Act on Securities Trading (Securities Trading Act)

Part 3. Investment firms

Chapter 9. Application and conditions for authorisation

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

Section 9-32.Notification of activities in another EEA state
(1) An investment firm intending to provide investment services or perform investment activities, as well as ancillary services, directly from a place of business in Norway to another EEA state, shall notify Finanstilsynet accordingly.
(2) The notification shall include the following information:
1.the EEA state in which the firm intends to engage in business activities (the host state), and
2.a programme of operations describing which investment services, investment activities and ancillary services the firm intends to provide. If the investment firm intends to use tied agents established in Norway, the firm shall provide relevant information, including the identity of the tied agents.
(3) Finanstilsynet shall forward the notification to the supervisory authority of the host state within one month of the receipt of a complete notification as mentioned in subsection (1), including on the use of tied agents and their identity. Finanstilsynet shall immediately give the investment firm notice that this has been forwarded. The investment firm may start its business activities once such notice has been received.
(4) An investment firm or market operator operating an MTF or an OTF, and intending to engage in such activity in another EEA state, shall notify Finanstilsynet accordingly. The notification shall indicate the EEA state in which the undertaking intends to carry on activities. Finanstilsynet shall forward the notification to the supervisory authority of the host state within one month of receiving it. Finanstilsynet shall, upon request and within a reasonable period, forward to the supervisory authority of the host state information on the identity of the MTF's remote participants established in the host state.
(5) Credit institutions intending to provide services as mentioned in subsection (1) via tied agents established in Norway shall notify Finanstilsynet accordingly. The notification shall indicate the identity of the tied agents. Finanstilsynet shall forward the notification to the supervisory authority of the host state within one month of receiving it.
(6) The undertaking shall give Finanstilsynet written notice of any changes to the information mentioned in subsections (2), (4) and (5) at least one month before implementing the change. Finanstilsynet shall inform the supervisory authority of the host state of that change.
(7) The ministry may make regulations to supplement this section.
Section 9-33.Notification of the establishment of a branch or the use of tied agents established in another EEA state
(1) An investment firm intending to provide investment services or perform investment activities, as well as ancillary services, in another EEA state through the establishment of a branch, or by using tied agents established in another EEA state, shall notify Finanstilsynet accordingly.
(2) The notification shall include the following:
1.the EEA state in which the firm intends to establish a branch or intends to use tied agents established there without establishing a branch (the host state),
2.a programme of operations describing the services or the investment activities to be provided,
3.a description of the organisational structure of the branch, including whether the branch intends to use tied agents established in the host state and, if applicable, the identity of those tied agents,
4.a description of the intended use of tied agents and the organisational structure, showing how the agents fit into the corporate structure of the investment firm, including reporting lines, if the firm uses tied agents established in the host state and has not established a branch,
5.the address in the host state where documents may be obtained,
6.the names of individuals constituting the management of the branch or the tied agent.
(3) Finanstilsynet shall forward the notification to the supervisory authority of the host state within three months of the receipt thereof and notify the investment firm accordingly. Finanstilsynet shall also forward information on any compensation scheme whose purpose is to protect clients of the branch. As soon as the investment firm has received notification from the supervisory authority of the host state, the branch may be established and commence business. The same shall apply if the investment firm has not received notification from the supervisory authority of the host state within two months of having been notified by Finanstilsynet.
(4) Credit institutions intending to provide services as mentioned in subsection (1) via tied agents established in another EEA state, shall notify Finanstilsynet accordingly. The notification shall include information referred to in subsection (2). Subsection (3) applies equally.
(5) Forwarding to the supervisory authority of the host state pursuant to subsections (3) and (4) shall not take place if Finanstilsynet has reason to doubt the adequacy of the administrative structure or financial situation of the investment firm, taking into account the activities planned. Finanstilsynet shall in such case inform the investment firm of the grounds for its decision within three months of Finanstilsynet's receipt of all information in the matter.
(6) The undertaking shall give Finanstilsynet written notice of any changes to the information mentioned in subsections (2) and (4) at least one month before implementing the change. Finanstilsynet shall inform the supervisory authority of the host state of that change.
(7) Finanstilsynet shall notify the supervisory authority of the host state if any changes are made to information communicated in relation to any compensation scheme whose purpose is to protect clients of the branch.
(8) The ministry may make regulations to supplement this section.
Section 9-34.Activities in Norway of undertakings with their head office in another EEA state
(1) Investment firms and credit institutions with their head office in another EEA state (the home state) may provide investment services and perform investment activities in Norway in the following manner:
1.directly from a place of business in the home state, also through the use of tied agents established in the home state, or
2.through the establishment of a branch or the use of tied agents established in Norway.
(2) Undertakings referred to in (1) must have authorisation to provide such investment services and be subject to supervision in the home state. The undertaking may only provide ancillary services together with investment services or investment activities.
(3) The undertaking may provide the relevant investment services and perform investment activities in Norway pursuant to subsection (1) no. 1 once Finanstilsynet has received notification from the supervisory authority in the home state.
(4) Finanstilsynet shall, within two months of Finanstilsynet having received notification from the supervisory authorities in the home state of the establishment of a branch or the use of tied agents pursuant to subsection (1) no. 2, confirm to the undertaking that the notification has been received. The branch may be established once Finanstilsynet has given such confirmation or, at the latest, two months after Finanstilsynet has received the notification.
(5) If an investment firm with its head office in another EEA state uses a tied agent established in Norway, such agent is deemed to be tied to the branch if a branch has been established. The tied agent is in any event subject to provisions corresponding to those applicable to branches under this Act. Section 10-22 shall apply equally to the tied agent.
(6) The ministry may make regulations to supplement this section.
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 state
(1) Sections 10-9 to 10-22, Articles 14 to 26 of the Markets in Financial Instruments Regulation and regulations pursuant thereto, as well as chapter 20 and 21, shall apply to undertakings with their head office in another EEA state which provide investment services or perform investment activities in Norway through a branch or tied agent established in Norway; see section 9-34 subsection (1) no. 2.
(2) The ministry may grant exemption from this section where the activities are limited, or where the firm's activities are governed by corresponding provisions laid down by the authorities in the home state of the undertaking.
(3) The ministry may make regulations to supplement this section.