Regulated Markets (Stock Exchange Act)

Original Language Title: Lov om regulerte markeder (børsloven)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2007-06-29-74

Regulated markets (Stock Exchange Act)


Date LOV-2007-06-29-74


Affairs Ministry

Edited

LOV-2015-06-19-65 from 10/01/2015


Published in 2007 Booklet 6


Commencement 01/11/2007

Changes
LOV-2000-11-17-80

Promulgated
29/06/2007

Short Title
Exchange Act

Chapter Overview:

Chapter 1. Introductory provisions (§§ 1-3)
Chapter 2. Requirements for authorization etc.. (§§ 4-8)
Chapter 3. Legal entity, organs etc. (§§ 9-16)
Chapter 4. Ownership and capital etc. (§§ 17-21)
Chapter 5. Business Rules (§§ 22-32)
Chapter 6. Additional requirements to operate as a stock exchange, etc. (§§ 33-43)
Chapter 7. Supervision and sanctions (§§ 44-48)
Chapter 8. Commencement and transitional rules, amendments to other acts (§§ 49-51)

Ref. former Law 17 November 2000 no. 80 on stock exchanges mm (Exchange Act). Ref. The EEA Agreement Annex IX Part III stock and securities.

Chapter 1. Introductory provisions

§ 1. Purpose The purpose is to facilitate the efficient, orderly and trustworthy markets for financial instruments.

§ 2. Scope
(1) The Act applies to activity as regulated market in Norway. Chapters 6 applies only to regulated markets that are exchanges.

(2) This Act also applies to activities which Norwegian regulated market operates abroad through a branch or by cross border activities, unless otherwise stipulated by the Ministry.

(3) The King issues regulations on the application of Svalbard and the continental shelf, and may lay down special rules taking account of local conditions.

§ 3. Definitions etc.
(1) Regulated market means firms authorized under § 4 that determines admission to trading of financial instruments on the market, and who organizes or operates a multilateral system which facilitates regular trading of quoted securities in accordance with law, regulations and unbiased trade rules established by the market itself.

(2) A stock exchange means a regulated market with a special permit under § 33.

(3) The Ministry may issue regulations governing what constitutes regulated market, and the organization and operation of the regulated market.

Chapter 2. Requirements for authorization etc..

§ 4. Authorisation to operate as a regulated market
(1) Undertakings regulated market may only be conducted by companies authorized to do so by the Ministry.

(2) Undertakings not authorized as a regulated market under this Act may not use the description regulated market in or as an addition to its name, or by describing its activities if such use is likely to give the impression that the company has permit under this Act.

§ 5. Licensing authority. Application for permission
(1) The Ministry may grant authorization as a regulated market to companies that meet the requirements of this Act. Permission can only be granted if the owners of significant holdings are suitable. The rules on suitability for acquisition of stake in §§ 17 and 35 shall apply correspondingly. Applications for authorization as a regulated market shall include business plan, information about the organization of the enterprise showing that the statutory requirements are met, and information necessary to conduct supervision of ownership in accordance with §§ 17 or 35. Draft rules and business terms in accordance with § 22 third paragraph shall accompany the application. The Ministry may request additional information.

(2) decision on authorization must be notified as soon as possible and no later than six months after the application was received. If the application does not contain information necessary to determine whether to grant a permit, limit runs from the date on which such information was received.

§ 6. The loss, modification and revocation of a license
(1) A permit under § 5 lapses if regulated market is subject to bankruptcy proceedings or compulsory composition.

(2) The Ministry may wholly or partially change, set new conditions, or revoke permission for regulated market if:

A)
undertaking not to use the authorization within twelve months, expressly renounces the authorization or has ceased to operate as a regulated market for more than six months,

B)
entity has obtained the authorization through false statements or other irregularities,

C)
undertaking no longer fulfills the conditions required for the authorization, including capital requirements and liquidity,

D)
undertaking seriously or systematically violates provisions made in or pursuant to law,

E)
misconduct by the entity gives reason to fear that a continuation of activity may harm the public interest, or

F)

Undertaking not to comply with orders issued pursuant to § 47 or Law of 7 December 1956 no. 1 on the supervision of financial institutions, etc. (Financial Supervision Act) § 4, first paragraph. 7.

