The Financial Supervisory Authority of Norway has published a supervisory report on NRP Project Finance AS’s activity carried out through its tied agent, NRP Capital Advisory AS, concluding that the firm did not ensure the tied-agent relationship was clearly disclosed to customers. The report notes that under section 10-22 of the Securities Trading Act, tied agents must at every customer contact inform customers of the investment firm’s identity, which services are offered through the agency arrangement, and that the investment firm is fully responsible for the agent’s activities, with the information provided in writing or by recorded telephone. The review found customer documentation and agreements referred only to a direct customer relationship with NRP Project Finance, without identifying that the contact occurred via the tied agent, and the firm’s website only referenced the arrangement indirectly in staff biographies while key pages such as “Compliance” and “General Business Terms” did not mention it. NRP Project Finance indicated it will implement measures covering direct outreach to existing and prospective customers and updates to customer agreements, information documents and the website, which the supervisor noted.
Norwegian Finanstilsynet 2026-03-18
Financial Supervisory Authority of Norway finds NRP Project Finance did not clearly disclose its tied-agent arrangement with NRP Capital Advisory
The Financial Supervisory Authority of Norway reported on NRP Project Finance AS, highlighting inadequate disclosure of its tied-agent relationship with NRP Capital Advisory AS. Customer documentation failed to clearly identify this arrangement, contrary to section 10-22 of the Securities Trading Act. NRP Project Finance plans to enhance transparency through direct customer outreach and updates to agreements and website information.