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Chapter 2. Definitions

Section 2-1. Investment services and investment activities

Section 2-2. Financial instruments

Section 2-3. Definitions relating to investment services and investment activities

Section 2-4. Definitions relating to financial instruments

Section 2-5. Related party

Section 2-6. Ancillary services

Section 2-7. Definitions relating to undertakings, trading venues etc.

Section 2-8. Other definitions

Part 2. General provisions

Chapter 3. General rules of conduct etc.

I. Market abuse, unlawful dissemination of inside information, disclosure obligations etc.

Section 3-1. Market Abuse Regulation

Section 3-2. Application to equity certificates

Section 3-3. Persons with managerial responsibilities, notification obligation

Section 3-4. Clarification of scope of application

Section 3-4 a. Insider lists for issuers on SME growth markets

II. Sale of financial instruments not owned by the seller etc.

Section 3-5. Short Selling Regulation

Section 3-6. Application to equity certificates

III. Unreasonable business methods

Section 3-7. Prohibition of unreasonable business methods

Section 3-8. (Revoked)

Section 3-9. (Revoked)

Section 3-10. (Revoked)

Section 3-11. (Revoked)

Section 3-12. (Revoked)

Section 3-13. (Revoked)

Section 3-14. (Revoked)

Section 3-14a. (Revoked)

Chapter 4. Notification obligation

Section 4-1. Scope

Section 4-2. Disclosure of shares and voting rights

Section 4-3. Disclosure of other financial instruments

Section 4-4. Disclosure as a result of other circumstances

Section 4-5. Exemptions from the disclosure obligation

Section 4-6. Aggregation

Section 4-7. Deadline for notification

Section 4-8. Requirements on notification

Chapter 5. Ongoing and periodic information requirement, publication etc.

I. Ongoing information requirement

Section 5-1. (Revoked)

Section 5-2. (Revoked)

Section 5-3. (Revoked)

II. Periodic information requirement etc.

Section 5-4. Scope of application

Section 5-5. Annual financial reports

Section 5-5a. Reporting of payments to governments etc.

Section 5-6. Half-yearly financial reports

Section 5-7. Issuers from non-EEA countries

Section 5-8. Changes in share capital, rights, loans and articles of association

Section 5-8a. (Revoked)

Section 5-9. Information to shareholders etc.

Section 5-10. Information to lenders etc.

Section 5-11. (Revoked)

III. Disclosure of information etc.

Section 5-12. Disclosure, filing and storage of information

Section 5-13. Languages

IV. Equal treatment

Section 5-14. Equal treatment

Chapter 6. Mandatory bid obligation and the voluntary bid in connection with takeovers

Section 6-1. Mandatory bid obligation in connection with share acquisition

Section 6-2. Exceptions for certain types of acquisition

Section 6-3. Exceptions for certain institutions

Section 6-4. Takeover supervisory authority

Section 6-5. Consolidation

Section 6-6. Repeat application of the mandatory bid obligation and subsequent acquisitions

Section 6-7. Consent to share acquisition

Section 6-8. Notification to the takeover supervisory authority

Section 6-9. Sale of shares

Section 6-10. The bid

Section 6-11. Period of the bid

Section 6-12. New bid

Section 6-13. Requirements on the offer document

Section 6-14. Approval and public disclosure of the bid

Section 6-15. Fees

Section 6-16. The offeree company's statement regarding the bid

Section 6-17. Restriction of the offeree company’s freedom of action

Section 6-18. Public disclosure of the result of the bid

Section 6-19. Voluntary bids

Section 6-20. Exercise of shareholder rights in case of failure to make a mandatory bid

Section 6-21. Forced sale of shares

Section 6-22. Forced transfer of shares in connection with the mandatory bid obligation and voluntary bid

Section 6-23. Takeover bids with links to more than one state

Chapter 7. Prospectus requirements in connection with public offerings and admission to trading

I. EEA prospectuses

Section 7-1. Prospectus Regulation

Section 7-2. Application to equity certificates

Section 7-3. Threshold amount for the obligation to prepare an EEA prospectus

Section 7-4. Responsibility attaching to an EEA prospectus

II. National prospectuses

Section 7-5. Obligation to prepare national prospectuses

Section 7-6. Exemption from the obligation to prepare national prospectuses

Section 7-7. Content of and responsibility for national prospectuses

Section 7-8. Registration of national prospectuses in the Register of Business Enterprises

Section 7-9. Validity and publication of national prospectuses

Section 7-10. Supplements to national prospectuses

Section 7-11. Withdrawal of acceptance given in connection with national prospectuses

III. General provisions

Section 7-12. Competent prospectus authority

Section 7-13. Special powers of the competent prospectus authority

Section 7-14. Fee to cover expenses of prospectus control

Section 7-15. Supplementary regulations

Section 7-16. (Revoked)

