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New securitisation legislation in Norway

On 3 December 2018, the Norwegian Ministry of Finance asked the Norwgian FSA to establish a working group to consider the transposition of the new EU-regulation (Regulation (EU) 2017/2402) on securitisation into Norwegian law. The working group has been asked to submit a report to the Norwegian FSA by the end of May 2019. The working Group will include members from the Norwegian FSA, the Norwegian Central Bank and the Ministry of Finance.
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The previous Norwegian Financial Institutions Act included provisions on securitisation. These provisions were not continued in the current Financial Institutions Act, which came into effect on 1 January, 2016. The current Financial Institutions Act does not prohibit securitisation. However, without an exemption from the capital requirements and other regulatory requirements, it is currently not a viable proposition to carry out securitisations in Norway.

The objective of the EU Regulation on securitisation is to harmonise the securitisation legislation within the EU.