Foreign Exchange Regulations,
Oslo April 1991
1. Introduction
Since 1988, Norges Bank has annually published a booklet, "Foreign Exchange Regulations" updating the rules governing the regulation of foreign exchange. Up to date as of 30 April 1991, this edition includes Norges Bank's Foreign Exchange Regulations of 27 June 1990 (as amended on 6 March 1991), the Currency Control Act of 14 July 1950 (as amended, most recently on 21 December 1990), and the Regulations issued by the Ministry of Finance on 22 June 1990. The booklet has been distributed to Norwegian financial institutions and a number of enterprises, and can also be obtained on application to Norges Bank (the Information Division or the Financial Markets Department). A brief presentation of the rules is given below.
Norges Bank's Foreign Exchange Regulations of 27 June 1990
The Currency Control Act of 14 July 1950 and the Regulations of 22 June 1990 issued by the Ministry of Finance authorise Norges Bank to lay down the foreign exchange provisions applicable at any given time. The Foreign Exchange Regulations currently in force were adopted on 27 June 1990 and entered into force on 1 July 1990 in connection with an extensive dismantling of foreign exchange regulations. The Regulations of 27 June 1990 repealed Norges Bank's previous Foreign Exchange Regulations of 6 December 1989 (published in the booklet "Foreign Exchange Regulations 1990"). After many years in which a comprehensive set of rules had been based on the principles that all transactions were prohibited unless expressly permitted, the new Foreign Exchange Regulations of 27 June 1990 reflected a complete reversal: all transactions are now permitted unless expressly prohibited in the Regulations. At the same time, the former licensing arrangements were terminated, while the rules requiring notification and reporting to Norges Bank were made stricter.
Norges Bank's Circular no. 7 dated 29 June 1990 contained a discussion of the new Regulations. In addition, Norges Bank issued a folder informing the general public of the new foreign exchange rules. Distributed to all commercial and savings banks, the folder is still available on application to Norges Bank (the Information Division or the Financial Markets Department).
In addition to general rules governing foreign exchange transactions, the Foreign Exchange Regulations of 27 June 1990 also contain special rules governing currency operations by financial institutions. These rules are discussed in more detail in Norges Bank's Circulars no. 7 of 29 June 1990 and no.14 of 29 October 1990.
The Currency Control Act of 14 July 1950
The Act of 14 July 1950 relating to Currency Control remains in force. It is an enabling Act which lays down the governing conditions for regulation and empowers the Ministry to issue more specific regulations. Certain amendments to the Currency Control Act have been made through the years, most recently on 21 December 1990 (cf. Section 7). The amendment, proposed in Proposition no.10 (1990-91) to the Odelsting, adopted by the Storting on 20 December 1990, and effective from 21 December 1990, is discussed in more detail in Norges Bank's Circular no.3 of 30 April 1991.
Regulations of 22 June 1990 issued by the Ministry of Finance
With authority in the Currency Control Act, the Ministry of Finance on 22 June 1990 issued Regulations which with effect from 1 July 1990 suspended the earlier Foreign Exchange Regulations issued by the Ministry of Trade on 29 July 1955. At the same time, the Ministry's authority according to the Currency Control Act was delegated to Norges Bank
(as amended on 6 March 1991)
Part I
Chapter 1 Introductory provision
Pursuant to Act no.10 of 14 July 1950 (the Currency Control Act), and the Regulations of 22 June 1990 issued by the Ministry of Finance, the Executive Board of Norges Bank adopted the following Foreign Exchange Regulations on 27 June 1990. These rules replace Norges Bank's Foreign Exchange Regulations of 6 December 1989 as subsequently amended.
Chapter 2 Definitions
In these Regulations, the following definitions apply:
Payment: the physical transfer of means of payment, or an account transaction equivalent to such a transfer.
Means of payment:
a) domestic means of payment: Norwegian banknotes and coin; bills of exchange;cheques and other money orders or letters of credit which entitle the payee to receive settlement in Norwegian banknotes and coin.
b) foreign means of payment: foreign banknotes and coin; bills of exchange; cheques and other money orders or letters of credit which entitle the payee to receive settlement in foreign banknotes and coin.
