Regulation on mutual representation on governing bodies
Date FOR 1990-06-01-433
Affairs Ministry
Published In 1990 417
Commencement 01/07/1990
Edited
FOR-2009-12-18-1726 from 21/12/2009
Changes
For
Norway
Legal
LOV-1988-06-10-40-2-8 cf. LOV-2015-04-10-17-§23-2
Promulgated
Short Title
Regulations on representation on governing bodies
Adopted of Finance and Customs Department 1 June 1990 pursuant to Act 10 June 1988 no. 40 Financial Institutions and Financial Institutions § 2-8 second paragraph.
Changes: Amended by regulation 18 Dec 2009 No.. 1726,
§ 1. Prohibition of mutual representation A person who is a member of the board or the chairman or deputy chairman of the Supervisory Board / Corporate Assembly / Board of Trustees in a financial institution, can not simultaneously be a member of the board or be chairman or deputy chairman of the Supervisory Board / Corporate Assembly / Trustees in another financial institution.
CEO of a financial institution, his deputy and person in general holds a senior position in a financial institution, can not be members of the board or be chairman or deputy chairman of the Supervisory Board / Corporate Assembly / Trustees in another financial institution.
Provisions apply correspondingly to alternates who meet or are expected to meet regularly.
Provisions also apply to holding companies for financial institution, cf. Act § 2-1.
§ 2. Exemptions from the prohibition The prohibition in § 1 does not apply between the companies included in the same group. Nevertheless, at least one quarter of the directors of such a company be people who have no trust or is employed by another financial institution within or outside the group.
Credit institutions that are owned by more than 50 percent of other financial institutions, can Notwithstanding the prohibition in § 1, representatives from own companies in their governing bodies. Nevertheless, at least two-fifths of the directors of such a company be people who have no trust or is employed by another financial institution. FSA may require that the majority of the Board shall consist of such persons.
§ 3. Dispensation When there is unobjectionable from a competition point of view, or when particularly weighty considerations indicate, the FSA grant exemptions from the prohibition in § 1
§ 4. Commencement and transitional regulations come into force on 1 July 1990.
Conditions are inconsistent with the provisions of the Regulations shall be liquidated within one year after the regulations came into force.
