The Standing Committee on Finance and Economic Affairs recommends the Storting approve a Finance Ministry proposal to amend the Accounting Act, Securities Trading Act, Authorized Public Accountants Act, Financial Supervisory Authority Act, DORA Act, and Crowdfunding Regulation Act. The proposals introduce mandatory digital accounting and e-invoicing between businesses required to keep accounts, allow electronic communication between share issuers and shareholders, and make changes to accountant certification and the Financial Supervisory Authority's responsibilities.
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These are the proposals in the document, not decisions. See the votes for the outcome.
Section 3 shall read: Section 3 Definitions. In this act: 1. mandatory financial reporting means annual accounts and other reporting of historical financial information to external parties, provided in written form at a set time with predefined content, and as established in or pursuant to law. The Ministry shall set out by regulation what constitutes mandatory financial reporting under this act. 2. electronic accounting system means software or digital services enabling production of mandatory financial reporting, specifications, and automated processing of electronic invoices, and configured so that the reporting obligation can be met. 3. electronic invoice means a sales document that can be issued, sent and received in a structured, electronic format suitable for automated processing in the accounting system.
Section 7, new fourth paragraph shall read: Bookkeeping shall be conducted in an electronic accounting system, unless the Ministry has otherwise determined by regulation or individual decision. The Ministry may set specific requirements for electronic accounting systems by regulation.
Section 10, second paragraph shall read: Documentation for sales of goods and services to other businesses required to keep accounts shall be issued in electronic invoice format, ref. Section 3 no. 3. Documentation for purchases of goods and services from other businesses required to keep accounts shall correspondingly be received in electronic invoice format.
Section 10, fourth paragraph shall read: The Ministry may set additional requirements for documentation format by regulation and may make exceptions to the electronic invoice format requirements in the second paragraph by regulation or individual decision.
Section 11, first paragraph, first sentence shall read: When preparing annual accounts and business-specific statements, documentation shall exist for all balance sheet items unless they are immaterial.
Section 13, second paragraph shall read: Accounting materials referred to in the first paragraph nos. 1 to 4 shall be kept in Norway for five years after the end of the accounting year. Accounting materials referred to in the first paragraph nos. 5 to 8 shall be kept in Norway for three and a half years after the end of the accounting year. Original accounting materials may be replaced by transferring accounting information to other media if the ability to verify mandatory financial reporting during the storage period of the accounting materials is not compromised. Electronic invoices, ref. Section 3 no. 3, shall nonetheless be kept in their original format. The Ministry may set specific requirements for storage media by regulation.
Section 5-9, sixth paragraph shall read: (6) If a decision has been made at a general meeting, a share issuer may use electronic communication when sending messages, notices, information, documents, notifications and similar to a shareholder, unless the shareholder has opted out. The share issuer shall clearly inform shareholders of the right to opt out of electronic communication and provide a simple procedure for doing so.
Section 2-3, first paragraph, new fourth bullet point shall read: The Ministry may set out by regulation that persons from countries other than those mentioned in this paragraph may be granted approval under the second or third bullet point.
Section 2-3, second paragraph shall read: The Professional Qualifications Act section 2, third paragraph concerning professionals with professional qualifications from third countries does not apply to persons from countries other than those covered by the Authorized Public Accountants Act section 2-3, first paragraph, second and third bullet points.
Section 3-2, second paragraph, first sentence shall read: For auditors approved under the Auditors Act, practice from an audit firm shall be equated with practice from an accounting firm under the first paragraph.
Section 1-4, third paragraph shall read: (3) Restrictions on instruction and amendment authority under the first and second paragraphs do not apply to the Financial Supervisory Authority's tasks and powers a. as a crisis management authority as referred to in the Financial Undertakings Act section 20-3 b. under the Security Act.
Section 5-1, first paragraph shall read: (1) Complaints about decisions made by the Financial Supervisory Authority shall be handled by the Financial Supervisory Authority Appeals Board. This does not apply to complaints about decisions a. as referred to in the Financial Undertakings Act section 20-3 concerning crisis management authority b. under the Debt Information Act c. under the Security Act.
Section 5-1, new sixth paragraph shall read: (6) For cases where there is doubt about which administrative body is the correct appeals body, the Ministry may set out by regulation which administrative body shall handle the complaint.
Section 2, first paragraph, letters f and new g shall read: f. parent undertaking in a financial conglomerate, g. Norwegian Natural Damage Pool.
Section 3, fourth paragraph shall read: (4) The Ministry may set out by regulation requirements for threat-led penetration testing (TLPT), including the distribution of tasks and responsibilities among Norwegian public authorities in accordance with the DORA Regulation Article 26. The Ministry may also set out by regulation requirements for the distribution of costs incurred by public authorities related to TLPT among undertakings required to conduct such testing, including rules on collection and payment of such contributions to cover costs. Imposed contributions constitute grounds for distraint.
Section 1-1, first paragraph, first sentence shall read: Regulation (EU) 2020/1503 on European crowdfunding service providers for business and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (the Crowdfunding Regulation), as incorporated into the EEA Agreement Annex IX no. 31bl, applies as law.
This act shall enter into force at such time as the King determines. The King may bring individual provisions into force at different times. The Ministry may issue transitional rules.