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On February 16, 2024, the Norwegian Ministry of Finance presented the Norwegian Parliament with the a proposal for an act on key information documents for packaged retail and insurance-based products. The so-called “PRIIPs Act” is not only to incorporate the PRIIPs Regulation in Norwegian law, but it would also authorize the Norwegian Ministry of Finance to expand the scope of the act to introduce down the road further requirements for equivalent information when covering such investments products that are not in scope of the PRIIPs regulation.


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Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

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On February 16, 2024, the Norwegian Ministry of Finance presented the Norwegian Parliament with the a proposal for an act on key information documents for packaged retail and insurance-based products. The so-called “PRIIPs Act” is not only to incorporate the PRIIPs Regulation in Norwegian law, but it would also authorize the Norwegian Ministry of Finance to expand the scope of the act to introduce down the road further requirements for equivalent information when covering such investments products that are not in scope of the PRIIPs regulation.

The Norwegian Parliament may already approve the proposal in the next planned spring session. This means that the PRIIPs Act may be fully legislated and enforced as early as summer of 2024. However, a concrete timeline remains to be announced.

The PRIIPs Act should implement the Regulation (EU) No 1286/2014, including a mandate to the Ministry of Finance to implement Regulations (EU) 2016/1904, (EU) 2016/1904, (EU) 2017/953 and (EU) 2019/1866.

The proposal, available in Norwegian at the moment, also includes provisions on language, supervision, administrative measures, penalties for breaches and confidentiality. For more information, please refer to the Norwegian version of the proposal.

The PRIIPs Regulation, which has been in place since January 1, 2018, aims at allowing retail investors to make better informed investment decisions by offering essential information about financial and investment products in a concise document. A Key Information Document under PRIIPs must be handed over to an investor before they invest in a product.

The scope of the Norwegian PRIIPs Act includes both package retail investment products (PRIPs) and insurance-based investment products (IBIPs). It explicitly lists products that do not fall under the PRIIPs definition.

In relation to the Norwegian market, the PRIIPs Act will replace the current information requirements in the Norwegian Securities Funds Act and the AIF Act, which both relate to non-professional investors.

As a side note, since January 1, 2023, as stated by the Norwegian Financial Supervisory Authority, a foreign UCITs marketed to retail investors in Norway is required to hand over a PRIIPs KID prepared in Norwegian.

cleversoft’s regulatory watch is closely monitoring all regulatory developments. As part of our Compliance Commitment guarantee, we are happy to offer our customers continuously evolving regulatory services that take into account regulatory changes and new disclosure requirements.

We would be happy to guide and empower your regulatory compliance. Thus, do not hesitate to send us a message, we will be happy to answer your questions and concerns.

If you want to find more about PRIIPs-reporting and our Services, please visit our website.