(1) Finanstilsynet may impose an infringement penalty for infringement of the Market Abuse Regulation, see section 3-1, Article 14(c) on prohibition of unlawful disclosure of inside information, Article 15 on prohibition of market manipulation, Article 16 on prevention and detection of market abuse, Article 17 on public disclosure of inside information, Article 18 on insider lists, Article 19 on managers’ transactions and Article 20 on investment recommendations and statistics, section 3-7 and regulations made to supplement the above provisions.

(2) For natural persons an infringement penalty of up to NOK 43 million may be imposed for infringement of the Market Abuse Regulation Article 14(c), Article 15 and section 3-7; NOK 9 million for infringement of Article 16 and Article 17; and up to NOK 5 million for infringement of Article 18, Article 19 and Article 20.

(3) For legal persons an infringement penalty of up to NOK 127 million, or up to 15 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed for infringement of the Market Abuse Regulation Article 14(c), Article 15 and section 3-7 and up to NOK 22 million, or up to 2 per cent of the total annual turnover according to the last approved annual financial statements, for infringement of Article 16 and Article 17. An infringement penalty of up to NOK 9 million may be imposed for infringement of Article 18, Article 19 and Article 20.

(4) The infringement penalty may be set at up to three times the amount of profits gained or losses avoided because of the infringement, if this results in a higher penalty than the penalty assessed under subsection (2) or (3).

(5) The ministry may make regulations to supplement this section, including provisions on the size of penalties, time-bars, to whom the penalty shall accrue, whether it should be grounds for enforcement by distraint, and other provisions with regard to collection.

Section 21-2.Infringement of the Short Selling Regulation

(1) Finanstilsynet may impose an infringement penalty for infringement of the Short Selling Regulation, see section 3-5, Articles 5 to 10 on reporting, Articles 12 to 15 on uncovered short sales and regulations made to supplement those provisions.

(2) The provisions of section 21-5 subsections (3) to (5) apply.

(3) The ministry may make regulations to supplement this section.

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

(1) Finanstilsynet may impose an infringement penalty for infringement of the rules of chapter 4 and section 5-8 subsections (1) and (3) regulations made to supplement those provisions.

(2) Finanstilsynet may impose an infringement penalty on undertakings as mentioned in section 19-1 subsection (2) where the undertaking’s financial reporting or reporting of payments to governments is not in conformity with law or regulations. An appeal against such decision shall be decided in accordance with the rules of section 19-12.

(3) Subsection (2) applies equally where an undertaking infringes the Public Limited Companies Act section 6-41, section 6-43 or section 7-2; the Audit Regulation, cf. the Auditors Act section 12-1, Articles 16 and 17; or equivalent rules with which the undertaking is required to comply under the Securities Trading Act or regulations issued pursuant thereto.

(4) For legal persons an infringement penalty of up to NOK 82 million, or up to 5 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed.

(5) For natural persons an infringement penalty of up to NOK 17 million may be imposed.

(6) The infringement penalty may be set at up to twice the amount of profits gained or losses avoided because of the infringement if this results in a higher penalty than the penalty assessed under subsection (2) or (3).

(7) The ministry may make regulations to supplement this section.

Section 21-4.Infringement of prospectus rules

(1) Finanstilsynet may impose an infringement penalty for infringement of chapter 7 subchapter I on EEA prospectuses, subchapter II on national prospectuses and regulations made to supplement those provisions.

(2) For legal persons an infringement penalty of up to NOK 47 million, or up to 3 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed.

(3) For natural persons an infringement penalty of up to NOK 7 million may be imposed.

(4) The infringement penalty may be set at up to twice the amount of profits gained or losses avoided because of the infringement, if this results in a higher penalty than the penalty under subsection (2) or (3).

(5) The ministry may make regulations to supplement this section.

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

(1) Finanstilsynet may impose an infringement penalty for infringement of chapters 8 to 15, obligations arising from administrative decisions made with a basis in some of the provisions mentioned, and regulations made to supplement those provisions.

(2) Subsection (1) does not apply to undertakings with their head office in another EEA state as mentioned in section 9-34. An infringement penalty may be imposed on such undertakings and natural persons connected to any such undertaking, the Norwegian branch or the tied agent, for infringement of the provisions referred to in section 9-35.

