Norwegian Finanstilsynet published reporting expectations for Norway’s implementation of the amended Capital Requirements Regulation (CRR3), which the Ministry of Finance has set to enter into force on 1 April 2025. Supervisory reporting for the first quarter of 2025 will continue under CRR2 and the current reporting framework, with CRR3 and reporting framework v4.0 applying from the second quarter. In reporting framework v4.0, changes linked to CRR3 affect the capital adequacy and leverage ratio modules. The CRR3-related changes are described as largely not relevant for investment firms, UCITS management companies and alternative investment fund managers permitted to provide portfolio management, and parent undertakings of such firms, which should continue reporting under framework v2.9 until the Investment Firm Regulation and Investment Firm Directive (IFR/IFD) are implemented in Norway. As part of the move to CRR3, Finanstilsynet’s circular 3/2021 will be replaced by new guidance on the application of the rules for internal ratings-based (IRB) models, to be published in a dedicated supervisory module expected to be available on Finanstilsynet’s website during 2025.
Norwegian Finanstilsynet 2025-03-18
Norwegian Finanstilsynet sets CRR3 reporting transition to framework v4.0 from Q2 2025 and plans new IRB guidance module
Norwegian Finanstilsynet outlined reporting expectations for Norway's implementation of the amended Capital Requirements Regulation (CRR3), effective 1 April 2025. Supervisory reporting for Q1 2025 will follow CRR2, with CRR3 and reporting framework v4.0 applicable from Q2. Changes in v4.0 impact capital adequacy and leverage ratio modules but are largely irrelevant for certain investment firms, which will continue under v2.9 until IFR/IFD implementation.