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Chapter 2. Requirement of licence to establish and carry on business as a financial institution

I. Right and exclusive right to carry on business in Norway

Section 2-1. Financing activity

Section 2-2. Deposit-taking activity etc.

Section 2-3. Payment services etc.

Section 2-4. Issuance of electronic money

Section 2-5. Foreign exchange business

Section 2-6. Insurance business etc.

II. Types of licence

Section 2-7. Banking licence

Section 2-8. Mortgage credit institution licence

Section 2-9. Finance company licence

Section 2-10. Payment institution licence

Section 2-10 a. Account information services provider

Section 2-11. Electronic money institution licence

Section 2-12. Insurance undertaking licence

Section 2-13. Life insurance undertaking licence

Section 2-14. Non-life insurance undertaking licence

Section 2-15. Credit insurance undertaking licence

Section 2-16. Pension fund licence

Section 2-17. Defined contribution pension undertaking licence

Section 2-18. (Revoked)

III. Corporate name

Section 2-19. Corporate name in the case of banks

Section 2-20. Corporate name in the case of insurance undertakings

Section 2-21. General requirements for name use

Section 2-22. Branch of a foreign financial institution

Chapter 3. Licensing process

Section 3-1. Application for a licence etc.

Section 3-2. Granting of licence, conditions etc.

Section 3-3. Ownership structure

Section 3-4. Minimum requirement for start-up capital

Section 3-5. Requirements on the management of the institution

Section 3-6. Start-up of business

Section 3-7. Change and revocation

Section 3-8. Change of licence terms and conditions

Chapter 4. Norwegian financial institutions' business abroad

Section 4-1. Purchase of a qualifying holding in and establishment of a subsidiary in another EEA member state

Section 4-2. Establishment of a branch in another EEA member state

Section 4-3. Cross-border business in another EEA member state

Section 4-4. Establishments outside the EEA etc.

Section 4-5. Further rules on Norwegian financial institutions' business abroad

Chapter 5. Foreign financial institutions' business in Norway

Section 5-1. Subsidiary of a foreign financial institution

Section 5-2. Branch of a credit institution, insurance undertaking, payment institution or electronic money institution headquartered in another EEA m...

Section 5-3. Branch of a finance company headquartered in another EEA member state

Section 5-4. Business of the branch of a financial institution headquartered in another EEA member state

Section 5-5. Cross-border business from another EEA member state

Section 5-6. Branch of a foreign financial institution not covered by sections 5-2 and 5-3

Section 5-7. Business of a branch of a financial institution not covered by sections 5-2 and 5-3

Section 5-8. Representative office of a foreign financial institution

Section 5-9. Mediation to a foreign insurance undertaking

Section 5-10. National contact point for agents of foreign payment institutions and electronic money institutions

Chapter 6. Supervision of owners of qualifying holdings in financial institutions

Section 6-1. Acquisition of holdings in financial institutions etc.

Section 6-2. Rules of procedure

Section 6-3. Assessment of fitness and propriety etc.

Section 6-4. Authorisation to acquire a qualifying holding

Section 6-5. Consolidation of holdings

Chapter 7. Establishment of financial institutions

I. Form of organisation

Section 7-1. Form of organisation for banks

Section 7-2. Form of organisation for insurance undertakings and pension undertakings

Section 7-3. Form of organisation for other financial institutions

Section 7-4. Relationship to the companies legislation and the Cooperative Societies Act

Section 7-5. Requirements on founders

Section 7-6. Founding of a financial institution as a private limited company or public limited company

Section 7-7. Founding of a financial institution that is not to be organised as a private limited company or public limited company

Section 7-8. Articles of association of a financial institution that is not organised as a private limited company or public limited company

Section 7-9. Payments, registration etc., for an institution that is not organised as a private limited company or public limited company

III. Other provisions

Section 7-10. Approval of articles of association

Section 7-11. Registration of licence

Section 7-12. Increase of ownerless capital

Chapter 8. General meeting, governing and control bodies etc.

