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International Monetary Fund. Monetary and Capital Markets Department
This note presents a targeted review of selected aspects in the regulation and supervision of banks in Norway. The review is carried out as part of the 2020 Norway Financial Sector Assessment Program (FSAP) and the findings and recommendations are based on the regulatory framework in place and the supervisory practices employed at end-October 2019. The note focuses on the powers and responsibilities, independence, and resourcing of Finanstilsynet (FSA); its supervisory approach and enforcement powers and practices; key aspects of the prudential framework; and mechanisms to prevent abuse of financial services.
International Monetary Fund. Monetary and Capital Markets Department
The Norwegian financial system has a long history of incorporating new technology. Norway is at the forefront of digitization and has tight interdependencies within its financial system, making it particularly vulnerable to evolving cyber threats. Norway is increasingly a cashless society, with surveys and data collection suggesting that only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash.1 Most payments made in Norway are digital (e.g., 475 card transactions per capita per annum)2 and there is an increase in new market entrants providing a broad range of services. Thus, good cybersecurity is a prerequisite for financial stability in Norway.
International Monetary Fund. Monetary and Capital Markets Department

the institution to make changes. In 2019, the FSA has thus far assessed the recovery plans of several mostly large institutions and has provided written feedback in a number of cases. As to resolution plans, the FSA has so far prepared a draft resolution plan only for the largest DSIB and presented it to the supervisory college in September. The FSA plans to proceed with developing resolution plans for other systemically important and large institutions as a priority. 39. While the FSA has thorough supervisory processes and procedures, it does not have a quality

International Monetary Fund. Monetary and Capital Markets Department

FSA. To solve the issue, the FSA plans to work with the EBA guidelines on ICT and security risk management (finally published in December 2019) and the NSM cybersecurity principles. When working with these guidelines, the FSA should ensure that these are communicated in a way that ensures enforceability of supervisory actions when needed. 55. The intrusiveness of on-site cybersecurity risk inspections should be increased . The FSA has been conducting valuable on-site visits in supervised institutions, summarized in official letters and followed-up by the

International Monetary Fund

from the Ministry of Finance (MOF) to the FSA ( Table IV.1 ). At the same time, the MOF regained a role in bank resolutions and crisis management. Further changes are planned for early 2001, when the FRC will be merged into the FSA. Table IV.1 Reallocation of Financial Regulatory Functions Previous July 2000 January 2001 Planning and formulation of legal system MOF FSA* FSA* Planning of resolution scheme and crisis management FRC/MOF FRC/MOF FSA*/MOF Resolutions and capital injections based on 1998 legislation

International Monetary Fund

the objectives of monetary policy and macro prudential oversight. 7. The IMF mission strongly supports the more forward-looking approach adopted by the authorities since the onset of the crisis, exemplified through the use of stress tests across a wide range of deposit-taking institutions to identify potential problem institutions at an early stage, and to share this information with other relevant authorities . 3/ The mission encourages the Financial Services Authority’s (FSA) plans to introduce a step-wise approach based on indicators in order to take early

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. European Dept.

, including the introduction of the Basel III requirements. The FSA plans to introduce a countercyclical buffer and to implement, for the four largest banks, a 3 percent CET1 systemic risk buffers as well as a 2 percent CET1 buffer within the Pillar 2 framework. According to the FSA, assuming a counter-cyclical buffer of 1.5 percent, most banks already fulfill the CET1 requirement as of 2014:Q1. As a result, the FSA announcement had little market impact, and the four major banks’ stock prices ended up higher at the end of the day. That said, if the counter-cyclical buffer