Norway's Ministry of Finance has tabled a legislative proposal to amend the Financial Undertakings Act and related rules, combining implementation of the EU’s revised Capital Requirements Directive (CRD6) with changes intended to make it easier for financial undertakings to share information in efforts to combat economic crime and for research purposes. The CRD6 package would harmonise Norwegian banking requirements on board and senior management fitness and propriety, control functions, various transaction-related application and notification duties, and firms’ assessment and management of sustainability (ESG) risks. Separate amendments would empower Finanstilsynet to impose infringement penalties for regulatory breaches and introduce management quarantine rules, aligning the Financial Undertakings Act with provisions already used elsewhere in the financial markets framework. The proposal also extends the ability for companies to grant loans to their own affiliated businesses without a licence, provided the lending is not funded by deposits or other funds from the public. CRD6 provisions on supervisory authorities’ independence are not covered and are to be followed up later. Following a decision in the EEA Joint Committee to incorporate CRD6 into the EEA Agreement, the government expects to present a subsequent proposal seeking consent to that incorporation.
Department of Finance (Norway) 2026-03-20
Norway's Ministry of Finance proposes Financial Undertakings Act changes to implement CRD6 and widen information sharing to combat economic crime
Norway's Ministry of Finance proposes amending the Financial Undertakings Act to integrate the EU's revised Capital Requirements Directive (CRD6), streamlining information sharing to combat economic crime and research. The proposal harmonizes banking requirements, empowers Finanstilsynet with penalty imposition, and introduces management quarantine rules. It also allows companies to lend to affiliates without a licence if not funded by public deposits.