Section 7-17. (Revoked)

Section 7-18. (Revoked)

Section 7-19. (Revoked)

Section 7-20. (Revoked)

Section 7-21. (Revoked)

Chapter 8. Implementation of the Markets in Financial Instruments Regulation and the DLT Regulation

Section 8-1. The Markets in Financial Instruments Regulation

Section 8-2. Implementation of the DLT Regulation

Section 8-3. (Revoked)

Section 8-4. (Revoked)

Section 8-5. (Revoked)

Section 8-6. (Revoked)

Section 8-7. (Revoked)

Part 3. Investment firms

Chapter 9. Application and conditions for authorisation

I. Application, procedural rules and withdrawal

Section 9-1. Authorisation to provide investment services and perform investment activities, as well as ancillary services

Section 9-2. Systematic internalisation

Section 9-3. Exemption from the authorisation requirement

Section 9-4. Application of the Act to credit institutions

Section 9-5. Application of the Act to the sale of, and advice relating to, structured deposits

Section 9-6. Application for authorisation

Section 9-7. Modification and withdrawal of authorisation

Section 9-7 a. Appointment of administrator

Section 9-8. Right of market operators to operate an MTF or organised trading facility

II. Conditions for authorisation

Section 9-9. Form of organisation

Section 9-10. Requirements on the management of the firm

Section 9-11. Functions and responsibilities of the board of directors

Section 9-12. Ownership structure etc.

Section 9-13. Notification of the acquisition of holdings in investment firms etc.

Section 9-14. Procedural deadlines etc.

Section 9-15. Suitability assessment upon acquisition etc.

Section 9-16. General requirements on the organisation of the business

Section 9-16a. Guidelines for active share ownership

Section 9-17. Telephone conversations and electronic communications

Section 9-18. Client funds and collateral arrangements etc.

Section 9-19. Product governance

Section 9-20. Processing of complaints

Section 9-21. Branches

Section 9-22. Definitions of algorithmic trading and direct electronic access

Section 9-23. Algorithmic trading

Section 9-24. Direct electronic access

Section 9-25. General clearing member

III. Special requirements applicable to MTFs and OTFs

Section 9-26. The trading process and finalisation of transactions in MTFs and OTFs

Section 9-27. Specific requirements for MTFs

Section 9-28. Specific requirements for OTFs

Section 9-29. Monitoring of compliance with the rules of MTFs and OTFs

Section 9-30. Suspension and removal of financial instruments from trading

Section 9-30a. Case processing etc.

IV. Growth market for small and medium-sized enterprises (SMEs)

Section 9-31. Growth market for SMEs

V. Cross-border activity and establishment of a branch in another EEA state

Section 9-32. Notification of activities in another EEA state

Section 9-33. Notification of the establishment of a branch or the use of tied agents established in another EEA state

Section 9-34. Activities in Norway of undertakings with their head office in another EEA state

Section 9-35. Application of the Securities Trading Act to a branch or Norwegian tied agent of an investment firm with its head office in another EEA ...

VI. Undertakings with their head office outside the EEA

Section 9-36. Establishment of a branch by undertakings with their head office outside the EEA

Section 9-37. Application of the Securities Trading Act to branches of undertakings with their head office outside the EEA

VII. Norwegian Investor Compensation Scheme

Section 9-38. Norwegian Investor Compensation Scheme

VIII. Capital structure etc.

Section 9-39. Initial capital

Section 9-40. Minimum requirement on own funds

Section 9-41. Risk weighted assets

Section 9-42. Requirements on capital conservation buffer, systemic risk buffer, buffer for systemically important entities and countercyclical capita...

Section 9-43. Liquidity and stable funding

Section 9-44. Exemptions from the Public Limited Companies Act section 8-1 and the Private Limited Companies Act section 8-1

Section 9-45. Maximum exposure to a single counterparty

Section 9-46. Consolidation

Section 9-47. Assessment of overall capital needs and supervisory follow-up

Section 9-48. Information requirement

Section 9-49. Corrective measures and orders

Chapter 10. Investment firm activities etc.

I. General provisions

Section 10-1. Ongoing conformity with conditions for authorisation

Section 10-1a. Format for information to the client

Section 10-2. Conflicts of interest

Section 10-3. Investment firms' right to engage in other business activity

Section 10-4. Employees' right to engage in business activity etc.

Section 10-5. Obligation of confidentiality for investment firms and their employees etc.

