The Norwegian Financial Supervisory Authority has concluded that the prohibition on market manipulation was breached under Article 15 of the EU Market Abuse Regulation (Regulation (EU) No 596/2014), as implemented in section 3-1 of Norway’s Securities Trading Act, and has decided to impose an administrative penalty of NOK 3 million. In its decision, the Authority refers to the Market Abuse Regulation’s indicators of manipulative behaviour, including transaction patterns that do not result in a genuine change of ownership, and to further specification in Commission Delegated Regulation (EU) 2016/522. It also notes that Norway has not established any “accepted market practices” under Article 13 of the Market Abuse Regulation. The penalty decision has been appealed to the Financial Supervisory Authority’s Complaints Board (Finanstilsynsklagenemnda).
Norwegian Finanstilsynet 2026-02-17
Norwegian Financial Supervisory Authority imposes NOK 3 million penalty for market manipulation under the EU Market Abuse Regulation
The Norwegian Financial Supervisory Authority has imposed a NOK 3 million penalty for breaching the prohibition on market manipulation under Article 15 of the EU Market Abuse Regulation. The decision cites manipulative transaction patterns and the absence of "accepted market practices" in Norway. The penalty has been appealed to the Financial Supervisory Authority’s Complaints Board.