Norway's Ministry of Finance submits bill to implement EU securitisation updates and cross-border payment disclosure rules in the EEA

Norway's Ministry of Finance has submitted a bill proposing new rules on securitisation and on cross-border payments within the European Economic Area (EEA), alongside requests for parliamentary consent to EEA Committee decisions incorporating the relevant EU acts into the EEA Agreement. On securitisation, the proposal would implement newer EU rules on synthetic simple, transparent and standardised (STS) securitisation and the securitisation of non-performing loans through amendments to the Financial Institutions Act. The bill also seeks consent to an EEA Committee decision of 12 June 2024 that would incorporate both the original EU securitisation framework adopted in 2017 and the subsequent updates into the EEA Agreement, enabling the rules to be brought into force in Norway. On cross-border payments, the bill would implement Regulation (EU) 2021/1230, including new requirements on the information payment service providers must provide about the costs of cross-border payments in Norwegian kroner, and includes a related request for parliamentary consent. The package also contains targeted amendments to align aspects of the Financial Institutions Act with changes in the EU Capital Requirements Directive (CRD5), correct technical errors, and adjust the Accounting Act’s rules on consolidated sustainability reporting to ensure consistency with the Accounting Directive, as well as consequential changes following the introduction of new company size categories from 1 November 2024.