§ 7. Mergers and demergers of regulated market, etc. Decision on merger or demerger of a regulated market shall be notified to the Ministry at least three months before the decision is implemented. The same applies to the alienation of a substantial part of the regulated market licensable activities. The Ministry will decide in cases of doubt whether a disposal involves a substantial portion of the licensed activity. Ministry may within three months of notification is received deny merger, demerger or disposal, attach conditions to the transaction or change the license.

§ 8. Activities abroad Norwegian regulated market as intending to conduct business abroad through subsidiaries or branch, must have permission from the Ministry.

Chapter 3. Legal entity, organs etc.

§ 9. Legal entity regulated market shall be organized as a public limited company.

§ 10. Board and management
(1) A regulated market shall have a board of at least five members. The CEO may not be a board member.

(2) Board members, the CEO and who actually participate in the management of a regulated market must have relevant qualifications and professional experience, be of good repute and shall otherwise not have displayed untoward behavior that gives grounds to assume that position or office will not be discharged properly.

(3) A regulated market shall notify Finanstilsynet by changing the composition and the change of CEO or others who actually participate in the management of the business. The notification shall as far as possible be provided in advance and shall contain the necessary information on qualifications and professional experience, reputation, office or position in another business.

(4) FSA may order that such changes will not be implemented if the change is expected to result in the conditions of the first and second paragraph will not be fulfilled.

(5) Persons specified in subsection shall submit regular police after police Registry Act § 40.

§ 11. Internal
(1) The Board shall establish guidelines for internal control, and shall ensure that internal control is established, implemented and documented in a prudent manner in accordance with the Board's guidelines and instructions. FSA may issue further rules on the implementation of internal controls.

(2) The manager shall ensure that internal controls are established and implemented in accordance with the law and regulations and the Board's guidelines and instructions.

§ 12. The auditor FSA may issue further rules on auditors' work in a regulated market.

§ 13. Organisational requirements regulated market shall establish internal rules and take the necessary measures at any time ensures:

A)
identification and management of conflicts of interest between the regulated market or its owners on the one hand and the market's duties and functions on the other,

B)
identification and management of significant risks the business is exposed,

C)
transparent and solid trading rules and procedures according to § 24, including the establishment of objective criteria for the efficient execution of orders,

D)
that market systems for the safe operation of the technical system, including effective arrangements in the event of technical disruptions (fallback) and

E)
that arrangements are made for effective and timely execution of transactions.

§ 14. Confidentiality
(1) The officers, employees and auditors on regulated market are obliged to prevent someone from gaining access to or knowledge of what they in their work get to know the business or personal matters unless otherwise provided by this or other law. Nor may make use of such information for business purposes or the purchase and sale of financial instruments. The provisions of the Administrative Act §§ 13a to 13e shall apply mutatis mutandis.

(2) This duty of confidentiality after they've quit the ministry or office.

(3) Confidentiality by subsections of this section shall not preclude information being provided to the supervisory authorities.

(4) The Ministry may by regulations or by individual exemptions from the confidentiality of other regulated market, securities depository, clearing and foreign supervisory authorities.

§ 15. Impartiality Policy

(1) The officers and staff at the regulated market may not participate in the consideration or decision of issues of particular relevance to them or anyone close to the person concerned must be regarded as having a prominent personal or financial interest in the case. Nor may participate in the consideration or decision of any matter of particular financial interest to any company, association or other public or private institution that the individual is associated.

(2) The Ministry may lay down restrictions on employees and governing bodies to hold directorships or second jobs in companies whose financial instruments are admitted to listing and trading on the regulated market. Ministry may establish similar restriction for employees and officers of undertaking in the same group as the regulated market.

§ 16. The right to hold financial instruments etc.
(1) A regulated market may not hold financial instruments that are admitted to listing and trading on that market, or rights to such, with the exception of bonds and notes issued by a Member State.

(2) Employees of the regulated market may only acquire or dispose of financial instruments to the extent required by the regulations issued by the Ministry. The Ministry may issue regulations prescribing limitations governing bodies to carry out such transactions. The Ministry may issue regulations stipulating that employees and officers must report their own trades and trades made by closely related to the regulated market or FSA. The provisions of the second and third sentences apply correspondingly to employees and officers of undertaking in the same group as the regulated market.

Chapter 4. Ownership and capital etc.

