Norway's Department of Finance has commissioned the Financial Supervisory Authority of Norway to prepare a consultation paper with draft Norwegian legislation and regulations to implement the parts of EU Directive 2021/2167 on credit servicers and credit purchasers that fall within the Department’s remit. The Ministry of Justice and Public Security will in parallel develop consultation proposals for the remaining parts, with the stated aim of enabling Norway to implement the directive in full. The directive, adopted in November 2021, had an EU transposition deadline of December 2023 and is considered EEA-relevant but has not yet been incorporated into the EEA Agreement. The Department of Finance notes that implementation is expected to require changes across financial undertaking legislation, financial contracts legislation and debt collection legislation. As part of the assignment, the Financial Supervisory Authority of Norway is also to clarify how the directive’s provisions should be allocated between the two ministries’ regulatory areas, with a deadline of 20 June 2025. The Ministry of Justice and Public Security previously consulted on amendments to the Debt Collection Act to implement the directive’s recovery-related rules, with a consultation period running from 15 November 2024 to 10 February 2025. It will prepare a further consultation paper on the remaining elements within its remit, based on the allocation clarifications from the Financial Supervisory Authority of Norway and in parallel with the Authority’s work for the Department of Finance.

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