I. General meeting

Section 8-1. Highest authority

Section 8-2. General meeting of a financial institution that is not organised as a private limited company or public limited company

Section 8-3. Meetings and resolutions of the general meeting of financial institutions that are not organised as private limited companies or public l...

II. Board of directors

Section 8-4. Composition etc. of the board of directors

Section 8-5. Board of directors of a financial institution which is a subsidiary of a financial group

Section 8-6. The board of directors' tasks and supervisory responsibility

Section 8-7. Relationship to the rules governing the board of directors' tasks under the companies legislation

Section 8-8. Agreements with holders of equity certificates and members of the institution's management

Section 8-9. Changes in the composition of the board of directors

Section 8-10. Day-to-day management

Section 8-11. CEO's tasks

Section 8-12. CEO's obligations towards the board of directors

Section 8-13. Management body

Section 8-14. Changes in the day-to-day management

IV. Enterprise assembly

Section 8-15. Enterprise assembly

V. Control bodies

Section 8-16. Internal audit

Section 8-17. Auditor

Section 8-17 a. Specific requirements regarding statutory audit of public-interest entities – Audit Regulation

Section 8-18. Obligation to have an audit committee

Section 8-19. Audit committee's tasks

Section 8-20. Election of audit committee and its composition

Section 8-21. Special investigations

Chapter 9. Elected officers and employees

I. General provisions

Section 9-1. Office or position in another financial institution

Section 9-2. Office or position in an institution with a business connection to the financial institution

Section 9-3. Participation in business activity

Section 9-4. Remuneration from parties other than the financial institution

Section 9-5. Incompetence

Section 9-6. Confidentiality regarding customer matters etc.

Section 9-7. Confidentiality in regard to a financial institution

Section 9-8. Processing of personal data in connection with employee authorisation schemes

II. Loans and guarantees

Section 9-9. Credit to employees and elected officers etc.

Section 9-10. Credit to an entity in which an elected officer or employee is a partner or board member

Section 9-11. Relationship to the companies legislation

Chapter 10. Equity capital

I. Equity capital

Section 10-1. Equity capital

Section 10-2. Ownerless capital and owner capital at financial institutions that have issued equity certificates

Section 10-3. Payment of equity capital

Section 10-4. Change of a financial institution's equity capital prescribed in its articles of association

Section 10-5. Acquisition of treasury shares or equity certificates. Credit to shareholders etc.

Section 10-6. Distribution of dividend etc.

Section 10-7. Application of the net profit of a financial institution that has not issued shares or equity certificates

Section 10-8. Repayment and write-down of equity capital

II. Equity certificates etc.

Section 10-9. Issuance of equity certificates

Section 10-10. Resolution to issue equity certificates and to increase owner capital

Section 10-11. Provisions of articles of association on voting rights and right to representation

Section 10-12. Subscription, registration etc., of equity certificates

Section 10-13. Payment of equity capital in a medium other than money upon issuance of equity certificates

Section 10-14. Premium and application of the equity premium reserve and compensation fund

Section 10-15. Transfer. Pledging

Section 10-16. Subscription and acquisition of treasury equity certificates

Section 10-17. Profits, dividends etc.

Section 10-18. Dividend equalisation fund

Section 10-19. Deficits

Section 10-20. Distribution of capital upon winding up

Section 10-21. Reduction of owner capital

Section 10-22. Increase of owner capital

Section 10-23. Subscription rights

Section 10-24. Loans conferring a right to request the issuance of equity certificates

Chapter 11. Debt capital etc.

I. Debt capital

Section 11-1. Debt capital

Section 11-2. Raising, write-down and conversion of debt capital

Section 11-3. The liability of members of loan associations and mutual insurance undertakings

Section 11-4. Repayment and write-down of own funds

II. Covered bonds

Section 11-5. Scope of application

Section 11-6. Definition and protected terms

Section 11-7. Business restrictions, notification obligation and approval of OMF programme

Section 11-8. Requirements on the composition of the cover pool

Section 11-9. Valuation

Section 11-10. Separation and protection of the cover pool

Section 11-11. Requirement as to overcollateralisation

Section 11-12. Liquidity

Section 11-13. Requirement as to registration and investor information

Section 11-14. Monitoring of the cover pool

Section 11-15. Preferential claim over the cover pool, joint debt recovery etc.

