The Norwegian Financial Supervisory Authority published materials from its 2026 securities seminar, setting out supervisory messages across funds, takeovers, market conduct and analyst interactions. The most immediate operational changes are in fund reporting and prudential returns. Mandatory XML filing for AIFMD Annex IV reporting will apply from 30 June 2026 for all alternative investment fund managers, including both registered managers and licensed managers, and the adapted Altinn forms will be withdrawn. Capital adequacy returns KRT-1478 and KRT-1479 have also been discontinued, with the last reporting date having been 31 March 2026, and supervision of compliance with capital requirements will for the time being be based on half-year reports and annual accounts. In takeover supervision, the authority also clarified when it will normally require an independent third party to issue the target company statement, particularly where the offer is made by or in understanding with board members. Across conduct supervision, the authority signaled a stronger enforcement and surveillance stance. It reported that suspicious transaction and order reports remain central to detection, with 304 STORs received in 2025 and 143 received by 15 June 2026, mostly linked to suspected insider dealing, and said 2026 could become its busiest year on that metric. A new surveillance system is being introduced with eight integrations, Oslo Børs order data, new analytics and alerts. The authority highlighted recent market manipulation decisions covering coordinated trading, order-book manipulation and price influence in the opening auction, including a coordinated trading case in which earlier decisions imposed NOK 5 million, NOK 5 million and NOK 3 million administrative penalties. In the funds area, it used a supervision case involving Njord Alternative Investments AS to underline failures in fund launch governance, conflict management, documentation and valuation, risk and liquidity procedures, and warned that AIF managers embedded in project-finance groups may lack the independence and resources needed to protect investors' interests. It also restated expectations for analyst calls after an issuer was fined NOK 10 million on 12 August 2025 for unlawful disclosure of inside information in pre-close calls, emphasizing that issuers must not share inside information with analysts and that analysts and investment firms should stop the conversation, escalate to compliance, document the event and consider reporting where such information may have been shared.
Norwegian Finanstilsynet2026-06-16
Norwegian Financial Supervisory Authority sets out securities supervision priorities and tougher market abuse expectations
The Norwegian Financial Supervisory Authority used its 2026 securities seminar to set out supervisory priorities across funds, takeovers and market conduct. Key practical changes include mandatory XML AIFMD Annex IV reporting from 30 June 2026 and the end of capital adequacy returns KRT-1478 and KRT-1479 after 31 March 2026. It also highlighted tighter market abuse surveillance, recent manipulation cases and strict expectations that analyst calls must not involve the sharing of inside information.