Norwegian Financial Supervisory Authority draft to implement CRD 6 sent for consultation with new sustainability governance and ownership notification duties

Norway’s Ministry of Finance has circulated for consultation a draft prepared by the Norwegian Financial Supervisory Authority to implement expected European Economic Area obligations corresponding to the EU’s Capital Requirements Directive VI (Directive (EU) 2024/1619, CRD 6) in Norwegian law. The proposal updates the domestic framework governing banks and other credit institutions, including rules on authorisation, cross-border activity in other EEA states, supervisory powers, and sanctions. The draft introduces an explicit duty for credit institutions to include sustainability risks in their governance and to prepare transition plans to monitor financial risks arising from sustainability risks. It also proposes a new notification requirement when credit institutions acquire holdings in other undertakings that constitute a material capital share for the acquirer, and amends rules on portfolio and business transfers and on mergers and demergers. Further changes cover control functions, remuneration arrangements, third-country branches, fit and proper assessments for board members, chief executives and key function holders, and new provisions on supervisory authorities’ independence, remedial measures and administrative sanctions; where CRD 6 is minimum-harmonising, the note highlights areas where stricter Norwegian rules are proposed, mainly on suitability assessments. The consultation deadline is 31 March 2025.