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The EEA agreement – vital to Norwegian financial services – but no smooth sailing

The EEA agreement ensures Norwegian access to and rights in the internal market for everything except fish and farm produce. For insurance and other financial services, it affiliates the small Norwegian market with the internationally known and acknowledged rules of the single market, provided that the rules are implemented into Norwegian law in the same way that EU members...

Banks and insurance companies are not processors for their customers

Finance Norway dissuades both its member companies and their business customers to enter into data processing agreements in general customer relations. As the agreements do not comply with the General Data Protection Regulation (GDPR), they might entail confusion in relation to liability and potentially impose greater responsibility on the parties than is required by the...

Norske Finansielle Referanser AS has launched its own website

On 1 January 2017 Norske Finansielle Referanser AS (NoRe) took over the responsibility of the money market rates Nibor (Norwegian Interbank Offered Rate). Information about the Nibor rules and about NoRe will from now be available on  referanserenter.no .

ESA investigation is about the security in BankID

Finance Norway and BankID Norway AS has had a dialogue with the EFTA Surveillance Authority (ESA) on requirements for safe access to customers' Norwegian bank accounts to initiate payments. ESA has opened a formal investigation into conduct by Finance Norway, BankID Norway AS and some banks in Norway following a complaint by Trustly Group AB, active in international payment...