§ 17. Ownership in a regulated market which are not publicly
(1) The acquisition leading to the transferee becomes the owner of a significant stake in a regulated market which are not publicly, can only take place after notification of this previously sent to the FSA. A qualifying holding means any direct or indirect shareholding representing at least 10 percent of the share capital or voting rights or which otherwise makes it possible to exercise significant influence over the management of the company. Same with the acquirer's own shares, shares owned or acquired by shareholders as stated in § 18. Equality with ownership of shares in the first to third sentence considered the acquisition of the right to ownership of shares when this must be regarded as genuinely shareholding.

(2) any acquisition that increases its stake so that it directly or indirectly exceeds 20, 30 or 50 percent of the share capital or voting rights in a regulated market that is not publicly, can only be implemented after notification in advance is sent to FSA. First paragraph, third and fourth sentence, shall apply correspondingly.

(3) FSA shall, within three months from the date of notification mentioned in subsections is complete, refuse such acquisition if the shareholder is not deemed fit to ensure sound and prudent management of the firm. Whoever acquires significant ownership interest pursuant to subsections shall submit regular police after police Registry Act § 40 if FSA requests.

(4) On disposal of a holding whereby the owner or the size below the limit stated in the first or second paragraph shall be submitted to the FSA.

(5) The Ministry may issue regulations concerning the content of the notification mentioned in subsections, when this is deemed complete, and on the further processing of the message.

§ 18. Consolidation
(1) equivalent to the shareholder's own shares are calculated in relation to the provisions of § 17 the shares owned or acquired by shareholders related, cf. Securities Trading Act § 2-5.

(2) The Ministry shall decide in cases of doubt whether shares the shareholder does not own shall be equated with its own shares pursuant to the first paragraph.

§ 19. Admission to listing of financial instruments issued by regulated market
(1) A regulated market may not admit to listing transferable securities issued by the regulated market, or financial instruments related to such.

(2) The Ministry may give consent to a regulated market occupies listed transferable securities issued by an undertaking in a group relationship with that market or financial instruments related to such. Conditions may be imposed for such consent, including that such enterprises shall be subject to special supervision by the Financial Supervisory Authority and the enterprise shall be obliged to inform the FSA.

(3) The Ministry may issue further rules on procedures, decision and control relating to such admission, the current listing and on supervision of the issuer and the regulated market.


§ 20. regulatory capital requirements
(1) A regulated market shall at all times have a capital base that is appropriate to the risk and scope of activities of the enterprise.

(2) In assessing the company's risk should be taken into consideration to business risks, contractual risks, operational risks and other specific risks that the entity's operations are exposed.

(3) The Ministry may issue further rules on what should be regarded as the institution's capital and on minimum capital requirements.

§ 21. Liquidity requirements regulated market shall have a reserve of liquid assets, or access to such, which is considered satisfactory from the company's business and situation. The Ministry may issue further rules on the calculation of liquid assets and about what can be considered as satisfactory inventory.

Chapter 5. Business Rules

§ 22. General requirements for business
(1) A regulated market shall conduct its business with due regard to the principles of efficiency, impartiality and equal treatment of market participants as well as to ensure that the market has good transparency and price quotation reflects the listed instruments' market.

(2) regulated market shall have the systems to conduct trading, quotations, transparency, provide information and market surveillance which are required in relation to the way the business is organized.

(3) A regulated market shall submit its rules and business conditions, and changes in these, the Financial Supervisory Authority. FSA may require rules or business conditions changed if they do not conform to laws and regulations. FSA may impose a time limit for the submission of amendments and supplements to the rules and conditions of business before the amendment or supplement can take effect.

§ 23. Restrictions on business activities
(1) A regulated market, in addition to activities regulated market only operate as normally associated with market activity and that does not weaken confidence in the marketplace's integrity and independence. The Ministry will decide in case of doubt about the terms of the first sentence is fulfilled.

(2) If a regulated market settlement operations acc Chapter 13, activities must be conducted in private enterprises. The Ministry may by regulations or individual exceptions to this stipulation in the first sentence.

(3) Finanstilsynet may impose a regulated market that operates other activities to conduct this in a separate undertaking.

§ 24. Admission to and trading of financial instruments, etc..
(1) A regulated market should have the rules for admission of financial instruments to trading.

(2) Rules issued pursuant to the first paragraph shall ensure that financial instruments can be traded in an honest, orderly and efficient manner and that transferable securities under the Securities Trading Act § 2-2 second paragraph are freely transferable. Upon admission of derivatives to trading rules shall ensure that the derivative is designed in such a way that they facilitate the orderly price formation and effective settlement conditions.

