The Finanstilsynet - Financial Supervisory Authority of Norway is an independent government agency, which is responsible for financial supervision.
The Finanstilsynet – Financial Supervisory Authority of Norway is an independent government agency, which is responsible for financial supervision and regulation across Norway. The agency is based on laws, decisions and frameworks that are originating from the Parliament (Stortinget), the Government and the Ministry of Finance.
Moreover, international standards for financial management and directive have been taken into consideration while constructing the regulatory body.
Tasks of Finanstilsynet – Financial Supervisory Authority of Norway
Through its management of entities and markets, Norwegian regulator strives to encourage financial stability and systematic market conditions. Additionally, Finanstilsynet intends to promote confidence that financial contracts will be honored and services properly implemented. In addition to abovementioned, Norwegian watchdog sustains a preparedness for working with concrete issues that might arise.
Finanstilsynet’s fundamental is that Norwegian entities must be granted competitive conditions. Which are in line with those for institutions in other EEA member countries. Additionally, the regulatory body is mandated to observe the banks, financial companies, mortgage companies, pension funds, investment firms, insurance companies, securities fund management and market conduct in the securities market, stock exchanges and authorized market places. The settlement centers and securities registers, estate agencies, debt collection agencies, and external accountants and auditors are also under its supervision.
Kredittilsynet was renamed to Finanstilsynet
Kredittilsynet commenced its activities in 1986 as the first unified supervisory authority for the financial market in the western region. On the 21st of December 2009 Kredittilsynet was renamed to Finanstilsynet. In 1986, the Banking Inspectorate was merged with the Insurance Council. This merger created Kredittilsynet. Afterward, other countries followed this practice.
Via its additional responsibility for the real estate agency, insurance mediation, and the debt collection, Finanstilsynet’s observes auditors and accountants. In addition, the regulator is responsible for assuring the compliance of listed companies with the Accounting Act and international financial reporting principles. Also. the regulatory body provides safety for users.