Section 11-15 a. Transitional rules

III. Securitisation

Section 11-16. Securitisation Regulation

Section 11-17. Special purpose entities

Section 11-18. Servicer

Section 11-19. Borrower rights

Section 11-20. Supervision

Section 11-21. List of non-cooperative jurisdictions in tax matters

Chapter 12. Corporate changes, winding up and conversion

I. Merger and demerger of financial institutions

Section 12-1. Authorisation

Section 12-2. Forms of business organisation

Section 12-3. Resolution on merger or demerger

Section 12-4. Establishment of a financial foundation. Distribution of dividends etc.

Section 12-5. Notification of merger or demerger. Notice to creditors

Section 12-6. Notification of coming into effect. Implementation

Section 12-7. Legal action concerning invalid merger or demerger

II. Winding up of financial institutions

Section 12-8. Winding up resolution

Section 12-9. Notification of winding up. Notice to creditors

Section 12-10. Liquidation board etc.

Section 12-11. Distribution of assets after winding up

Section 12-12. Winding up of savings bank, savings bank foundation

III. Conversion of a financial institution not organised as a private limited company or public limited company

Section 12-13. Authorisation etc.

Section 12-14. Conversion resolution

Section 12-15. Implementation of conversion

Section 12-16. Conversion to subsidiary owned by a new holding company

Section 12-17. Distribution of share capital and shares

Section 12-18. Articles of association. Registration

IV. General rules for financial foundations

Section 12-19. Establishment. Supervision etc.

Section 12-20. Articles of association

Section 12-21. Bodies

Section 12-22. The activities of a financial foundation

Section 12-23. Merger, winding up etc.

V. Special rules for savings bank foundations

Section 12-24. Savings bank foundations

Section 12-25. Continuation of the savings bank traditions

Section 12-26. Special rules on the activity of savings bank foundations

VI. Portfolio transfer

Section 12-27. Transfer of insurance or loan portfolios etc.

Section 12-28. Transfer of pension schemes

Chapter 13. Requirements on the business of financial institutions

I. Business restrictions and related business

Section 13-1. Prohibition against engaging in other business

Section 13-2. Related business etc.

Section 13-3. Intermediation of financial services for other financial institutions

Section 13-4. Outsourcing etc.

II. Requirements as to prudent operation, asset management etc.

Section 13-5. Prudent operation. Good business practice

Section 13-6. Assessment of risk and overall need for capital

Section 13-7. Liquidity management, liquidity reserve and stable funding

Section 13-8. Reporting to Finanstilsynet

Section 13-9. Holdings in institutions engaged in other business activity

Section 13-10. Asset management

Section 13-11. Overall holding of assets etc.

Section 13-12. Maximum exposure to a single counterparty

Section 13-13. Credit exposures. Risk classification

Section 13-14. Provision against loss

Section 13-15. Own assets as collateral

Section 13-16. Borrowing by insurance undertakings and pension undertakings

Section 13-17. Commission and other compensation for insurance mediation

III. Payment services and electronic money services

Section 13-18. Protection of funds

Section 13-19. Exchange of funds for electronic money. Prohibition of interest

Section 13-20. Redemption of electronic money

Section 13-21. Right to process and exchange payment data

IV. Investment strategy and exercise of active ownership at life insurance and pension undertakings

Section 13-22. Guidelines for active ownership

Section 13-23. Disclosure of investment strategy

Chapter 14. Capital and solvency requirements

I. Capital requirements for banks, mortgage credit institutions and finance companies

Section 14-1. Minimum requirements on own funds

Section 14-2. Risk weighted assets

Section 14-3. Buffer requirements

Section 14-4. (Revoked)