(3) For undertakings an infringement penalty of up to NOK 43 million, or up to 10 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed.

(4) For natural persons an infringement penalty of up to NOK 43 million may be imposed.

(5) The infringement penalty may be set at up to twice the amount of profits gained or losses avoided because of the infringement, if this results in a higher penalty than the penalty assessed under subsection (3) or (4).

(6) The ministry may make regulations to supplement this section.

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

(1) Finanstilsynet may impose an infringement penalty for infringement of EMIR, see section 17-1, Articles 4 to 13 on clearing, reporting and risk mitigation etc. of OTC derivatives, Articles 26 to 54 on organisational requirements for central counterparties and interoperability arrangements and regulations made to supplement those provisions.

(2) The provisions of section 21-5 subsections (3) to (5) apply.

(3) The ministry may make regulations to supplement this section.

Section 21-6 a.Infringement of the SFTR

(1) Finanstilsynet may impose an infringement penalty for infringements of the SFTR, cf. Section 17A-1, Article 4 or 15 or regulations made to supplement those provisions.

(2) For legal persons an infringement penalty of up to NOK 50 million, or up to 10 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed for infringement of Article 4 or regulations to supplement this section.

(3) For legal persons an infringement penalty of up to NOK 150 million, or up to 10 per cent of the total annual turnover according to the last approved annual financial statements, may be imposed for infringement of Article 15 or regulations to supplement this section.

(4) For natural persons an infringement penalty of up to NOK 4 million may be imposed.

(5) The infringement penalty may be set at up to three times the amount of profits gained or losses avoided because of the infringement, if this results in a higher penalty than the penalty under subsections (2) to (4).

Section 21-7.Infringement in connection with takeover bids

(1) The takeover supervisory authority may impose an infringement penalty on any person who fails to comply with an order issued by the takeover supervisory authority under section 19-4, see section 19-7 subsection (10) second sentence.

(2) The provisions of section 21-5 subsections (3) to (5) apply with equal effect, except as otherwise provided.

(3) The ministry may make regulations to supplement this section, including on the size of penalties, time-bars, to whom the penalty shall accrue, whether it should be grounds for enforcement by distraint, and other provisions with regard to collection.

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

(1) Finanstilsynet may impose an infringement penalty on anyone who fails to comply with Finanstilsynet’s orders under section 19-7 subsections (5), (6) or (9).

(2) The provisions of section 21-5 subsections (3) to (5) apply with equal effect.

Section 21-9.Conditions for imposing an infringement penalty

(1) An infringement penalty pursuant to this chapter may only be imposed on natural persons for wilful or negligent infringement.

(2) The Public Administration Act section 46 subsection (1) applies to undertakings.

(3) The ministry may by regulations provide that aggravated negligence shall be a condition for imposing an infringement penalty.

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

Where provisions on infringement penalties relate the calculation of infringement penalty rates to the total annual turnover according to the last approved annual financial statements, the total turnover of a parent company or a subsidiary of a parent company that is required to prepare consolidated financial statements under Directive 2013/34 EU shall be the total annual turnover, or equivalent income under relevant accounting directives, according to the last available consolidated annual financial statements approved by the management of the overarching parent undertaking.

Section 21-11.Time-bars etc.

(1) Finanstilsynet’s power to impose infringement penalties pursuant to this chapter becomes time-barred five years after the infringement ceased. The time-bar ceases to run where Finanstilsynet gives prior notification of an infringement penalty or makes an order imposing such penalty.

(2) The ministry may make regulations concerning interest payable in the event of late payment of an infringement penalty and further provisions on time-bars.

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

(1) Where employees of an investment firm wilfully or through negligence infringe the provisions mentioned in section 21-1 subsection (1), Finanstilsynet may make an order prohibiting the person concerned from trading for own account in specified financial instruments or on specified markets for a period of up to two years.

(2) Finanstilsynet may upon application make exemptions from the prohibition in respect of particular trades.

(3) The power to impose a prohibition pursuant to this section becomes time-barred two years after the infringement ceased. The time-bar ceases to run where Finanstilsynet gives prior notification or makes an order prohibiting trading for own account.

(4) The ministry may make regulations to supplement this section.

Section 21-13.Abetting

Abetting the infringement of the provisions mentioned in sections 21-1 to 21-8 is liable to the same sanctions.