Claims:
a) domestic claim: claim on a resident to surrender means of payment or securities.
b) foreign claim: claim on a non-resident to surrender means of payment or securities.
Currency: means of payment, securities and claims.
Chapter 3 Foreign exchange status of natural persons and bodies corporate
Section 3-1 (the foreign exchange status of natural persons)
A natural person is resident when regarded as domiciled in Norway, i.e. when the person is permanently or usually resident in this country.
Norwegian nationals are residents when staying abroad in connection with diplomatic service at Norwegian Foreign Service Stations or when otherwise sent abroad on government service. Foreign nationals are non-residents when staying in this country in connection with service at a foreign embassy or other foreign diplomatic mission in Norway. The rules governing the foreign exchange status of diplomats also apply to the members of their families attached to the same domicile. Foreign nationals employed by NATO or other international organisations located in Norway are non-residents.
Seamen in foreign trade permanently domiciled in Norway are residents. Norwegian nationals with registered home addresses in Svalbard are residents. Foreign nationals who are seeking asylum in Norway are considered residents.
Persons who are not residents according to the above are considered non-residents.
In connection with any change of foreign exchange status, a change of permanent domicile must be notified to the Norwegian Population Register and the corresponding foreign authorities.
Stays abroad of under six months' duration in connection with studies, private sojourns or business trips do not change foreign exchange status. Norwegian students abroad are normally considered residents regardless of the length of stay. Similarly, foreign nationals who stay in Norway for less than half a year in connection with studies, private sojourns or business trips will continue to be considered non-residents. The rules concerning stays of under six months apply even if a change of address has been notified to the Population Register.
When the criteria for a change of foreign exchange status have been met, the change is effective from the date of entry/departure.
Section 3-2 (the foreign exchange status of bodies corporate)
A body corporate is resident when its headquarters are located in Norway.
Branches in Norway of foreign bodies corporate are residents.
Bodies corporate which are not resident according to the above are considered non-resident. Branches abroad of resident bodies corporate are also regarded as non-resident.
Part II
Chapter 4 Transfer of payments to and from other countries
It is prohibited for others than Norges Bank and foreign exchange banks to engage in the commercial transfer of payments to and from other countries on behalf of the public.
Foreign exchange agents may serve as agents for the transfer of payments by foreign exchange banks to and from other countries, cf. Chapter 16.
Chapter 5 Payments between residents and non-residents through a resident foreign exchange bank
Section 5-1 (reporting obligation)
In the event of payment between a resident and a non-resident through a resident foreign exchange bank, the foreign exchange bank is obliged to report the payment to Norges Bank. A resident is obliged to supply the foreign exchange bank with the information it needs for reporting purposes.
Section 5-2 (obligation to provide proof of identity)
In the event of payment between a resident and a non-resident through a resident foreign exchange bank, the bank is obliged to ascertain the client's identity and foreign exchange status.
Chapter 6 Payments and other settlements between residents and non-residents, not using a resident foreign exchange bank
Section 6-1 (notification obligation)
A resident who sets up a payment arrangement or settlement arrangement directly with a non-resident not using a resident foreign exchange bank is obliged to notify Norges Bank. The notification must contain:
1) the name and address of the resident,
2) a description of the payment arrangement,
3) the name and address of the non-resident whom the payment arrangement relates to, and
4) the date on which the payment arrangement was set up.
A resident who sets up a payment arrangement or other arrangement for settlement with a non-resident must, unless a special exemption has been granted, report the gross transactions and balances to Norges Bank at the end of each month on the prescribed form.
A resident is also obliged to notify Norges Bank of individual direct payments to other countries or other individual settlements not made through a resident foreign exchange bank.
Section 6-2 (exemptions from the notification obligation)
Payments between residents and non-residents in (physical) means of payment are exempted from the notification obligation laid down in Section 6-1. Norges Bank may nevertheless require information about such payments.