Section 14-5. Information requirements

Section 14-6. Supervisory follow up, rectification and orders

II. Capital requirements for insurance undertakings

Section 14-7. Requirements on provisions for insurance liabilities

Section 14-8. Valuation of assets and liabilities

Section 14-9. Own funds

Section 14-10. Solvency capital requirement

Section 14-11. Minimum capital requirement

Section 14-12. Information requirement

Section 14-13. Supervisory follow up, rectification and orders

Section 14-14. Insurance undertaking in an impaired financial position

Section 14-15. Small insurance undertakings

III. Capital requirements for pension undertakings

Section 14-16. Capital requirements for pension undertakings

IV. Capital requirements for payment institutions and electronic money institutions

Section 14-17. Capital requirements for payment institutions and electronic money institutions

Section 14-18. Capital requirements for payment institutions and electronic money institutions

Chapter 15. Financial institutions' remuneration policies

Section 15-1. Establishment of a remuneration policy

Section 15-2. Requirements on remuneration policies

Section 15-3. Orders and sanctions

Section 15-4. Board of directors’ role, remuneration committee, internal control

Section 15-5. Information requirement

Section 15-6. Declaration regarding determination of salary and other remuneration for senior employees

Chapter 16. Relationship to clients, marketing etc.

I. Relationship to clients, information and marketing etc.

Section 16-1. Organisation of customer service

Section 16-2. Financial institutions' obligation of confidentiality, processing of customer data etc.

Section 16-3. Appeals board for dealing with disputes

Section 16-4. Cash

Section 16-5. Obligation to inform about guarantee schemes et al.

Section 16-6. Pricing et al.

Section 16-7. Bundled products etc.

Section 16-8. Obligation to inform about prices and bundled products

Section 16-9. Insurance terms and conditions

Section 16-10. Link to internet-based price portal

II. Insurance distribution

Section 16-11. Insurance distribution

Section 16-12. Requirements on employees

Section 16-13. Product governance

Section 16-14. Management and handling of conflicts of interest in the distribution of insurance products

Section 16-15. Employee remuneration policy and payments by the customer in respect of insurance distribution activities

Section 16-16. Insurance mediation

Chapter 17. Financial groups and cooperation agreements

I. Establishment of financial groups etc.

Section 17-1. Licensing requirement

Section 17-2. Reorganisation into a financial group with a holding company as parent

Section 17-3. Holding company

Section 17-3 a. Exemption from the licence requirement for holding companies

Section 17-4. Financial group established by mutual insurance undertakings and savings banks

Section 17-5. Application, licence etc.

II Organisation of financial groups

Section 17-6. Parent company of a financial group

Section 17-7. Group institutions

Section 17-8. Requirements on the organisation of financial groups

Section 17-8 a. Requirement of an intermediate parent company for subsidiaries in a third-country group

Section 17-9. Organisational changes

Section 17-10. Group institutions' name use

III. Cooperation outside group relationships

Section 17-11. Cooperation agreement between financial institutions

Section 17-12. Cooperating group

Section 17-13. Special rules for cooperating groups

Chapter 18. Business of financial groups, consolidation etc.

Section 18-1. General requirements on financial groups

Section 18-2. Consolidation rules etc.

Section 18-3. Transactions between group institutions etc.

Section 18-4. Loans, guarantees etc. between group institutions

Section 18-5. Exchange of customer information between group institutions

Section 18-6. Obligation to notify cooperation agreements within a group

Section 18-7. Regulations

Chapter 19. Deposit guarantee scheme for banks

I. Deposit guarantee

Section 19-1. Deposit guarantee scheme

Section 19-2. Membership

Section 19-3. Deposits

Section 19-4. Covered deposits

Section 19-5. Unavailable deposits

Section 19-6. Calculation of reimbursements

Section 19-7. Deadline for reimbursement

Section 19-8. Cooperation with a guarantee scheme in another EEA member state

II. Deposit guarantee fund

Section 19-9. Available resources

Section 19-10. Members' contributions

Section 19-11. Use of resources

Section 19-12. Right of recourse

III. Administrative matters

Section 19-13. Management of the scheme

Section 19-14. Administrative requirements

Section 19-15. Obligation to inform depositors

Section 19-16. Non-performance

Section 19-17. Right of appeal. Legal action

Chapter 20. Capital inadequacy and insolvency of banks, mortgage credit institutions and financial groups

