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Finanstilsynet (FSA) is an independent government agency that is charged with the oversight and regulation of the financial services industry in Norway. Finanstilsynet is responsible for the supervision of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorised market places, settlement centres and securities registers, estate agencies, debt collection agencies, external accountants and auditors.
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1. Reporting Requirements:
Banks must submit annual, semi-annual and quarterly financial reports to the Norway FSA.
2.Commodity derivatives position limits:
On 20 December 2017, The Norway FSA approved the limits on position in commodity derivatives and economically equivalent otc contracts traded on Norwegian exchanges. The regulation will take effect on January 1, 2018.
3.Commodity derivatives position report:
The Norse Trading house shall provide the Norway FSA with daily details of the commodity derivatives positions held by the owners of the trading house, including participants and their clients. In addition, investment firms trading off-premises should provide the Norway FSA with daily details of their positions in economically equivalent OTC contracts.
Generally speaking, Norway FSA-regulated broker profile will be found at the Finanstilsynet's registry page on Norway FSA website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the FT number(preferred) or name of the forex broker, which you can get from the broker's website;
2. Enter the FT number or name into the search bar on https://www.finanstilsynet.no/en/finanstilsynets-registry/ ;
3. And you'll get the broker's profile on Norway FSA website. At this time you need to check if the broker is an 'Investment firm' and has the authorization to provide 'No 4: Foreign exchange services connected to the provision of investment services' under 'Ancillary services, Securities Trading Act § 2-1 (2)';
4. If all the above steps have been done, don't forget to check the most important information: check if the firm details published on Norway FSA website matches the ones you'll go to trade with, especially the website and email etc. If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.
If the broker is an EEA authorised firm, you need to check further information in its home state regulator.
When you have disputes with a Norway FSA-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, try to contact The Norwegian Financial Services Complaints Board (Finansklagenemnda/FinKN), which aims at solving the disputes between the forex broker and the investor.
You can submit an online complaint after completing your registration: https://minsak.finkn.no/
3rd way: If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Norway.
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