Regulatory Alerts2023-06-29
Securities Companies Organization and Operations
The Norwegian Financial Supervisory Authority issues this circular to clarify the interpretation and supervisory practice regarding the organization and operations of securities companies under the Securities Trading Act. It mandates strict governance standards, including specific board composition requirements, qualification criteria for actual and daily leaders, and the establishment of independent compliance, risk management, and anti-money laundering functions. The document further details operational requirements such as reporting lines, outsourcing rules, and procedures for cross-border activities within and outside the EEA.
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