verdipapirhandelloven

Verdipapirhandelloven, or the Securities Trading Act, is a Norwegian statute governing the trading of securities and related financial instruments. It provides the legal framework for how markets operate, how market participants behave, and how investors are protected, with the aim of ensuring market integrity and transparency. The act is enacted by the Storting and implemented within Norway’s legal system, in line with relevant European Economic Area directives.

The scope of verdipapirhandelloven covers regulated markets and other trading venues, as well as persons and firms providing investment services such as brokerage, asset management, investment advice, underwriting, and other financial activities related to securities. It sets the authorization and ongoing supervisory requirements for these actors and establishes the conditions under which securities may be offered, marketed, or traded.

Key provisions address licensing and supervision of market participants, disclosure obligations, and information requirements for public offerings. The act includes rules on market conduct to prevent unfair trading practices, including insider dealing and market manipulation, and mandates certain disclosures to protect investors. It also governs the provision of investment services to clients, including classifications, suitability and appropriateness assessments, disclosure of conflicts of interest, and best execution practices.

Enforcement and supervision are carried out by the Norwegian Financial Supervisory Authority (Finanstilsynet), which monitors compliance, aggregates penalties, and may revoke licenses or impose sanctions for violations. Verdipapirhandelloven interacts with other financial regulation, including EU/EEA directives implemented in Norway, to harmonize standards for investor protection and market integrity.