(3) A regulated market shall be organized in such a way that it ensures that issuers of transferable securities that are admitted to meet its obligations under the Securities Trading Act chapter 5 and 7.

(4) A regulated market shall be organized in such a way as to facilitate members' access to information published in pursuance of the provisions of Chapters 5 and 7.

(5) A regulated market must ensure that it regularly ensures that the conditions for admission to trading of financial instruments are met.

(6) regulated market may without the issuer's consent record for trading negotiable securities that are already admitted to trading on a regulated market, provided that the rules of the Securities Trading Act Section 7 are met. The Issuer shall be notified of the regulated market that the admission to trading takes place. The Issuer shall not be subject to disclosure obligations as a result of the recording.

(7) A regulated market may require that issuers of financial instruments or an application for admission to trading, issuers officers and employees notwithstanding the confidentiality regulated market with the information that is necessary for the market to fulfill its statutory duties. The first sentence applies correspondingly to any person who has applied for admission to trading of financial instruments.

(8) The Ministry may issue further rules on the admission of financial instruments to trading, including the issuer's rights and obligations as a result of recording.

§ 25. Suspension and delisting of financial instruments

(1) A regulated market may suspend or remove a financial instrument if it no longer satisfies the regulated market conditions or rules, or other special reasons so indicate. A regulated market may still not suspend or delist a financial instrument if this can be expected to cause material disadvantage for the owners of the instruments or the market's duties and function.

(2) A regulated market that suspends or fail a financial instrument from trading shall immediately make public and provide FSA information about this.

(3) FSA may decide that a regulated market shall suspend or delist a financial instrument pursuant to the first paragraph if it no longer satisfies the conditions for admission to trading or other special reasons so indicate.

(4) The Ministry may issue further rules concerning suspension and delisting of financial instruments.

§ 26. Membership in the regulated market
(1) A regulated market shall have non-discriminatory rules, based on objective criteria for membership and access to the market.

(2) The provisions mentioned in the first paragraph shall describe a member's obligations arising from:

A)
regulation and activity of the regulated market,

B)
trading rules to market

C)
professional standards for employees of investment firms or credit institutions participating in the market,

D)
conditions applicable to members who are not investment firms or credit institutions under the third paragraph, and

E)
rules and procedures for the settlement of transactions involving the market.

(3) A regulated market can absorb investment firms and credit institutions as members. Members must have adequate capital, an appropriate organization and adequate technical systems and otherwise be deemed suitable to participate in trading in relation to the obligations membership entails. A regulated market may also adopt other legal and natural persons as a member, unless that person:

A)
deemed suitable,

B)
have sufficient expertise in trade and transactions,

C)
have, where applicable, adequate organizational measures and

D)
have the necessary financial resources in relation to the position the person intends to have in the market.

(4) The requirements of the Securities Trading Act §§ 10-11, 10-12 and 10-13 do not apply to transactions between members of a regulated market. The requirements of the Securities Trading Act §§ 10-11, 10-12 and 10-13 apply however to members' customers.

(5) regulated market shall provide enterprises with headquarters in another Member State and which has a license to provide investment services, admission to membership on equal terms with other members.

(6) regulated market shall notify Finanstilsynet if it intends to establish arrangements in another EEA state that can facilitate remote members' access to and the opportunity to shop at the market. FSA shall, within one month, give the information to the supervisory authority in the other Member State.

(7) Members of the regulated market as well as officers and employees of the member is notwithstanding the confidentiality committed to providing the regulated market with the information necessary for the market to fulfill its obligations under this Act and other legislation.

(8) The Ministry may issue further regulations concerning the conditions for membership and members' obligations.

§ 27 Market surveillance
(1) A regulated market shall establish effective arrangements and procedures for the regular monitoring of members' compliance with the market policy. Regulated markets shall monitor the transactions on the market with a view to uncovering violations of relevant laws and regulations, the market's own rules and disorderly trading conditions.

(2) regulated market shall immediately notify the FSA suspicion of significant breaches of relevant laws and regulations, the market's own rules and disorderly trading conditions.

(3) A regulated market may require the securities depository and clearing house notwithstanding the confidentiality provides such information as is necessary for the market to fulfill its obligations under subsections. The information can not be used for other purposes.