II. Client classification

Section 10-6. Professional clients

Section 10-7. Retail clients

Section 10-8. Procedural requirements for waiving protection as a retail client

III. Investor protection

Section 10-9. Conduct of business rules

Section 10-10. Information to the client

Section 10-10a. Disclosure obligation towards life insurance undertakings and pension undertakings

Section 10-11. Special requirements for the provision of independent investment advice

Section 10-12. Payment or benefit from or to anyone other than the client

Section 10-13. Remuneration of employees

Section 10-14. Employee qualification requirements

Section 10-15. Assessment of suitability and appropriateness

Section 10-15a. Sale of certain debt and capital instruments to non-professional clients

Section 10-16. Non-complex financial instruments

Section 10-17. Reporting to clients etc.

Section 10-18. Provision of services via another investment firm

Section 10-19. Execution of orders on terms most favourable to the client

Section 10-20. Disclosure of order execution information

Section 10-21. Handling of client orders

Section 10-22. Tied agents

Section 10-23. Provision of services in relation to eligible counterparties

Section 10-23a. Provision of services to professional clients

Section 10-24. Consideration of disputes by appeal board

Section 10-25. Link to web-based price portal

Part 4. Regulated markets

Chapter 11. Application and conditions for authorisation as a regulated market

I. Authorisation, application and withdrawal

Section 11-1. Authorisation to operate a regulated market and ongoing conformity with conditions

Section 11-2. Application for authorisation

Section 11-3. Modification and withdrawal of authorisation

Section 11-4. Merger and demerger of regulated market etc.

Section 11-5. Activities abroad

II. Conditions for authorisation

Section 11-6. Form of organisation

Section 11-7. Requirements as to the management of the market operator

Section 11-8. Duties and responsibilities of the board of directors

Section 11-9. Nomination committee

Section 11-10. Owner due diligence for regulated markets which are not stock exchanges

Section 11-11. Internal controls

Section 11-12. Auditor

Section 11-13. Obligation of confidentiality for market operators and their employees etc.

Section 11-14. Disqualification

Section 11-15. Right to hold financial instruments etc.

Section 11-16. Own funds requirement

Section 11-17. Liquidity requirement

Section 11-18. Organisational requirements

Section 11-19. Resilient systems and circuit breakers on regulated markets

Section 11-20. Agreements with market makers

Section 11-21. Algorithmic trading

Section 11-22. Direct electronic access

Section 11-23. Co-location services and fee structure

Section 11-24. Minimum tick size

Section 11-25. Synchronisation

Section 11-26. Transaction reporting on behalf of investment firms

Chapter 12. Requirements on the business of regulated markets.

Section 12-1. Restrictions on business activities

Section 12-2. Admission of financial instruments to trading etc.

Section 12-3. Suspension and removal of financial instruments

Section 12-4. Membership of a regulated market

Section 12-5. Market monitoring

Section 12-6. Designation of settlement system

Section 12-7. Admission to trading of financial instruments issued by a regulated market

Section 12-8. Regulations on case processing

Section 12-9. (Revoked)

Section 12-10. (Revoked)

Section 12-11. (Revoked)

Section 12-12. (Revoked)

Section 12-13. (Revoked)

Chapter 13. Authorisation and other requirements for operating as a stock exchange

Section 13-1. Authorisation to operate as a stock exchange etc.

Section 13-2. Admission of financial instruments to trading on a stock exchange

Section 13-3. Supervision of holdings in a stock exchange

Section 13-4. Acquisition without authorisation

Section 13-5. Control committee

Section 13-6. Halt to trading

Part 5. Data reporting services

Chapter 14. Authorisation of and conditions for data reporting services providers

Section 14-1. Definitions of data reporting services

Section 14-2. Authorisation to provide data reporting services

Section 14-3. Application for authorisation

Section 14-4. Modification and withdrawal of authorisations

Section 14-5. Requirements for the management body of a data reporting services provider

Section 14-6. Duties and responsibilities of the board of directors

Section 14-7. Organisational requirements for approved publication arrangements (APAs)

Section 14-8. Organisational requirements for consolidated tape providers (CTPs)

Section 14-9. Organisational requirements for approved reporting mechanisms (ARMs)

Section 14-10. Activities in Norway of undertakings with their head office in another EEA state

Part 6. The market for commodity derivatives, emission allowances etc.