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

In the decision of whether an administrative sanction shall be imposed and in the assessment of the penalty, account may be taken of:

1.	the gravity and duration of the infringement,

2.	the degree of culpability of the infringer,

3.	the infringer’s financial capability, especially overall turnover or annual income and assets,

4.	profits gained or losses avoided,

5.	losses inflicted on any third party as a result of the infringement,

6.	willingness to cooperate with the authorities,

7.	previous infringements,

8.	factors as mentioned in the Public Administration Act section 46 second subsection,

9.	other relevant factors.

Section 21-15.Criminal penalties

(1) Anyone who wilfully or through negligence infringes the Market Abuse Regulation, see section 3-1, Article 14(a) or (b) on the prohibition of insider dealing or Article 15 on the prohibition of market manipulation shall be punished by fine or by imprisonment not exceeding six years.

(2) A fine or imprisonment not exceeding four years shall be handed down to anyone who wilfully or through negligence infringes the Market Abuse Regulation, see section 3-1, Article 14(c) on the prohibition of unlawful dissemination of inside information.

(3) A fine or imprisonment not exceeding three years shall be handed down to anyone who wilfully or through negligence infringes section 9-1 or sections 10-9 to 10-17.

(4) A fine or imprisonment not exceeding one year shall be handed down to anyone who wilfully or through negligence infringes:

1.	the Market Abuse Regulation, see section 3-1, Article 16 on the prevention and detection of market abuse, Article 17 on public disclosure of inside information, Article 18 on insider lists, Article 19 on managers’ transactions, Article 20 on investment recommendations and statistics or section 3-7,

2.	the Short Selling Regulation, see section 3-5, Articles 5 to 10 on reporting or Articles 12 to 15 on uncovered short sales,

3.	section 4-2,

4.	the Prospectus Regulation, see section 7-1, Article 3 on the obligation to publish a prospectus and exemption, Article 6 on the prospectus, Article 23 on supplements to the prospectus, section 7-5, section 7-7 subsection (1) or section 7-10,

5.	section 9-16 subsection (1) no. 8, section 9-17, section 9-18 or section 9-23,

6.	sections 10-3 to 10-5,

7.	section 15-1 subsection (8), section 15-3 or section 15-4, or

8.	fails to comply with an order or request pursuant to section 19-5 or section 19-7, including where the power to make orders is delegated pursuant to section 19-1 subsection (4).

(5) Subsections (1) to (4) apply equally to regulations to supplement the individual provisions.

Section 21-16.Application to actions or omissions abroad

(1) The provisions of this chapter are applicable – irrespective of whether the omissions or actions have taken place abroad, and irrespective of whether they have been undertaken by Norwegian or foreign nationals or undertakings – to the infringement of:

1.	the Market Abuse Regulation, see section 3-1, where the act or omission relates to:

instruments or products referred to in the Market Abuse Regulation Article 2(1) and (2) which are admitted to trading on a regulated market or for which admission to trading has been requested, are auctioned on an auction platform or which are traded on an MTF or OTF or for which trading on an MTF operating in Norway has been requested.

b.	instruments, products or contracts pursuant to the Market Abuse Regulation Article 2(1) and (2) the value of which depends on or has an effect on the value of instruments referred to in (a),

c.	a benchmark as mentioned in the Market Abuse Regulation Article 2(2) the administrator of which or contributor to which is operating in Norway,

2.	the Short Selling Regulation, see section 3-5, or order made pursuant thereto, where the action or omission has a connection to Norway as mentioned in Article 2 (1) (j) of the Short Selling Regulation.

3.	section 3-7 on the prohibition of unreasonable business methods in case as mentioned in subsection (3) of this section.

4.	section 4-2 on the obligation to disclose the acquisition of large shareholdings as mentioned in section 4-1,

5.	the Prospectus Regulation, see section 7-1, where the action or omission has a connection to Norway as mentioned in Article 2(m),

6.	section 15-4 on position reporting in cases as mentioned in section 5-15 subsection (1),

7.	provisions pursuant to this Act which regulate specific activities,

8.	other provisions where it appears clear that the action or omission falls within the territorial scope of the accepted standard.

(2) Subsection (1) applies equally where it otherwise follows from the Criminal Code sections 4 to 8 or section 1-2 of this Act that the provisions are applicable to the action or omission.