Regulatory Alerts2015-02-12
Requirements for Providing Security and Content of Client Account Agreements
The Norwegian Financial Supervisory Authority mandates that real estate brokerage firms increase their security deposit to a minimum of 45 million NOK and limit liability per claim to 15 million NOK, effective July 1, 2015. The regulation introduces strict controls on client account access, restricting disbursement rights to the responsible manager and requiring specific contractual clauses to prevent unauthorized withdrawals. Firms must amend existing account agreements to comply with these new operational and reporting standards by the specified deadline.
Share