(4) The Ministry may issue further rules on market surveillance. The Ministry may issue further rules on disclosure pursuant to the third paragraph, including the restrictions on disclosure and whether the purpose of the information may be used, and whether and to what extent payment may be claimed for the costs of delivery of information.

§ 28. Disclosure of information on orders, etc.

(1) A regulated market shall make public bid and offer prices in shares, including order depth at various price levels, entered in the market's trading system. The information must be on normal commercial terms published continuously throughout the trading day. Regulated market shall establish rules for disclosure of information on orders, etc.

(2) A regulated market may on reasonable commercial terms and non-discriminatory basis, provide investment firms covered by the Securities Act § 10 to 19, access to the schemes used for the publication of the information referred to in the first paragraph.

(3) FSA may exempt a regulated market from the obligations under the first paragraph.

(4) The Ministry may issue regulations governing the disclosure of information on orders, etc., Including rules requiring disclosure of information on financial instruments other than shares, and whether Finanstilsynet exemption permitted under subsection.

§ 29. Disclosure of information on trades etc.
(1) A regulated market shall make public the price, volume and timing of transactions in shares admitted to trading on that market. The information must be on reasonable commercial terms and made public as soon as possible after completion of the transactions. Regulated market shall establish rules for disclosure of information on trades etc.

(2) A regulated market may on reasonable commercial terms and non-discriminatory basis, provide investment firms covered by the Securities Act § 10 to 19, access to the schemes used for the publication of the information referred to in the first paragraph.

(3) FSA can provide a regulated market to postpone disclosure under subsection.

(4) The Ministry may issue regulations governing the disclosure of information on trades, etc., Including rules requiring disclosure of information on financial instruments other than shares, and whether Finanstilsynet exemption permitted under subsection.

§ 30. Ongoing fine regulated market may impose an entity or a person who does not fulfill his duty of disclosure according to §§ 24, seventh paragraph, 26, seventh paragraph or regulations issued pursuant thereto, a daily fine until such obligation. Any fine imposed is enforceable by execution. The Ministry may issue further rules on the imposition of a daily fine.

§ 31. Violation penalties for breach of this Act or regulations issued pursuant to this Act or materially breaches the regulated market rules and business terms, the regulated market may impose an issuer of financial instruments listed on the regulated market or members of the regulated market to pay an administrative fine. The Ministry may issue further rules on the imposition of fines.

§ 32. Administration Act apply to decisions made by regulated market Ministry may by regulations prescribe the extent to which the Public Administration shall apply where a regulated market makes decisions. The Ministry may issue further regulations concerning procedures.

Chapter 6. Additional requirements to operate as a stock exchange, etc.

I. Requirements for authorization etc..

§ 33. Permission to operate as a stock exchange, etc.
(1) Activities which publicly can only be conducted by companies authorized to do so by the Ministry. Undertakings not authorized as a stock exchange under this Act may not use the term stock market in or as an addition to its name, or by describing its activities if such use is likely to give the impression that the undertaking is authorized under this Act.

(2) statutes and amendments thereto shall be submitted to the Ministry for approval. The Ministry may issue regulations concerning the content and approval of the stock exchanges' Statute.

(3) Decisions on the sale of a substantial part of the licensed activity shall be taken by the General Assembly with the majority required for amendment.

II. Admission to trading, ownership restrictions, etc.

§ 34. Admission to trading of financial instruments on an exchange
(1) Financial instruments may be admitted to trading on a stock exchange in accordance with § 24 and regulations issued pursuant to it, and the exchange's own rules if the stock finds that the financial instruments are suitable for this and are likely to be subject to regular trading.

(2) The Ministry may issue further rules for listing of financial instruments.

§ 35. Ownership in stock

(1) The acquisition leading to the transferee becomes the owner of a significant stake in a stock exchange requires a permit from the Ministry. A qualifying holding means any direct or indirect shareholding representing at least 10 percent of the share capital or voting rights or which otherwise makes it possible to exercise significant influence over the management of the company. Same with the acquirer's own shares, shares owned or acquired by shareholders as stated in § 18. Equality with ownership of shares in the first to third sentence considered the acquisition of the right to ownership of shares when this must be regarded as genuinely shareholding.

