Financial Supervisory Authority of Norway
Encyclopedia
The Financial Supervisory Authority of Norway is a Norwegian
government agency
responsible for supervision of financial companies
within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance
and international accounting standards. The agency is located in Oslo
and subordinate the Ministry of Finance
.
Primary companies supervised by the authority are bank
s, insurance companies, credit companies, financing companies, pension fund
s, security companies
, stock exchange
s, security registries, real estate agencies, debt collection agencies, accountant
s and auditors.
It was formerly named (lit. the Credit Supervisory Authority), but changed its name to in December 2009.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
government agency
Etat
Etat is a Norwegian state-, county- or municipal agency. An Etat is a subdivision of the administration, which has been given responsibility for a special area. An agency does not have a board of directors, but it does have a director, appointed by the subordinate organization. Normally decisions...
responsible for supervision of financial companies
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance
Norwegian Ministry of Finance
The Royal Norwegian Ministry of Finance is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Sigbjørn Johnsen...
and international accounting standards. The agency is located in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
and subordinate the Ministry of Finance
Norwegian Ministry of Finance
The Royal Norwegian Ministry of Finance is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Sigbjørn Johnsen...
.
History
It was established in 1986 through a merger of Bank Inspection agency, Broker Control agency and Insurance Council.Primary companies supervised by the authority are bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s, insurance companies, credit companies, financing companies, pension fund
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s, security companies
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
, stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
s, security registries, real estate agencies, debt collection agencies, accountant
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s and auditors.
It was formerly named (lit. the Credit Supervisory Authority), but changed its name to in December 2009.