Norway – CM PB

2024, Cross-border, Update

Country Manual Private Banking – Norway BRP Update 2024

BRP has updated its Country Manual Private Banking for Norway out of bank’s country of establishment (DEF, RS, BT and RT)

Source of changesAnswers
Law / RegulationYes
New Position of the AuthoritiesNo
Evolution of Expert’s InterpretationNo

Regulatory Template, Regulatory Summary and Behaviour Template

Material changes

A new section 9-39a of the Norwegian Securities Trading Regulations sets out an exemption allowing third-country, non-EEA entities to provide investment services and conduct investment activities in or into Norway, without obtaining a licence. Such activities may thus be provided both actively and upon request, either via remote means of communication or (on an occasional basis) on Norwegian territory. Non-passported EEA entities do not benefit from this exemption.

The exemption only applies where the client is an eligible counterparty (including the Norwegian Bank’s Guarantee Fund (nw. Bankenes Sikringsfond)). Furthermore, the exemption is only available to so-called qualifying banks or investment firms, i.e. entities which are authorized in the home state to provide the relevant service, and where the supervisor in the home state has entered into a cooperation agreement with the Norwegian Financial Supervisory Authority (NFSA). Signature on the multilateral IOSCO MOU is sufficient. The exemption may not be relied upon while the home state is listed by the Financial Action Task Force.

Non-material changes

Some comments/conditions have been reworded and further non-material changes have been made throughout the documents.

BT Short Comparison

BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “NORWAY” in the Target Country Field.

The BT Short Comparison should be read as follows:

The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.

For more information, please contact us:

Geneva, March 28th, 2024