(2) any acquisition that increases its stake so that it directly or indirectly exceeds 20, 30 or 50 percent of the share capital or voting rights in a stock exchange, requiring a permit from the Ministry. First paragraph, third sentence shall apply accordingly.

(3) An application for authorization pursuant to subsections submitted separately for each shareholder who at acquired directly or indirectly have an interest in a stock constituting or exceed 10, 20, 30 or 50 percent.

(4) A permit under subsections can only be granted when the acquirer is deemed fit to ensure sound and prudent management of the firm. In this assessment, particular emphasis is placed on:

A)
acquirer's previous dealings,

B)
acquirer's available financial resources and the objective of proper business,

C)
about ownership can lead to undesirable consequences for the functioning of financial markets, or the exchange's ability to serve the Norwegian capital,

D)
ability to effectively supervise, including whether it is established cooperation with regulatory authorities in the assignee's homeland

E)
about ownership could affect the rights and obligations of the players on the stock exchange,

F)
about the underlying ownership structure with the transferee in accordance with the considerations addressed in this provision

G)
if there is reason to believe that in connection with the acquisition takes place or being attempted money laundering or terrorist financing, or that the acquisition will increase the risk of this.

(5) An application for authorization pursuant to subsections should be sent FSA with a copy to the Ministry.

(6) On disposal of shares so that its holding below the limit for the first and second subparagraph shall be notified to the Financial Supervisory Authority.

(7) The Ministry may issue further regulations on the content of the application as mentioned in the fifth paragraph, rules for processing the application and rules on duty for exchange to notify owners of significant stakes in the company, and the obligation for legal persons has substantial stakes in listed, to provide notification of the names included in the board and management.

§ 36 Acquisition without permission
(1) If a shareholder has acquired shares without the permit required under § 35, the Ministry may stipulate a deadline to reduce its stake or seek the necessary permission. If this deadline is exceeded, the ministry may sell the shares. The rules on compulsory sale of marketable securities apply insofar as appropriate. Enforcement Act § 10-6, cf. § 8-16, shall not apply. The shareholder shall be notified that a forced sale will be made at least two weeks before the sale is carried out.

(2) Until the sale or compulsory sale has taken place, the shareholder for the portion of shares which exceeds the permitted level, exercise rights in the company other than the right to receive dividends and to exercise rights of shareholders.

§ 37. (Repealed by Act 20 June 2014 no. 29 (ikr. July 1, 2014 acc. Decision June 26, 2014 no. 866).)

§ 38. Control Committee Ministry may issue regulations governing the stock exchange shall have a control committee, including the control committee's composition, tasks, instructions and notification to the FSA.

§ 39. Delay in trade ministry may in extraordinary situations decide that all listing and trading at the stock exchange shall cease. If possible, the power exchange and the Financial Supervisory Authority statement obtained before a decision is made. If the Ministry's decision can not be awaited, the FSA take such a decision. If the Financial Supervisory Authority's decision can not be awaited, a stock exchange may take such a decision.

§ 40. Administration Act apply to decisions taken by the stock exchange When a stock exchange makes decisions under §§ 25, 26, 30, 31 and 34, and the Securities Trading Act chapter 6 and 7 and § 17-4 third paragraph shall Administration Act Chapter III , IV, V, VI and VIII, except § 13, apply. The Ministry may issue further regulations concerning procedures.

III. Appeal board, legal action, etc..

§ 41. Appointment of Appeals and competence etc..

(1) The Ministry may appoint a separate appeals board to decide appeals against such decisions, as mentioned in § 40. Appeals Committee shall have a chairman and a deputy chairman each of whom shall have a law degree. The Ministry may in regulations provide that other decisions taken by the stock exchange than those mentioned in § 40 shall be appealed, and provide exceptions from the right of appeal. The Ministry may issue regulations specifying the extent to which decisions made by other regulated market may be brought before the Board of Appeal.

(2) The appeal board may in disputes between private parties act as an arbitration tribunal in accordance with further rules laid down by the Ministry.

(3) The Public Administration shall apply to the appeal board business. The Ministry may issue further regulations regarding deadlines, the contents of the complaint, reply and oral proceedings and the appeal board's composition and activities. Such rules may complement, supplement or derogate from rules laid down in or pursuant to this Act.

§ 42. Coverage of the appeal board expenses
(1) The appeal board's expenses are covered by the stock exchanges and other regulated markets on the basis of distribution established by the Ministry on the proposal of the appeal board. Ministry determines their fees.