Resident foreign exchange banks are also exempt from the notification obligation according to Section 6-1.
Section 6-3 (sanctions)1.
A resident who fails to comply with the notification and reporting obligation in Section 6-1 can be ordered to effect all payments to and settlements with non-residents through a resident foreign exchange bank.
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1. Amended on 6 March 1991
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Chapter 7 Accounts with non-resident banks
Section 7-1 (notification obligation)
A resident who opens an account with a non-resident bank is obliged to notify Norges Bank (cf. Section 6-1).
A resident is also obliged to satisfy the reporting requirements laid down in the second paragraph of Section 6-1.
Section 7-2 (declaration of consent to disclosure)
When opening an account with a non-resident bank, a resident is obliged to state to Norges Bank, using the prescribed form, that he is willing to allow the foreign bank in question to submit information related to the account to the Norwegian authorities.
Section 7-3 (notification and disclosure declaration in the event of change in foreign exchange status)
A resident who opened an account with a non-resident bank while a non-resident, is obliged to notify the Norwegian authorities and submit a disclosure declaration upon moving to Norway.
Section 7-4 (exemption clause)
Foreign exchange banks are exempt from the notification obligation laid down in Section 7-1 and the obligation to consent to disclosure laid down in Section 7-2.
Section 7-5 (sanctions)')
A resident who fails to comply with the notification and reporting obligation in Section 7-1 or the obligation to submit a declaration of consent to disclosure in Section 7-2 can be ordered to close the account and to transact all payments to and from non-residents through a resident foreign exchange bank.
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') Amended on 6 March 1991
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Chapter 8 Payments in foreign currency between residents
Payments between residents in foreign currency may only be transacted by transfers from the payer's to the payee's account.
If a payment between residents in foreign currency is transacted through accounts in a resident foreign exchange bank, the bank is obliged to report the payment to Norges Bank, cf. Section 5-1. In the event of a payment between residents in foreign currency through accounts abroad, the resident is obliged to report the payment to Norges Bank, cf. Sections 6-1 and 7-1.
Chapter 9 Trade in foreign means of payment in Norway
Section 9- 1 (purchase and sale of foreign means of payment)
It is prohibited for others than Norges Bank and foreign exchange banks to engage in commercial buying and selling of foreign means of payment in Norway.
Foreign exchange agents may serve as agents for foreign exchange banks' trading in foreign means of payment, cf. Chapter 16.
Foreign exchange banks are obliged to report purchases and sales of foreign means of payment to Norges Bank.
Section 9-2 (obligation to provide proof of identity)
In connection with purchases and sales of foreign means of payment, foreign exchange banks are obliged to ascertain the client's identity and foreign exchange status.
Chapter 10 Obligation to notify the authorities of imports and exports of banknotes and coin
A resident or non-resident who on entry into or departure from Norway is carrying Norwegian and foreign banknotes and coin in a total amount exceeding NOK 25,000 per person per journey is obliged to notify the Customs Administration accordingly on entry or departure on the prescribed form.
Chapter 11 Purchase and sale of securities etc
Section 11-1 (dealing through a Norwegian stockbroker)
A resident intending to buy or sell the following securities is obliged to do so through a Norwegian stockbroker:
a) foreign shares, bonds and certificates,
b) Norwegian shares, bonds and certificates issued abroad and not subject to mandatory registration with the Securities Registry,
c) forward contracts (including options) or other contracts conveying the right to securities mentioned under litra a) and b),
d) forward contracts (including options) or other contracts with non-residents which convey the right to Norwegian securities,
e) forward contracts (including options) linked to indexes consisting in whole or in part of securities mentioned under litra a) and litra b).
Section 11-2 (dealing through a resident foreign exchange bank)
Purchase and sale by a resident of securities in the form of certificates and interest rate contracts is exempt from the stockbroker requirement in Section 11-1 if transacted through a resident foreign exchange bank. Only a foreign exchange bank with special permission from Norges Bank may act as an intermediary in this connection. Norges Bank may make its permission for a foreign exchange bank to function as an intermediary in this respect subject to certain conditions.
