implement EEA rules aligned with EU directives on investment firm oversight (IFD/IFR). The new rules would set capital and liquidity requirements tailored to investment firms' operations, replacing the current banking regulations they must follow. The Standing Committee on Finance and Economic Affairs recommends that the Storting adopt the proposal, though members from the Socialist Left Party and Red Party dissent, calling for stricter national bonus caps.
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These are the proposals in the document, not decisions. See the votes for the outcome.
Section 8-1, first paragraph shall read: EU Regulation (EU) No. 600/2014 on markets in financial instruments (the Markets in Financial Instruments Regulation), as amended by Regulation (EU) No. 1033/2016, Regulation (EU) 2019/2033, and Regulation (EU) 2022/858, shall apply as law with the adaptations that follow from EEA Agreement Annex IX, Protocol 1 to the Agreement, and the Agreement itself.
Section 9-39 Investment Firms Regulation: EU Regulation (EU) 2019/2033 on prudential requirements for investment firms (the Investment Firms Regulation) shall apply as law with the adaptations that follow from EEA Agreement Annex IX, Protocol 1 to the Agreement, and the Agreement itself.
Section 9-40 Prudential supervision of large investment firms: The Financial Supervisory Authority may determine that investment firms authorized to provide investment services or conduct investment activities as referred to in section 2-1, first paragraph, nos. 3 and 6, and having total assets averaging at least 5 billion euros (in Norwegian kroner) over the preceding twelve months, shall be subject to Regulation (EU) No. 575/2013.
Section 9-41 Initial capital: Investment firms authorized to provide investment services or conduct investment activities as referred to in section 2-1, first paragraph, nos. 3 and 6, shall hold initial capital of at least 750,000 euros (in Norwegian kroner).
Section 9-48 Compensation policies: An investment firm's compensation policy shall, for employees with tasks of material significance to the firm's risk profile or the assets it manages—including senior management, control function staff, and employees receiving compensation comparable to senior management—comply with the following requirement: the compensation policy shall be clearly documented, appropriate, and proportionate to the firm's size, internal organization, and the nature, scope, and complexity of its business.
Section 9-49 Variable compensation (paragraph 3): At least half of annual variable compensation shall be paid in the form of shares or other equity instruments issued by the investment firm or another entity in its group, or in the form of contingent capital reflecting the firm's value development.
Section 9-49 Variable compensation (paragraph 4): At least 40 percent of variable compensation shall be deferred over a period of no less than three years. Where variable compensation represents a very substantial amount relative to the firm's business and staff remuneration levels, at least 60 percent of variable compensation shall be deferred over a period of no less than three years.