The Norwegian Government Commission (Verdipapirmarkedslovutvalget) published on 2006-02-21 a proposal for a new Act on Securities Trading and a new Act on Regulated Markets (NOU 2006:3 Om markeder for finansielle instrumenter) implementing MIFID Level 1 and the Transparency Directive. The law proposal (NOU 2006:3) was sent for consultation to the market participants, see link for the various consultation responses. The Norwegian Ministry of Finance will probably publish their proposal (“the bill” , in Norwegian Ot. prp.) by spring 2007 whereas the Parliament will vote on the proposed legislation later in the spring 2007.
The Norwegian Financial Supervisory Authority (FSA) will start their work - drafting the regulations (implementing MiFID Level 2) - during the autumn 2006. The FSA will probably establish working groups where market participants will be represented in order to assist FSA in their regulation work. The new regulations will be approved by the Norwegian Ministry of Finance probably by early spring 2007.
