The Norwegian Ministry of Finance has issued three regulations to complete Norway’s implementation of EU securitisation rules, with the new regulations and related amendments to the Financial Institutions Act entering into force on 1 August 2025. The package implements remaining elements of EEA Joint Committee Decision No. 145/2024, aligning Norway’s framework with the EU securitisation regime as it becomes effective in the European Economic Area. The first regulation amends Norway’s CRR/CRD implementing rules by incorporating two amending acts to the Capital Requirements Regulation, introducing tailored capital requirements for banks’ positions in securitisations and adding securitisation-related definitions to the CRR. The second amends the Solvency II implementing regulation by incorporating Delegated Commission Regulation (EU) 2018/1221, which sets adjusted capital requirement rules for insurers’ positions in securitisations. The third establishes a national list of non-cooperative jurisdictions for tax purposes, mirroring the EU list as required by the EEA adaptation, and links that list to securitisation requirements on where certain securitisation-related entities may be established and to investor notification obligations for certain investments in listed jurisdictions.
Department of Finance (Norway) 2025-07-01
Norwegian Ministry of Finance adopts securitisation regulations updating bank and insurer capital rules and setting a national tax blacklist effective 1 August 2025
The Norwegian Ministry of Finance has issued three regulations to finalize Norway’s implementation of EU securitisation rules, effective 1 August 2025. These regulations amend the Financial Institutions Act, aligning Norway's framework with the EU securitisation regime. Key changes include tailored capital requirements for banks and insurers and a national list of non-cooperative jurisdictions for tax purposes linked to securitisation requirements.