Regulatory Alerts2021-06-15
Bank and Accounting Services
The Norwegian Financial Supervisory Authority issued Circular 4/2021 to regulate potential conflicts of interest when financial institutions, primarily banks, offer accounting services through subsidiaries. The circular mandates that these entities establish written guidelines and routines to protect customer interests, ensuring compliance with confidentiality obligations and prohibiting tied selling or conditional discounts. Supervision will be conducted through routine checks and targeted reviews to verify adherence to these risk management and ethical standards.
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