I. General provisions

Section 20-1. Scope of application

Section 20-2. Prohibition against bankruptcy filing

Section 20-3. Resolution authority

Section 20-4. Proportionality. Regulations

II. Preparedness

Section 20-5. Recovery plan

Section 20-6. Resolution plan

Section 20-6 a. Material impediments to resolvability

Section 20-7. Simplified requirements on plans

Section 20-8. Agreements on intra-group financial support

Section 20-9. Minimum requirements on eligible liabilities

Section 20-9 a. Restrictions on distributions upon breach of the minimum requirements on eligible liabilities

Section 20-10. Facilitating write-down and conversion

III. Early intervention

Section 20-11. Infringement of statutory requirements

Section 20-12. Serious infringement of statutory requirements

Section 20-13. Notification by a failing institution

Section 20-14. Write-down and conversion of own funds

IV. Resolution and resolution tools

Section 20-15. Resolution decision

Section 20-16. Valuation of assets and liabilities

Section 20-17. Administration board

Section 20-18. Effects of a decision on resolution

Section 20-19. Choice of resolution tool(s)

Section 20-20. Further rules on the application of resolution tools

Section 20-21. Transfer of business to another institution

Section 20-22. Transfer of business to a bridge institution

Section 20-23. Transfer of assets and liabilities to an asset management vehicle

Section 20-24. Bail-in

Section 20-25. Eligible liabilities

Section 20-25 a. Own funds and eligible liabilities for subsidiaries

Section 20-26. Implementation of bail-in

Section 20-27. Business reorganisation plan

V. Government stabilisation tools

Section 20-28. Government stabilisation tools

VI. Winding up of institutions under public administration

Section 20-29. Decision to wind up an institution under public administration

Section 20-30. Effects of an order to wind up an institution under public administration

Section 20-31. Implementation of wind up of an institution under public administration

VI A. Order of priority with regard to coverage of claims (rules of priority)

Section 20-32. Order of priority with regard to resolution or winding up

VII. Intervention in contracts and additional powers

Section 20-33. Transfer of assets etc.

Section 20-34. Relationship to the institution's contracts

Section 20-35. Suspension of claims and security interests

Section 20-36. Suspension of termination rights etc.

VIII. Safeguards for shareholders, creditors and counterparties

Section 20-37. Loss limits for shareholders and creditors of an institution under resolution

Section 20-38. Re-examination and new valuation

Section 20-39. Safeguards for counterparties

Section 20-40. Hedging, set-off and netting arrangements

Section 20-41. Security arrangements

Section 20-42. Structured finance arrangements and covered bonds

Section 20-43. Payment, clearing and settlement systems

Section 20-44. Appeal. Legal action

IX. Financial groups and institutions engaged in cross-border activity

Section 20-45. Decisions with effect in another EEA member state

Section 20-46. Resolution colleges

Section 20-47. Resolution of an institution whose parent company is in another EEA member state

Section 20-48. Resolution of a Norwegian parent company of a financial group operating within the EEA

Section 20-49. Branch in Norway of a foreign institution

X. Resolution financing arrangement

Section 20-50. Available resources

Section 20-51. Contributions from the institutions

Section 20-52. Use of resources

Section 20-53. Use of the resolution financing arrangement's resources in the case of a group resolution

Section 20-54. Contributions from the deposit guarantee fund

Section 20-55. Right of recourse

Section 20-56. Asset management and administrative tasks

Section 20-57. Appeal against decisions regarding contributions to the resolution financing arrangement

Chapter 20A. Guarantee schemes for insurance undertakings

I. Guarantee scheme for non-life insurance

Section 20A-1. Scope of application. Purpose

Section 20A-2. Board of directors and articles of association etc.

