On Jun. 24, 2025, NOR GVT published FOR-2025-06-24-1204 on split entry into force of Act of 23 April 2021 No 22 on amendments to the Financial Institutions Act, etc. (securitisation and creditor hierarchy), for provisions that apply on Aug. 1, 2025.
I.e., amendment Act Part I (Financial Institutions Act) and amendment to chapter 11 section III, aligning rules to the implemented in the EEA Agreement Reg 2017/2402.
NOR GVT updated on draft provisions on the ranking of unsecured debt instruments.
Follows EC Mar. 2020 issued decisions incorporating EU rules to the EEA, see #73202.
Overview
Bill and consent request have been published by the Government; proposal 57 LS will amend the Financial Undertakings Act, etc. (securitization and creditor hierarchy).
It will partially harmonize the creditor hierarchy for affected companies by establishing a new debt class with lower priority than ordinary unsecured senior bonds.
The changes will apply to debt instruments issued after directive entered into force.
The bill also requests the Storting's consent to approval of EEA Committee's decision 305/2019 of Dec. 2019 on addition of regulation 2017/2399 to the EEA Agreement.
The bill contains proposals for new legal rules on securitization and creditor hierarchy.
To implement EU securitization reg and EU creditors' hierarchy dir in Norwegian law.
As for latter it was incorporated into the EEA Agreement on Dec. 13, 2019, subject to the consent of the Storting, cf. section 26, second paragraph, of the Constitution.
Proposal requests the Storting consent to approve the EEA Committee's decision.
On Apr. 26, 2021, NOR GVT announced entry into force of changes to Act 17 of 2015.
Set by royal decree Apr. 23, 2021 on Act 22 of 2021 on amendments to the Financial Undertakings Act, etc. (securitization, creditor hierarchy) part IV; per reg 2017/2399.
Partial enactment: part I of Act 22 on amendments to Financial Undertakings Act § 20-9, § 20-14, new section VI A, § 20-32 and § 21-15 enter into force on Jul. 1, 2021.
May 2021 EEA Decision Ratification
On May 12, 2021, NOR GVT announced EEA committee decision is ratified by Norway.
It was earlier ratified by Iceland and Liechtenstein; it enters into force on Jul. 1, 2021.
Jun. 2025 Partial Entry Into Force
On Jun. 24, 2025, NOR GVT published FOR-2025-06-24-1204 on split entry into force of Act of 23 April 2021 No 22 on amendments to the Financial Institutions Act, etc. (securitisation and creditor hierarchy), for provisions that apply on Aug. 1, 2025.
I.e., amendment Act Part I (Financial Institutions Act) and amendment to chapter 11 section III, aligning rules to the implemented in the EEA Agreement Reg 2017/2402.
Regulators
NOR GVT
Entity Types
B/D; Bank; BS; CU; IA; Inv Co
Reference
FOR-2025-06-24-1204, OG 2025-0829, 6/24/2025; PR 5/12/2021; OG, 2021-0629, PR, 4/26/2021; Decree 1251, LOV-2021-04-23-22 Act 22, 4/23/2021; Bill 57 LS, PR, 12/4/2020; Financial Undertakings Act; Dec 305/2019; Reg 2017/2399; Reg 2017/2402; BRRD Dir 2014/59, Reg 806/2014; EEA Agreement; Citation: FOR-2025-06-24-1204;
