NOR GVT Registers Interconnection

On Jun. 12, NOR GVT updated on central registers interconnection.

  • NOR GVT updated on implementation of regulation 2021/369 regarding the system for interconnection of central registers as referred to in AMLD IV provisions.
  • Follows EC Mar. 2021 issued technical specifications, procedures required, see #88430.
  • Overview
  • Sets out the technical standards and specifications necessary to establish link between registers of beneficial owners; it was adopted on the basis of AMLD IV, as amended.
  • It provides for required definitions; description of how information is exchanged and information necessary for registers to be able to communicate; safety standards.
  • Requirements for who can search for and request information from other registers.
  • Also on what information can be searched for in the solution; rules on opportunities to demand payment and register users; availability of the services for users.
  • Situation in Norway
  • The regulation will be implemented in Norwegian law by incorporation into law or regulations following its incorporation into Annex IX to the EEA Agreement.
  • Presupposes that technical solutions are developed for interconnecting registers of real licensees, which may require the use of resources in the Bronnoysund registers.
  • The regulation is under the consideration of the special committee for capital movements and financial services, where the ministries concerned are represented.
  • EEA Situation
  • EEA memorandum was issued on Jun. 10, 2021; publicized by Europalov on Jun. 12.
  • Oct. 2022 EEA Draft Decision
  • On Oct. 24, 2022, Europalov announced draft EEA decision was sent to EC on Oct. 19.
  • Feb. 2023 EEA Decision
  • On Feb. 4, 2023, Europalov announced EEA Dec 17/2023 incorporation to Agreement.
  • Point 23be. inserted in Annex IX to EEA Agreement re Reg 2021/369 technical specifications, procedures for system of interconnection of central registers in AMLD.
  • Decision in force on Feb. 4, 2023, provided notifications Art 103.1 Agreement made.
  • Or on the day of entry into force of EEA Decision 63/2020, whichever is the later.
  • In Oct. 2023, EC issued EEA Annex IX decisions in the official journal, see #188572.
  • Jun. 2024 EEA JC Decision in Force Date
  • On Jun. 28, 2024, EFTA confirmed Dec 17/2023 comes into force on Aug. 1, 2024.

Regulators EEA JC; EFTA; NOR GVT
Entity Types B/D; Bank; CNSM; Corp; Fiduciary; HF; IA; Ins; Inv Co
Reference PR 6/28/2024; PR 2/4/2023; Dec 17/2023, 2/3/2023; PR 10/24/2022; PR 6/12/2021; Memo 6/10/2021; Reg 2021/369; AMLD IV Dir 2015/849; AMLD V Dir 2018/843; EEA Agreement
Functions AML; Compliance; Financial; Legal; Operations; Registration/Licensing; Risk
Countries Iceland; Liechtenstein; Norway; Cross-Border
Products Banking; Corporate; Fund Mgt; Insurance; Securities; Wealth Mgt
Regions EMEA
Rule Type Guidance
Rule Date 6/12/2021
Effective Date 8/1/2024
Rule Id 108019
Linked to Rule :88430
Reg. Last Update 6/28/2024
Report Section AML & Enforcement

Last substantive update on 07/04/2024