Act on Securities Trading (Securities Trading Act)

Part 7. Securities settlement

Chapter 17A. Securities financing transactions and reuse of collateral

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

(1) The EEA Agreement Annex IX No. 31bh (Regulation (EU) 2015/2365) on transparency of securities financing transactions and of reuse (SFTR), as amended by Commission Delegated Regulation (EU) 2019/463, applies as Norwegian law with such modifications as follow from Annex IX, Protocol 1 to the Agreement and the Agreement in general.
(2) The ministry may by regulations make further provision on securities financing transactions and reuse.
(3) Finanstilsynet may by regulations make provision to the effect that legal and supervisory frameworks in third countries are equivalent to that required under the SFTR as implemented in subsection (1).
(4) The ministry may by regulations make amendments to, and prescribe exemptions from, the provisions implemented under subsection (1) to implement Norway’s obligations under the EEA Agreement.

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

(1) On-site inspection pursuant to the SFTR Article 9, as implemented in section 17A-1 subsection (1), cf. EMIR Article 63, as implemented in Section 17-1 ,subsection (1) requires authorisation from the district court
(2) Finanstilsynet may request police assistance to execute the court’s on-site inspection decision
(3) A petition for authorisation pursuant to subsection (1) shall be presented by Finanstilsynet or the EFTA Surveillance Authority to the district court in the locality where it is most practical to do so. The court shall render its decision by order. An appeal against such order shall not have suspensive effect. The Criminal Procedure Act section 201, subsection (1); sections 117 to 120, cf. section 204; section 207; section 208; section 209; section 213 and chapter 26 and the Public Administration Act section 15, subsection (2), apply insofar as appropriate. If prior announcement of an on-site inspection can be omitted pursuant to Article 63 of EMIR, cf. section 17-1, and Finanstilsynet or the EFTA Surveillance Authority so requests, the party that is the object of such petition shall not be given prior notice of the petition or the order.

Section 17A-3.Enforcement

Finanstilsynet shall verify that the basis for enforcement is authentic pursuant to the enforcement provisions of the SFTR Article 9 as implemented in section 17-1 subsection (1), cf. EMIR Article 8 no. 4, as implemented in section 17-1 subsection (1).