Brexit – UK firms providing investment services and activities in Norway
A temporary regime is in place allowing for continued provision of services in Norway after Brexit.
The Norwegian Ministry of Finance, in anticipation of Brexit, has adopted a regulation aimed at UK entities providing investment services and/or performing investment activities on a Freedom of Services basis into Norway.
UK investment firms and credit institutions that as of 29 March 2019 provide investment services and/or perform investment activities into Norway based on their home state authorisation and supervision and EEA pass porting rights, may continue to provide investment services and perform investment activities to professional clients and eligible counterparties in Norway.
No notification to the Financial Supervisory Authority of Norway is required.
The Financial Supervisory Authority of Norway may lay down conditions for a firm's services and activities and issue corrective orders, including ordering a firm to terminate its services and activities.
The regulation will apply until further notice. The rights granted to UK firms under the regulation are not affected by the existence or content of a Brexit-agreement between the EU and the UK or the possible postponement of Brexit.