Section 20A-3. Membership

Section 20A-4. Members’ liability to the Guarantee Scheme

Section 20A-5. Capital calls

Section 20A-6. Disbursement from the Guarantee Scheme

Section 20A-7. Reporting, accounts and audit

II. Other guarantee schemes

Section 20A-8. Other guarantee schemes

Chapter 21. Capital inadequacy and public administration

I. Payment difficulties and capital adequacy difficulties

Section 21-1. Notice of payment difficulties etc.

Section 21-2. Finanstilsynet's authority

Section 21-3. Audited statement of financial position

Section 21-4. Notice of general meeting

Section 21-5. Reduction of share capital and owner capital

Section 21-6. Reduction of subordinated debt

II. Public administration

Section 21-7. Scope of application

Section 21-8. Debt negotiation or winding-up

Section 21-9. Capital inadequacy

Section 21-10. Notification to the ministry

Section 21-11. Public administration order

Section 21-12. Effects of a public administration order

Section 21-13. Administration board and auditor

Section 21-14. Administration board's and auditor's tasks and competence

Section 21-15. Resumption of ordinary operations

Section 21-16. Winding up

III. Special rules for insurance undertakings and pension undertakings

Section 21-17. Scope of application

Section 21-18. Insurance liabilities

Section 21-19. Termination of non-life insurances and certain life insurances

Section 21-20. Disposal of a life insurance portfolio

Chapter 22. Penalties. Sanctions

Section 22-1. Penalties

Section 22-2. Orders and coercive measures

Section 22-3. Disclosure requirement

Section 22-4. Fine for infringement of rules on audit committees and auditor elections

Section 22-5. Factors relevant to the imposition of infringement fines

Section 22-6. Time-bars etc.

Section 22-7. Finanstilsynet's obligation of confidentiality etc.

Chapter 23. Entry into force, transitional provisions, repeal and amendment of other Acts

Section 23-1. Entry into force

Section 23-2. Transitional provisions

Section 23-3. Repeal and amendment of other acts

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➦ Norsk versjon

Act on financial institutions and financial groups (Financial Institutions Act)

Date	LOV-2015-04-10-17
Ministry	Ministry of Finance
Entry into force	01.01.2016
Last consolidated	LOV-2025-04-10-11 from 01.08.2025
Abbreviated title	Financial Institutions Act
Original title	Lov om finansforetak og finanskonsern (finansforetaksloven)

Kapitteloversikt:

Amendment Acts incorporated in this text: This translation was first published on 28 April 2023 and included amendment Act of 23 May 2022 No. 31 (in force 8 July 2022) and all earlier amendment Acts.
Amendments incorporated since then: Act 23 November 2018 No. 87 (in force 1 April 2019), Act 6 December 2019 No. 77 (in force 11 August 2023), Act 18 December 2020 No. 146 (in force 1 January 2023), Act 8 April 2022 No. 20 (in force 1 January 2023), Act 22 June 2022 No. 79 (in force 1 January 2023), Act 16 December 2022 No. 91 (in force 1 July 2023), Act 31 March 2023 No. 5 (in force 1 April 2023), Act 20 December 2023 No. 114 (in force 1 January 2024), Act 22 March 2024 No. 13 (in force 1 July 2024), Act 21 June 2024 No 42 (in force 1 November 2024), Act 25 June 2024 No. 60 (in force 1 July 2024), Act 22 March 2024 No. 13 (in force 1 January 2025), Act 21 June 2024 No 41 (in force 1 April 2025), Act 23 April 2021 No. 22 as amended by Act 10 April 2025 No. 11 (1 August 2025), Act 10 April 2025 No. 11 (1 August 2025), Act 27 May 2025 No. 18 (1 July 2025).

This is an unofficial translation of the Norwegian version of the Act and is provided for information purposes only. Legal authenticity remains with the Norwegian version as published in Norsk Lovtidend. In the event of any discrepancy, the Norwegian version shall prevail.

The translation is provided by the Financial Supervisory Authority of Norway.