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Finance regulation

Financial markets and financial institutions are subject to extensive and complex regulation, and these regulations change frequently. Thommessen offers market-leading legal advice to all actors in the financial sector. We have advised on the largest and most complex projects in the financial services sector and provide ongoing advice and assistance on all issues related to financial markets and financial services.

Client successes

  • Establishment of Fremtind Forsikring AS: Thommessen acted for DNB and Sparebank1 Forsikring in the establishment of a new joint venture for non-life insurance (Fremtind Forsikring AS). Thommessen also assists in the establishment of a new life insurance company for the same joint venture (Fremtind Liv).
  • Take-over of Oslo Børs Holding AS: We assisted Oslo Børs Holding AS in the take-over process involving Euronext and Nasdaq, which resulted in the take-over of the national stock exchange and CSD by the Euronext-group.
  • Credit mandates for Pareto Alternative Investments AS: Thommessen assists Pareto Alternative Investments AS in establishing investment mandates which facilitates debt investments in infrastructure and real estate for insurance companies and pension funds.
  • Establishment of Nordic Corporate Bank ASA: We assisted in establishing Nordic Corporate Bank ASA as a specialized corporate bank for mid-size corporates offering both project financing and real estate financing.
  • Sale of Netfonds Holding AS: Thommessen assisted in the structured sale process of Netfonds Holding AS to Nordnet AB, which included a Norwegian bank and life insurance company.
  • Sale of Axo Finans AS: We assisted in the sale of the financial agent Axo Finans to Corsair Capital.
  • Merger between Vipps, BankID Norge and BankAxept: We acted as legal counsel in relation to the merger process between Vipps AS, BankID Norge AS and BankAxept AS in the creation of a Norwegian "national champion" within payments and electronic identification.
  • Sale of Höegh Pensjonskasse to Storebrand: We assisted in the sale of the portfolio of paid-up policies (NW "fripoliser") from Höegh Pensjonskasse to Storebrand Livsforsiking AS, and the subsequent winding-down of the pension fund.
  • Establishment of Interkreditt Kapital: Thommessen acted as legal counsel in connection with establishing the financing company Interkreditt Kapital AS which provides numerous financing solutions including factoring and business financing.
  • Establishment of Nordic Credit Rating: Thommessen assisted in setting up of Nordic Credit Rating AS. This is the first Nordic credit rating agency established under EU-regulation on credit ratings, and the company will be under direct supervision of the European Securities and Markets Authority (ESMA).
  • Branchification of Nordea Bank AB: We assisted Nordea Bank AB in the cross border merger and subsequent branchification of its subsidiary bank (Nordea Bank Norge ASA).

Financial institutions have an important role in society. Well-functioning financial markets is a prerequisite for economic growth and financial stability. The financial sector also serves as an important tool for addressing other challenges in society, including adapting to climate change and the fighting against money laundering. At the same time, financial institutions introduce risks, both for the society as a whole and for individual investors. The financial sector is therefore subject to extensive and complex regulation, both in the EU and in Norway.

Our lawyers have broad experience in providing ongoing hands-on advice to all types of companies in the financial industry and work frequently on larger transactions. Several of our lawyers have long experience from key government agencies such as the Financial Supervisory Authority of Norway, the Ministry of Finance and the Banking Law Commission. We distinguish ourselves from our competitors through in-depth knowledge of both Norwegian and European regulatory processes and practical know-how in how regulatory authorities act in various situations.

Over a number of years, Thommessen has assisted in the largest and most complicated authorization processes and is a sought after advisor on all types of transactions in the financial sector. We also advice on strategic matters and provide clear, practical advice in managing change-processes as well as on-site supervisory inspections. Thommessen keeps close track of all regulatory developments in the financial services sector, and frequently advise on lobbying efforts and other contact with governmental agencies in Norway and the EU.

Our clients include banks, insurance companies, insurance intermediaries, pension funds, investment firms, fund managers, PE-funds, payment institutions and financial infrastructure entities. Clients include everything from global actors, Norway's largest financial groups to newly formed sole proprietorships. We tailor a team to suit each client's needs. We collaborate seamlessly with our colleagues in technology, privacy, tax, competition law and transactions. Our goal is to always provide legal and strategic advice in a practical, efficient and clear way.

Our lawyers have been voted as the leading firm in Norway in financial regulation in recognised international awards.

They are always on top of the research and developments in the law. Very insightful on developments that take place in the EU, and great at understanding how the space is developing as a whole. Client
Chambers FinTech, 2021

The team