(2) may be charged for dealing with appeals as specified in § 41 first paragraph. The Ministry may issue further rules concerning when a fee shall be charged, amounts of the fees and their collection.

(3) The Ministry may issue further rules on when a party may be awarded costs from the public and whether a party is entitled to reimbursement of costs from other parties.

§ 43. Proceedings Access
(1) Lawsuits against the decisions referred to in § 40 can not be brought before the appeal has been exercised. The appeal board may in special cases decide that it still can be brought lawsuits against the decision. Deadline for action is 6 months from the date the appeal is decided or authorized lawsuits are granted.

(2) proceedings against decisions made by a stock exchange or other regulated market brought against the undertakings. The State may at any stage joined in the proceedings as intervener and may, in agreement with the stock exchange or the regulated market take over the case.

Chapter 7. Supervision and sanctions

§ 44. Supervisory authority FSA is responsible for supervision of regulated markets.

§ 45. Duty to inform FSA
(1) A regulated market and Group companies are obliged to provide the information FSA requires about matters related to the firm's activities, as well as to present and provide Kredittilsynet with any documentation concerning business. In cases of suspected breaches of securities law chapter 3 or unruly market conditions or materially breaches the rules of the regulated market is required regulated market and group companies to immediately notify and assist FSA. The information and assistance is provided at no cost to the Financial Supervisory Authority.

(2) If the circumstances that create a risk that the regulated market will not be able to meet the stipulated requirements for regulatory capital and liquidity, or other circumstances arise that may involve significant risk related to the operation of the undertaking, the undertaking shall immediately message to the FSA about this.

(3) An issuer of financial instruments that are listed or admitted to trading on a regulated market is required to give FSA the information FSA deems necessary to determine whether there has been violation of provisions made in or pursuant to this Act regarding the financial instruments. Members of a regulated market as well as officers and employees employed by the Member is obliged to provide FSA with the information FSA deems necessary to determine whether there has been violation of provisions made in or pursuant to this Act relating to membership or participation in trading on the regulated market.

§ 46. Curtailment of Finance's duty of confidentiality If the FSA through its supervision of regulated markets have reason to assume that someone is or will suffer losses as a result of the provisions of the Act or pursuant to the law is not adhered to, the Financial Supervisory Authority without notwithstanding the statutory duty of confidentiality to the competent on the matter.

§ 47. Orders from the FSA
(1) FSA can provide regulated market corrective order if the undertaking acts in contravention of the Act or regulations issued pursuant to law or its own rules and business terms. The same applies if the firm's management or board members do not meet the good repute and experience as set out in § 10, second paragraph.

(2) If a shareholder with qualifying holding is deemed fit to ensure sound and prudent management of the undertaking or have shares in violation of §§ 17 or 35, it may issue an order that it can not exercise voting rights .


(3) If the Financial Supervisory Authority has reason to believe that someone is acting in contravention of provisions made in or pursuant to this Act, it may issue an injunction to bring the action to an end. The order may include any measure necessary to bring the infringement to an end.

§ 48. Penalties
(1) Penalties Anyone who willfully or negligently operates as a regulated market without permission according to § 4, first paragraph or use the description regulated market or stock in violation of § 4, second paragraph or § 33 first paragraph.

(2) Any person who willfully or negligently disregarded disclosure pursuant to § 24 subsection or § 26 subsection punishable by fines or imprisonment not exceeding one year or both. If particularly aggravating circumstances, imprisonment for up to three years employed.

(3) If no action falls under a more severe penal provision, punishable officers or employees at the regulated market who willfully or negligently violates provisions made in or pursuant to this Act, with fines or, in particularly aggravating circumstances with imprisonment up to 1 year or both.

Chapter 8. Commencement and transitional rules, amendments to other Acts

§ 49. Commencement This Act comes into force when the Ministry bestemmer.1 Ministry may give effect to the individual provisions at different times.

§ 50. Transitional provisions
(1) Permits granted under the Act 17 November 2000 no. 80 on stock exchanges etc. § 2-1 continued. Entities with such permits must operate in accordance with provisions of this Act and the Act on Securities Trading Act commences.

(2) The Ministry may issue further transitional rules.

§ 51. Amendments to other Acts From the time the law comes into force, the following amendments to other Acts - - -