Advokatfirmaet Grette AS updates

New court ruling on ownership of qualified interests in Norwegian financial institutions
Advokatfirmaet Grette AS
  • Banking
  • Norway
  • 31 August 2018

The Oslo District Court recently ruled in favour of Netfonds Bank AS/Netfonds Livsforsikring AS and ordered the state to pay NKr55 million in damages for failing to comply with its obligations under the EEA Agreement. The case concerned the government's practice of denying licensing to financial institutions which have ownership positions that exceed 25% of their share capital. If it stands, the ruling should result in changes to both administrative practice and the new Financial Institutions Act 2015.

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