Norway's Department of Finance adopts implementing regulation for the new Financial Supervisory Authority Act and establishes a Finanstilsynet Appeals Board

Norway's Department of Finance has adopted an implementing regulation to the Financial Supervisory Authority Act, setting out supplementary rules for Finanstilsynet and its appeals framework. Adopted on 27 March 2025, it enters into force on 1 April 2025 alongside the new Act and largely carries forward existing requirements, with the main changes covering the Finanstilsynet board’s responsibilities and the creation of a single appeals body for Finanstilsynet decisions. Chapter 2 specifies the responsibilities and tasks of Finanstilsynet’s board, including that individual matters of a principled nature or major significance must be handled by the board and that it must adopt rules of procedure. Chapter 5 sets out the framework for the Finanstilsynet Appeals Board (Finanstilsynsklagenemnda), which will hear appeals against Finanstilsynet decisions, including rules on its composition, case handling and secretariat, and provides that members are appointed by the ministry for terms of up to four years; the existing appeals boards for auditor, accountant and debt-collection cases and the Stock Exchange Appeals Board are to be discontinued. Chapters 3, 4 and 6 largely restate current rules on exemptions and reporting obligations relating to personal trading by Finanstilsynet board members and staff, information exchange with crisis-management and supervisory authorities inside and outside the EEA, and the allocation of the costs of Finanstilsynet and the Appeals Board. Members of both the Finanstilsynet board and the new Appeals Board have been appointed, and the regulation takes effect on 1 April 2025.