Section 11-3 (deposit requirement)
Securities as mentioned in Section 11-1 and kept abroad must be deposited with a Norwegian bank or stockbroker or registered in some other way as to make it possible to exercise control.
Section 11-4 (exemption clause)
Norges Bank can on application grant exemptions from the provisions in Sections 11-1 and 11-3 to enterprises buying and selling foreign shares in connection with direct investments abroad. In such cases, the company will be instructed to notify each individual direct investment to Norges Bank. In this connection, direct investments mean purchases of shares for the purpose of establishing a lasting economic relationship, and where the investor intends to exercise an influence on the activity of the object of the investment. A purchase of 10 % or more of a company's share capital is always regarded as a direct investment.
Foreign exchange banks, exposure-regulated financial institutions, insurance companies and stockbrokers are exempt from the stockbroker and deposit requirements in Sections 11-1 and 11-3 if they are buying and selling the securities on their own account. Foreign exchange banks are also exempt from the stockbroker and deposit requirements if the securities mentioned in Section 11-2 are being bought and sold on behalf of another resident.
Chapter 12 Insurance
It is prohibited for a resident to take out any other form of policy with a foreign insurance company than non- life insurance, cf Section 1 -1 of the Act of 16 June 1989 relating to insurance policies.
Chapter 13 Special rules for the municipal sector
Municipalities and county municipalities, and enterprises in which municipalities and county municipalities hold more than a 10 % interest and which are not competing with private enterprises, must not engage in transactions involving them in any significant degree of foreign currency exposure.
Under no circumstances may municipalities, county municipalities and enterprises as mentioned above
- raise or issue financial loans in foreign currency, or guarantee such loans,
- enter into forward contracts in foreign currency (including currency options and swaps) for purposes other than hedging foreign currency exposure of revenues, expenditures, assets or debts in foreign currency.
The Ministry of Finance may in special cases permit exemptions from the provisions of this Chapter.
PART lll
Chapter 14 Currency operations by foreign exchange banks and exposure-regulated financial institutions
Section 14-1 (mandatory authorisation)
Foreign exchange banks are authorised by the Ministry of Finance. Financial institutions subject to exposure regulation are authorised by Norges Bank.
Commercial banks, savings banks, the Postal Giro and the Post Office Savings Bank may become foreign exchange banks. Commercial banks, savings banks, and finance enterprises may become financial institutions subject to exposure regulation.
Section 14-2 (payment services)
Financial institutions which are subject to exposure regulation may not transact payments between residents and non-residents or payments in foreign currency between residents. Financial institutions subject to exposure regulation may nevertheless acquire the status of foreign exchange agent according to the rules in Chapter 16.
A financial institution which is subject to exposure regulation may only accept or return foreign currency loans/deposits through the depositor's account with a Norwegian foreign exchange bank or a non-resident bank. A corresponding rule applies to Norwegian krone loans/deposits by non-residents.
Section 14-3 (reporting requirements)
Foreign exchange banks must have computerised routines for reporting their own payments and payments made on behalf of others in accordance with Norges Bank's requirements.*)
Foreign exchange banks and financial institutions subject to exposure regulation must submit foreign currency position reports according to the requirements laid down by Norges Bank, cf. separate instructions for reporting foreign currency positions.**)
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*)Until 1 November 1991, these reports can be made using a partly paper-based reporting system, as described in "Veiledning for valutabanker" (Norges Bank, 1983, with subsequent amendments). After 1 November 1991, reports must meet the specifications for the fully EDP-based BRAVO system, described in "Kravspesitikasjon overfor valutabanker" (Norges Bank, the Statistics Department, April 1990). Until further notice, however, reports which only deal with the Norwegian krone accounts of private non-residents (non-banks) must be submitted using the paper-based system.
