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Norway’s Finance Sector Faces Complex Regulatory Reporting Requirements

Oslo, Norway - Annual reporting requirements for Norwegian entities listed on Oslo Børs and Euronext Expand are notoriously extensive and can be a minefield to navigate. This article provides an overview of these reporting requirements, as well as helpful links with more information on each subject.

Reporting Requirements under the Norwegian Accounting Act

The contents of the annual report are governed by the Norwegian Accounting Act, which sets out specific requirements for:

  • Parent-and-consolidated financial statements
  • Annual report itself

The report should include both group and parent entity information, as well as disclosures about share ownership and any restrictions on voting rights or trading in shares.

Additional Reporting Requirements

  • The Securities Trading Act requires entities to disclose certain information, including:
    • Statements by persons responsible within the issuer regarding the preparation of and information provided in the annual financial statement and report
    • Assessment of European Single Electronic Format (ESEF) reporting requirements by the Board of Directors
  • Other reporting requirements include:
    • Statement on corporate governance (included in the annual report or published as a separate document)
    • Statement on corporate social responsibility and sustainability
    • Report on transparency and work on fundamental human rights and decent working conditions

Additional Requirements for Entities Listed on Oslo Børs and Euronext Expand

  • Guidelines for fixing salaries and other remuneration for leading personnel must be published and made available on the website.
  • Electronic reporting in the ESEF format should be completed when the board approves the annual financial statements.

Focus Areas for 2022 Annual Reporting Cycle

The Financial Supervisory Authority (Finanstilsynet) and ESMA have identified several key focus areas, including:

  • Climate-related matters
  • Direct consequences of Russia’s invasion of Ukraine
  • Macroeconomic environment

A review of listed companies’ financial reporting in 2022 is available on the Finanstilsynet website.

Industry-Specific Reporting Requirements

While this article provides an overview of key reporting requirements for Norwegian listed entities, it is not exhaustive and industry-specific reporting requirements may apply to certain sectors such as:

  • Banks
  • Financial institutions
  • Oil and gas entities

Those with questions related to these reporting requirements are encouraged to contact KPMG Norway or Finanstilsynet directly.