Norwegian Financial Supervisory Authority (FSA)

Overview of the Norwegian Financial Supervisory Authority (Finanstilsynet)

The Norwegian Financial Supervisory Authority (Finanstilsynet), also referred to as the FSA of Norway, is the primary regulatory body overseeing financial markets in Norway. Established to ensure financial stability and market integrity, it operates under the Norwegian Ministry of Finance and supervises a broad range of financial entities, including banks, insurers, investment firms, and fintech companies. Its mandate extends to enforcing anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, aligning with both national laws and international standards.

Historical Background

Finanstilsynet was formed in 1986 through the merger of three predecessor agencies: the Bank Inspection Agency, the Broker Control Agency, and the Norwegian Insurance Council. Initially named the Credit Supervisory Authority (Kredittilsynet), it adopted its current name in December 2009 to reflect its expanded role in overseeing the broader financial sector. The agency is headquartered in Oslo and employs approximately 323 staff (as of 2022), funded entirely by fees from supervised institutions.

Legal Authority and Regulatory Framework

Finanstilsynet derives its authority from Norwegian legislation, including the Anti-Money Laundering Act (2018), which implements EU directives (4AMLD and 5AMLD) and FATF recommendations. It also enforces regulations set by the Storting (Norwegian parliament) and collaborates with international bodies like the European Securities and Markets Authority (ESMA) and the Financial Action Task Force (FATF). Its supervisory activities are risk-based, focusing on compliance, governance, and consumer protection.

Core Responsibilities and Scope

Finanstilsynet’s key functions include:

Licensing: Granting and revoking licenses for financial service providers, including forex brokers and crypto asset firms.
Supervision: Conducting on-site/off-site inspections to assess compliance with AML/CFT rules and financial stability requirements.
Reporting: Mandating suspicious activity reports (SARs) from regulated entities.
Consumer Protection: Ensuring fair treatment of customers and transparency in financial products.
International Cooperation: Participating in global regulatory networks like IOSCO and the FSB.

Contact Information

Address: Finanstilsynet, Postboks 1187 Sentrum, 0107 Oslo, Norway
Phone: +47 22 93 98 00
Email: [email protected]
Website: finanstilsynet.no (available in English and Norwegian)

How to Verify a Regulated Entity

To confirm if a financial firm is supervised by Finanstilsynet:

Visit the official website and navigate to the “Search Finanstilsynet’s registry” section.
Enter the entity’s name or registration number.
Review the search results for licensing status and any disciplinary actions.

Note: Finanstilsynet publishes biannual Risk Outlook reports and investor alerts to inform the public about unlicensed operators.