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Financial undertakings

Last updated: 7 November 2021.

Several types of organisation forms can be financial undertakings. A financial undertaking must have a licence from the Financial Supervisory Authority of Norway to operate as one.

A financial undertaking is an enterprise that operates as a bank, a credit undertaking, a financial undertaking, an insurance undertaking, a pension company, a holding company in a financial group and a payment company or an electronic money institution.

Overview of the various organisation types a financial undertaking can be

Banks must be registered as ASA or savings banks. Banks that are to be subsidiaries in the financial group can be AS.

Insurance companies must as a rule be registered as ASA or mutual insurance companies.

Insurance companies that are to be subsidiaries in a financial group can be registered as AS.

Pension fund must be registered as a pension fund.

Defined contribution pension companies must be registered as ASA or AS.

Credit undertakings and financial undertakings must as a rule be registered as ASA, AS or co-operatives. Exceptions to this require consent of the ministry.

Payment companies and electronic money institutions can be registered as ASA or AS.

Holding companies in financial groups can be registered as ASA, AS, savings banks, mutual insurance companies or co-operatives.

Registration in the Register of Business Enterprises

The deadline for registering a financial undertaking in the Register of Business Enterprises is three months from the permission of the Financial Supervisory Authority of Norway.

When reporting a financial undertaking you must attach

  • memorandum of association including articles of association
  • authorisation from the Financial Supervisory Authority of Norway
  • approval of the articles of association from the Financial Supervisory Authority of Norway
  • declaration from the auditor or a financial institution confirming the payment of statutory equity

The enterprise must have a general manager, a board and an auditor. The board members, the auditor and possibly an accountant need to confirm that they have taken on the assignment. Separate declarations must be made and signed, but for the board members and the accountant it is sufficient to sign the form Coordinated register notification.

Some changes require approval

You will need authorisation from the Financial Supervisory Authority of Norway to register

  • new objective
  • decision to increase and reduce the capital
  • implementation of merger and demerger
  • allocation of subscription rights
  • admission of loans with the right to claim equity certificates issued

In order to close the enterprise, you must first submit a notification about dissolution to us

You must enclose

  • minutes from the general meeting showing the decision of dissolution
  • documentation from the Financial Supervisory Authority of Norway showing the election of the liquidation board

If new members are elected to the liquidation board, these must confirm that they take on the assignment.

Afther the creditor deadline of 6 weeks has expired, the general meeting may decide that the enterprise will be closing.

Then you submit a notification about deletion to us

You have to enclose

  • minutes from the general meeting showing the approval of the liquidation accounts
  • authorisation from the Financial Supervisory Authority of Norway to close down the enterprise