Norway:Financial Sector Assessment Program-Technical Note-Banking Regulation and Supervision

Financial Sector Assessment Program-Technical Note-Banking Regulation and Supervision

Volume/Issue: Volume 2020 Issue 260

Publication date: August 2020

ISBN: 9781513553122

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , ISCR , CR , risk assessment , FSA budget , FSA decision , FSA expectation , FSA power , supervisory guidance , FSA onsite , FSA control , FSA approach , due diligence , FSA staff , FSA plan , Financial stability assessment , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Credit risk , Capital adequacy requirements , Operational risk , Global

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Summary

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.