The Norwegian Financial Supervisory Authority (Finanstilsynet) published a webcast recording and presentation materials from its securities seminar for investment firms, UCITS management companies, alternative investment fund managers and depositaries, covering recent supervisory casework and upcoming regulatory and market-structure changes. Key updates included Norway’s new Crypto-Asset Act implementing the EU Markets in Crypto-Assets framework, which enters into force on 1 July 2025 and designates Finanstilsynet as the competent authority, with a transition period until 30 December 2025 for certain already-registered exchange and custody service providers. The materials also covered the pending Norwegian implementation of the Investment Firm Regulation and Directive, proposed prospectus simplifications linked to the EU Listing Act (including a higher exemption threshold for certain secondary issuances and an EEA prospectus threshold of EUR 12 million), and the main AIFMD 2.0 changes, including a harmonised regime for loan origination by alternative investment funds, mandatory liquidity management tools and leverage caps for “loan-originating AIFs” (175% for open-ended and 300% for closed-ended funds). On market conduct, Finanstilsynet reviewed a market manipulation decision dated 22 January 2025 that imposed a NOK 50 million administrative penalty on a bank in connection with trading around the reference-rate “price call” used to price a Norges Bank NOK 22 billion 10-year bond syndication. It also reported rising suspicious transaction and order reporting activity, with 130 STORs in the first five months of 2025 and most investment-firm reports relating to suspected insider dealing. Next steps flagged in the materials included further Finanstilsynet guidance on crypto-asset service authorisation “within a short time”, an internal simplification report due by the end of June 2025, a planned start date of 1 September 2025 for a new Hamar-based unit to strengthen work against economic crime, and continued industry work towards a coordinated European move to a T+1 securities settlement cycle by 11 October 2027, including a summer consultation on recommendations from the T+1 Industry Committee.
Norwegian Finanstilsynet 2025-06-03
Norwegian Financial Supervisory Authority publishes securities seminar webcast and slides on MiCA implementation and a NOK 50 million market manipulation penalty
The Norwegian Financial Supervisory Authority (Finanstilsynet) released materials from its securities seminar, highlighting Norway's new Crypto-Asset Act, effective 1 July 2025, and the pending implementation of the Investment Firm Regulation and Directive. Key updates include prospectus simplifications linked to the EU Listing Act, AIFMD 2.0 changes, and a NOK 50 million penalty for market manipulation. Finanstilsynet noted increased suspicious transaction reporting and outlined upcoming guidance on crypto-asset service authorisation and a new unit to combat economic crime.