New securitisation legislation in Norway
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.