NOR GVT Transaction Registers

On Jun. 25, NOR GVT updated on EEA transaction register regulations.

  • NOR GVT updated on regulations 2019/356, 2019/357 and 2016/358 on aspects of transaction registers including reporting, access to information, and data verification.
  • Follows Mar. 2019 EC published package of new measures re SFTR in OJ, see #29276.
  • Regulation 2019/356
  • Supplementary rules on what information on securities financing transactions is to be reported to the transaction register, aims to increase the efficiency of the reporting.
  • Exploit similarities with existing system for reporting derivatives contracts under EMIR.
  • Does not in itself impose any reporting obligations, but clarifies the content of them.
  • Regulation 2019/357
  • Supplementary provision to regulation 2015/2365 on transparency in SFTR, on access to the information on securities financing transactions stored in transaction registers.
  • Introduces simplifications and clarifications for how systems for access to information in transaction registers are to be made available to the relevant governing bodies.
  • Purpose is to prevent transaction registers from having to continuously check under which mandate an entity seeks access to information and for which needs it does so.
  • Regulation introduces an access key for each unit covering its area of responsibility.
  • Regulation 2019/358
  • Supplementary rules to regulation 2015/2365 on the collection, verification, aggregation, comparison and publication of data on securities financing transactions.
  • To ensure transaction registers can accurately identify counterparties in transactions.
  • Situation in Norway
  • To be incorporated into EEA Agreement, implemented in NOR law upon incorporation.
  • Regulations will include provisions stating the regulations apply as Norwegian law.
  • Assessed by special committee for capital movements and financial services where the ministries concerned are represented, found legal acts EEA-relevant and acceptable.
  • EEA Status
  • Under assessment of EEA/EFTA states to be incorporated into the EEA agreement.
  • EEA/EFTA countries' draft EEA committee decisions were sent to EU Foreign Service (EEAS) on Jun. 23, 2021; Europalov issued announcement on Jun. 25, 2021.
  • Dec. 2021 EEA Joint Committee Decision
  • On Dec. 11, 2021, EEA JC announced EEA decision 386/2021 of Dec. 10, 2021.
  • That amended Annex IX (Financial services) to EEA Agreement to include cited regs.
  • In points 31bhb, 31bhc, 31bhd it includes regulations 2021/356 to 358, respectively.
  • Decision to enter into force on Dec. 11, 2021, provided that all the notifications under article 103(1) of EEA Agreement have been made, or on day of entry into force of Decision of EEA Joint Committee 385/2021 of Dec. 10, 2021, whichever is the later.
  • Mar. 2024 Official Journal
  • On Mar. 14, 2024, EEA JC issued Dec 386/2021 of Dec. 10, 2021 in the Official Journal.
  • Jun. 2024 EEA JC Decision in Force Date
  • On Jun. 28, 2024, EFTA confirmed Dec 386/2021 will come into force on Aug. 1, 2024.

Regulators EEA JC; EFTA
Entity Types B/D; Corp; Depo; IA; Inv Co
Reference PR, 6/28/2024; OJ L, 2024/651, 3/14/2024; PR 12/11/2021; Dec 386/2021, 385/2021, 12/10/2021; PR 6/25/2021; Dec 6/23/2021; Reg 2019/358; Reg 2019/357; Reg 2019/356; SFTR Reg 2015/2365; EEA Agreement; Citation: Dec 386/2021;
Functions Compliance; Financial; Legal; Operations; Reporting; Technology
Countries Iceland; Liechtenstein; Norway
Products Corporate; Custody; Fund Mgt; Securities; Structured Products
Regions EMEA
Rule Type Final
Rule Date 6/25/2021
Effective Date 8/1/2024
Rule Id 109551
Linked to Rule :29276
Reg. Last Update 6/28/2024
Report Section EU

Last substantive update on 07/02/2024