Norway's Department of Finance has published a legislative proposition proposing amendments to several financial laws to implement the EU Investment Firms Regulation and Investment Firms Directive (IFR/IFD) and introduce a new, dedicated capital requirements regime for investment firms. Investment firms have so far been subject to the same capital requirements framework as banks. The proposed regime is intended to be better tailored to investment firms, and covers core prudential and conduct-related topics including capital and liquidity requirements, governance, remuneration, disclosure, reporting and supervisory arrangements. The proposition would amend the Securities Trading Act, the Alternative Investment Fund Managers Act, the Financial Institutions Act and the Act on EEA Financial Supervisory Authorities. The IFR/IFD were incorporated into the EEA Agreement by the EEA Joint Committee on 14 March 2025, with Norway participating subject to the Storting’s consent. The proposition therefore also asks the Storting to approve the incorporation of Directive (EU) 2019/2034 and Regulation (EU) 2019/2033 into the EEA Agreement.
Department of Finance (Norway) 2025-06-20
Norway's Department of Finance tables legislative proposal to introduce EU-aligned capital requirements for investment firms
Norway's Department of Finance has proposed legislative amendments to align with the EU Investment Firms Regulation and Directive, introducing a new capital requirements regime specifically for investment firms. This regime addresses prudential and conduct-related topics such as capital and liquidity requirements, governance, and reporting. The proposal seeks the Storting's approval to incorporate these EU directives into the EEA Agreement.