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The EEA Agreement

Through the EEA Agreement, Norway is a part of the “internal market” for financial services in the European Economic Area. The agreement gives Norway and the other EFTA countries both rights and obligations in relation to the EU system.

The rights imply that:

• Norway shall take part in working groups etc. which the EU Commission uses in preparing draft acts (acquis) to regulate activities in the EEA in the same ways as EU countries. These acts normally take the form of directives, and they determine which factors shall be taken into account in national legislation.
• Norway may participate as observer in committees and working groups that issue statements on supplementary rules and regulations, interpret them and work for common supervisory standards, etc.

The obligations imply that:

• Norway shall adopt a position on whether the new acts should be made a part of the EEA Agreement, and if it is so decided
• Norway shall implement the act in national legislation through amendments to acts and regulations.

There is extensive cooperation between Norwegian authorities and EU bodies in this connection. Norges Bank participates in:

• EFTA’s WG Fin, which is a working group for financial services. It facilitates the work ensuing from the various countries’ obligations pursuant to the agreement, and reports to Subcommittee II under EFTA’s Standing Committee.
• CEBS (Committee of European Banking Supervisors). The committee gives advice to the European Commission on banking policy issues and promotes cooperation and convergence on supervisory practice across the European Union.
• BSC (Banking Supervision Committee). The BSC is the European Central Bank’s (ECB) forum for cooperation among national central banks and supervisory authorities on oversight of financial institutions and financial stability.