Financial Supervisory Authority of Norway takes over supervision of inside information disclosure, share buybacks and takeover bids from Oslo Børs

The Financial Supervisory Authority of Norway (Finanstilsynet) has taken over from Oslo Børs supervisory responsibility for issuers’ ongoing disclosure obligations and delayed disclosure of inside information, oversight of share buybacks and stabilisation, and the role as takeover bid authority, with effect from 1 April 2025. Finanstilsynet has also updated its website with guidance on the relevant rules and practical instructions for submitting notifications of delayed disclosure via Altinn. The underlying rules are unchanged. The Market Abuse Regulation requirements on inside information disclosure, buybacks and stabilisation continue to apply to issuers with financial instruments admitted to trading, or applying for admission, on Euronext Oslo Børs and Euronext Expand (regulated markets) and Euronext Growth Oslo (a multilateral trading facility). In practice, issuers must now send the written notification to the supervisory authority when publishing inside information that was subject to delayed disclosure under the Market Abuse Regulation to Finanstilsynet via Altinn, rather than to Oslo Børs. Oslo Børs’ prior duty for issuers to notify it when deciding to delay disclosure under its issuer rules was abolished from 1 April 2025 and is not continued by Finanstilsynet. Notifications to the takeover bid authority under section 6-8 of the Securities Trading Act must also now be submitted to Finanstilsynet by parties that have, or will obtain, a mandatory bid obligation. Finanstilsynet has referenced an information circular dated 21 March 2025 on the implications of the transfer and the notification process, and its updated web pages also cover supervision of takeover bids.