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ANNUAL REPORT 2016 Contents ANNUAL REPORT 2016 Contents Risk Outlook Analyses of trends in the financial market are covered in the Risk Outlook report, which is published in June and November. FINANSTILSYNET ANNUAL REPORT 2016 CONTENTS I REPORT BY THE CHAIR AND THE DIRECTOR GENERAL ____________________________________________________________________________________________________________________________________________________________________________________________ 4 II INTRODUCTION AND MAIN FIGURES ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 7 III THE YEAR’S ACTIVITIES AND RESULTS _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 15 Consumer protection ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 17 Money laundering _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 18 Information and communication ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 19 International cooperation _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 22 Report from the supervised sectors _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 25 Banking and finance ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 25 Supervision of ICT and payment systems _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 34 Insurance and pensions _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 36 The securities area _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 41 Investment firms _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 44 Mutual funds and collective investment schemes ___________________________________________________________________________________________________________________________________________________________________________________________________________ 46 Market infrastructure ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 48 Market conduct rules _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 49 Prospectus control – transferable securities _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 51 Financial reporting enforcement – listed companies _____________________________________________________________________________________________________________________________________________________________________________________________ 53 Auditing _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 55 IV MANAGEMENT AND CONTROL OF FINANSTILSYNET’S OPERATIONS _________________________________________________________________________________________________ 59 V ASSESSMENT OF FUTURE PROSPECTS ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 62 VI ANNUAL ACCOUNTS ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 65 Contents IREPORT BY THE CHAIR AND THE DIRECTOR GENERAL Page 4 FINANSTILSYNET ANNUAL REPORT 2016 Contents REPORT BY THE CHAIR AND THE DIRECTOR GENERAL Finanstilsynet’s operations in 2016 were impacted by of Finance in drawing up consultation documents. In its adaptation to common European financial market keeping with its strategy Finanstilsynet has however legislation. The legislation is very comprehensive and sought as far as possible to avoid devoting excessive detailed. This places added onus on the assistance resources to regulatory enforcement and development Finanstilsynet provides to the Ministry of Finance in laying at the expense of supervisory activities. the groundwork for and drafting Norwegian law. The new European legislation also adds responsibilities to national Finanstilsynet’s priorities are based on risk assessments supervisors since it brings new actors under supervision and proportionality, ensuring that the agency contributes and requires extensive reporting of financial data to the to the highest possible goal achievement. However, European supervisory authorities. The latter are also national and international commitments constrain developing new standards and recommendations to Finanstilsynet’s space for action. These commitments promote uniform European supervisory practices. include extensive reporting of data to the European supervisory authorities, requiring a large portion of The EU regulations establishing joint supervisory Finanstilsynet’s ICT and staff resources to be devoted authorities in the financial market were, with some to meeting reporting requirements which would not have modifications, incorporated in the EEA Agreement been given priority based on the contribution to goal in autumn 2016. Finanstilsynet’s status
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