Chapter 15. Establishment, reporting and enforcement of position limits

Section 15-1. Establishment of position limits

Section 15-2. Position management controls

Section 15-3. Position reporting

Section 15-4. Disclosure obligation and order to refrain

Section 15-5. Scope of application

Part 7. Securities settlement

Chapter 16. General provisions

Section 16-1. Execution of orders

Section 16-2. Investment firm’s right of security

Section 16-3. General rules of invalidity

Section 16-4. Objection in case of delayed performance

Chapter 17. OTC derivatives, central counterparties and trade repositories

Section 17-1. OTC derivatives, central counterparties and trade repositories

Section 17-2. National supervisory authority

Section 17-3. Obligation of confidentiality and surrender of information

Section 17-4. Organisation of a central counterparty

Section 17-5. Participation in a central counterparty on behalf of a client

Section 17-6. Authorisation from the district court and assistance from the police

Section 17-7. Enforcement

Section 17-8. Relationship to section 7-3 of the Satisfaction of Claims Act

Section 17-9. Withdrawal of central counterparty’s authorisation

Chapter 17A. Securities financing transactions and reuse of collateral

Section 17A-1. Securities financing transactions and reuse of collateral

Section 17A-2. Authorisation from the district court and assistance from the police

Section 17A-3. Enforcement

Chapter 18. Set-off of certain financial instruments

Section 18-1. Scope of application

Section 18-2. Set-off

Section 18-3. (Revoked)

Part 8. Supervision, sanctions etc.

Chapter 19. Supervision and administrative instruments

Section 19-1. Supervision of trading in financial instruments etc.

Section 19-2. Oversight activities, disclosure obligation and notification obligation

Section 19-3. Disclosure obligation for all persons upon suspicion of infringement of the Securities Trading Act

Section 19-4. Disclosure obligation towards the takeover supervisory authority

Section 19-5. Securing of evidence

Section 19-6. Finanstilsynet's obligation of confidentiality

Section 19-7. Orders etc.

Section 19-8. Prohibition against holding a managerial function

Section 19-9. Temporary prohibition of membership of a regulated market etc.

Section 19-10. Cumulative daily fine

Section 19-11. Administrative confiscation

Section 19-12. (Revoked)

Chapter 20. Supervision of investment firms with their head office in another EEA state

Section 20-1. Disclosure obligation

Section 20-2. Inspection of undertakings with their head office in another state

Section 20-3. Orders regarding corrective measures etc.

Section 20-4. Documentation from Norwegian branches and tied agents of undertakings with their head office in another EEA state

Section 20-5. Supervision of undertakings outside the EEA

Chapter 21. Administrative sanctions and criminal penalties

Section 21-1. Infringement of the Market Abuse Regulation etc.

Section 21-2. Infringement of the Short Selling Regulation

Section 21-3. Infringement of the rules governing disclosure of the acquisition of major shareholdings and periodic reporting etc.

Section 21-4. Infringement of prospectus rules

Section 21-5. Infringement of rules governing the securities market etc.

Section 21-6. Infringement of EMIR with regard to OTC derivatives, central counterparties etc.

Section 21-6 a. Infringement of the SFTR

Section 21-7. Infringement in connection with takeover bids

Section 21-8. Infringement of disclosure obligation and orders etc.

Section 21-9. Conditions for imposing an infringement penalty

Section 21-10. Calculation of total annual turnover upon imposition of an infringement penalty

Section 21-11. Time-bars etc.

Section 21-12. Temporary prohibition of own account trading in financial instruments

Section 21-13. Abetting

Section 21-14. Factors relevant to the imposition of administrative sanctions

Section 21-15. Criminal penalties

Section 21-16. Application to actions or omissions abroad

Part 9. Entry into force, transitional rules and amendments to other Acts

Chapter 22. Entry into force and transitional rules

Section 22-1. Entry into force

Section 22-2. Continuation of authorisations and regulations etc.

Chapter 23. Amendments to other Acts

Section 23-1. Amendments to other Acts

Ditt søk ga dessverre ingen treff.

Act on Securities Trading (Securities Trading Act)

Part 7. Securities settlement

Chapter 16. General provisions

Section 16-1.Execution of orders

Investment services as mentioned in section 2-1 subsection (2) shall be provided in the name of the investment firm. The investment firm is responsible to the principal and to the party with whom it concludes an agreement for due performance of orders that it has executed. The investment firm is not responsible to the principal in cases where the principal has approved the other party in advance.

Section 16-2.Investment firm’s right of security

(1) An investment firm has the right to retain the financial instruments it has purchased for a principal with respect to any claim arising from the assignment.

(2) If the principal fails to pay within three days of the agreed settlement date, the firm may itself sell the financial instruments for the principal's account to cover its claims, unless other agreement has been made.

(3) A cover sale as mentioned in subsection (2) shall be effected at market price or a price that is reasonable in relation to the market situation.

Section 16-3.General rules of invalidity

In case of purchase or sale of financial instruments through an investment firm the ordinary rules of contract invalidity apply to the relationship between the purchaser and the seller.

Section 16-4.Objection in case of delayed performance

Where a party fails to honour his obligations by the agreed date the other party must, except as otherwise agreed, immediately notify the matter if he wishes to invoke such delay as a basis for terminating the agreement.