Norway's Financial Supervisory Authority Finanstilsynet implements new governance framework and takes over key market supervision tasks from Oslo Børs

Norway's Financial Supervisory Authority, Finanstilsynet, set out the implications of the new Finanstilsynet Act, which replaces the 1956 supervisory law and changes the agency’s governance and responsibilities. Under the new framework, the Finanstilsynet Director has overall responsibility for the organisation, while a new board will consider and decide individual decisions in supervisory and administrative matters; from 1 April 2025, Finanstilsynet also assumes several market supervision functions previously performed by Oslo Børs. The new law introduces an explicit statutory purpose for Finanstilsynet to contribute to financial stability and well-functioning markets, while maintaining a cross-sector, holistic supervisory approach. The transfer from Oslo Børs covers supervision of ongoing disclosure obligations, delayed publication of inside information, supervision of share buybacks and stabilisation, and the role as offer authority. A new appeals body, the Finanstilsynet Appeals Board, will handle complaints against individual decisions taken by Finanstilsynet and will be part of the Appeals Board Secretariat in Bergen; the law also sets clear requirements on impartiality and independence for board members and staff, and limits the Ministry of Finance’s ability to instruct Finanstilsynet. The Ministry of Finance adopted supplementary regulations to the Finanstilsynet Act on 27 March 2025, which enter into force at the same time as the act; the 1956 law is repealed when the new act takes effect.