The Standing Committee on Finance and Economic Affairs has recommended that the Storting adopt a new law implementing the EU's crowdfunding regulation (EU 2020/1503) into Norwegian law. The Financial Supervisory Authority will oversee compliance. The committee notes that the law enhances legal certainty and transparency for investors, introduces new licensing and capital requirements for crowdfunding platforms, and strengthens investor protection through measures including cooling-off periods and appeal rights.
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Regulation (EU) 2020/1503 on European crowdfunding service providers for business, amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937, as incorporated into the EEA Agreement Annex IX No. 29bd, shall have the force of law.
The law applies to activities in Norway unless otherwise specified.
A crowdfunding platform may not act as agent, representative, or trustee for an investor providing a loan or a project owner receiving a loan before or during the loan period.
The Financial Supervisory Authority shall supervise crowdfunding platforms' compliance with this law and its implementing rules.
The Financial Supervisory Authority may impose administrative penalties for breaches specified in Article 39(1)(a) of the crowdfunding regulation. Penalties for individuals may reach 6 million kroner; for enterprises, up to 6 million kroner or 5 per cent of total annual turnover, whichever is higher.
Willful or negligent breach of Articles 3(1) to 3(3) of the crowdfunding regulation is punishable by fines or imprisonment up to three years.