Advokatfirmaet Grette AS

Oslo

The law firm currently known as Grette was established in 1887 by Attorney Johan Bredal. Few Norwegian lawyers have had a more distinctive and lasting impact on the Norwegian legal profession.

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Updates

Banking

Coverage level under deposit guarantee scheme reduced for overseas depositors
Norway | 08 February 2019

For many years, the coverage level under the Norwegian deposit guarantee scheme has been significantly higher than the target that was introduced by the EU Deposit Guarantee Schemes Directive to achieve a fully harmonised coverage level. However, recent amendments to the Act on Financial Institutions and Financial Groups have reduced the coverage level for customers in the European Union that have deposits in Norwegian banks which offer services in their country on a cross-border basis.

FSAN publishes draft regulation on prudent consumer lending practices
Norway | 02 November 2018

In 2017 the Financial Supervisory Authority of Norway (FSAN) published guidelines on prudent consumer lending practices. However, in order to strengthen the FSAN's ability to ensure that the 2017 guidelines are actually implemented, it has now proposed that they be converted into a regulation. This would make it easier for the FSAN to impose penalties on institutions that fail to comply with the rules.

New court ruling on ownership of qualified interests in Norwegian financial institutions
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.