On Jun. 24, 2025, NOR GVT announced securitization rules will be apply from Aug. 1.
King in Council decided amendments to the Financial Institutions Act, including the implementation of EU rules on securitization and amendments to Financial Contracts Act on cross-border payments (Euro Regulation), will enter into force on Aug. 1, 2025.
This is the same date as the rules enter into force in the EEA Agreement.
For this reason, NOR GVT published FOR-2025-06-24-1203 on the entry into force of Act of Apr. 10, 2025 No 11 on amendments to the Financial Institutions Act, etc. (synthetic STS securitization, etc.), determining this entry into force on Aug. 1, 2025.
On Feb. 7, NOR GVT issued bill on securities, cross-border payments.
Bill has proposals for new rules on so-called securitization, on cross-border payments.
Applies to consent to EEA Committee decisions incorporating rules to EEA Agreement.
Recommendation from Ministry of Finance on Feb. 7, 2025, approved by Cabinet on same day, proposal sent to the Storting (proposed legislation and Storting resolution).
Follows EEA JC Oct. 2024 issued Dec 145/2024 of Jun. 12, 2024 in OJ, see #215673.
Follows EEA JC Jul. 2024 Dec 170/2024 incorporating Reg 2021/1230, see #216011.
Context
In 2021, Storting passed legislative amendments to introduce common EU regulations for securitization, adopted in EU in 2017, pending EEA incorporation not in force yet.
Regs intend to improve access to capital for companies and households, enable banks to reduce risk, mitigate weaknesses in securitization revealed in US in financial crisis.
In 2021, EU also adopted rules on synthetic STS securitization, securitization of NPLs.
Key Aspects
NOR GVT proposes to implement EU rules in NOR law in Financial Institutions Act.
Proposes Storting consent to approval of EEA Committee's decision of Jun. 12, 2024 incorporating EU rules on securitization into EEA Agreement for applicability in NOR.
Also proposes to implement Reg 2021/1230 on cross-border payments in EU/EEA.
Latter entails new requirements for information payment providers must provide on costs of cross-border payments in NOR kroner to be added to Financial Contracts Act.
Bill proposes the Storting consent to approval of relevant EEA Committee's decision.
In addition, contains some proposals for minor amendments to Financial Institutions Act, including to adapt regulations to changes in CRD5 and correct irregularities.
Plus proposal for amendments to rules in Accounting Act on consolidated sustainability reporting to ensure rules are in accordance with the Accounting Directive.
As well as minor changes to Accounting Act, Universities and Colleges Act necessary per new size categories for enterprises introduced in Accounting Act from Nov. 1, 2024.
Apr. 2025 Amending Law Published
On Apr. 10, 2025, NOR GVT published LOV-2025-04-10-11 Act on amendments to the Financial Institutions Act (synthetic STS securitization, etc); King decides in force date.
Jun. 2025 Entry into Force
On Jun. 24, 2025, NOR GVT announced securitization rules will be apply from Aug. 1.
King in Council decided amendments to the Financial Institutions Act, including the implementation of EU rules on securitization and amendments to Financial Contracts Act on cross-border payments (Euro Regulation), will enter into force on Aug. 1, 2025.
This is the same date as the rules enter into force in the EEA Agreement.
For this reason, NOR GVT published FOR-2025-06-24-1203 on the entry into force of Act of Apr. 10, 2025 No 11 on amendments to the Financial Institutions Act, etc. (synthetic STS securitization, etc.), determining this entry into force on Aug. 1, 2025.
Regulators
NOR GVT
Entity Types
Bank; Corp; Inv Co; MSB
Reference
FOR-2025-06-24-1204, OG 2025-0828, PR 6/24/2025; LOV-2025-04-10-11, OG 2025-0370, 4/10/2025; Bill, Prop. 46 LS (2024-2025), PR, 2/7/2025; EEA Dec 170/2024; EEA Dec 145/2024; Financial Institutions Act; Financial Contracts Act; Reg 2021/557; Reg 2021/1230; EEA Agreement; Citation: FOR-2025-06-24-1203;
