On Mar. 18, EFTASA issued non-incorporation notice to Norway.
EFTASA issued letter of formal notice to NOR for non-incorporation of Regulation 2024/1780 re regulatory technical standards specifying the conditions under which institutions are allowed to calculate capital requirements for securitized exposures (KIRB) in relation to the underlying exposures of a securitized transaction
Follows NOR GVT Aug. 2023 EEA note on conditions to calculate KIRB, see #223826.
Document dated Mar. 18, 2025, received from EFTASA Apr. 4, summarized Apr. 9.
Overview
Reg 2024/1790 was incorporated into EEA Agreement by decision of Oct. 25, 2024.
It follows from Article 7 of EEA Agreement that the EFTA States are obliged to take the measures necessary to ensure that the Act is made part of their internal legal order.
The time limit to do this expired on Oct. 26, 2024, but Norway has not informed EFTASA that it has done so, so EFTASA must conclude NOR has not fulfilled obligations.
EFTASA therefore requests that NOR GVT submits its observations on the content of the letter within two months of its receipt, that is by the middle of May 2025.
After expiry of this time limit, EFTASA will, in light of any observations received from NOR GVT, consider whether to deliver a reasoned opinion on the situation.
Effectiveness
NOR GVT must send observations to EFTASA on the issue by May 18, 2025.
Regulators
EFTASA; NOR GVT
Entity Types
Bank
Reference
Lt 1519464, Case 93538, Dec 070/25/D, 3/18/2025; Reg 2024/1780