**) The Instructions are contained in Norges Bank Circular no. 14 of 29 October 1990.
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Section 14-4 (definition of currency positions)
A net position in each currency is arrived at by the following calculation, which only comprises items denominated in the currency in question:
Assets (excluding costs)
- Debt and equity (excluding income)
+ Bought forward, for settlement in another currency
- Sold forward, for settlement in another currency
+ Option position
Financial institutions with non-resident branches must include the currency positions of these branches in their net positions.
Option positions must be calculated according to a mathematical model approved by Norges Bank. Financial institutions which are only acting as intermediaries for currency options are exempt from this requirement. Subject to approval by Norges Bank, alternative methods may be adopted for reporting option contracts which are hedging transactions.
Future revenues and expenditures denominated in the currency in question may be included in the net position provided Norges Bank has approved a suitable model for the purpose.
Currency positions anticipated as a result of expected future losses on gross positions denominated in the currency in question may with Norges Bank's approval also be included in net positions.
Aggregate currency positions are defined as the sum of either all positive net positions in the particular currency (including NOK), or all negative net positions in the particular currency.
Section 14-5 (position limits)
Net positions of up to 10% of the financial institution's equity and subordinated loan capital may be taken in individual currencies. At the same time, the aggregate position must be kept within 20% of the financial institution's equity and subordinated loan capital. Equity and subordinated loan capital is defined according to existing legislation applicable to the financial institution in question.
Norges Bank lays down special position limits for the Postal Giro.
Financial institutions may make upward adjustments in their own position limits once a year, after submitting their audited annual accounts.
A financial institution whose equity and subordinated loan capital increases substantially at some other time than the annual adjustment date may on that basis apply to Norges Bank for higher position limits.
The financial institution is obliged to make a downward adjustment in its own position limits if, when its four-monthly accounts are completed, they show a reduction in equity and subordinated loan capital.
A financial institution with equity and subordinated loan capital which substantially exceeds the statutorv minimum capital adequacy requirements may apply to Norges Bank for higher percentage rates for calculating its position limits than those mentioned above.
Section 14-6 (internal requirements)
Foreign exchange banks and financial institutions which are subject to exposure regulation must at all times satisfy the requirements below:
(1) Capital adequacy requirement
The capital adequacy requirements that follow from the applicable legislation must be met. Financial institutions which are not subject to statutory capital adequacy requirements may be made subject to special minimum requirements.
(2) Documentation in writing
Documentation must be available in writing showing that certain formal requirements as to management and control have been satisfied. The following minimum requirements as to written documentation must be met:
a. The Board of Directors of the financial institution must have:
- made a deliberate choice of strategy for its foreign exchange operations, including their objectives and selected risk profile.
- laid down maximum exposure and volume limits for its various areas of business, including the institution's maximum exchange rate and interest rate exposures in aggregate and in specific currencies.
- determined how often the management is to report currency and interest rate positions to the Board, and what such reports must contain.
- prepared definite guidelines for the levels of activity and position
-taking in foreign currencies of subsidiaries which are not banks or financial enterprises.
b. The following must also be available:
- A survey of any authorisations delegated by the Board of Directors to the management.
- Up-dated instructions for each manager, foreign exchange broker etc. stating among other things the maximum limits within which he or she must operate.
- Adequate description of each operational routine involved in the foreign exchange operations.
- A risk analysis for the various instruments traded in (or which there are plans to trade in), and clear definitions of the position for each particular instrument.
- A survey of the flow and frequency of reports between the various levels in the bank concerning foreign exchange operations.
(3) Reporting and accountancy competence
The authorities' accountancy and reporting requirements must be met. Reports to the authorities may be subject to verification by auditors.
(4) Organisation
Foreign exchange operations must be organised so as to maintain the necessary clear distinction between trading on the one hand and settlement and controls on the other. More detailed conditions may be stipulated concerning the organisation of foreign exchange operations.
Section 14-7 (transitional provisions)
Foreign exchange banks must notify Norges Bank in writing no later than 1 October 1990 if they wish to retain their status as foreign exchange banks, acquire the status of financial institution subject to exposure regulation, or discontinue their foreign exchange operations.
Finance enterprises which are subject to regulation of their overall foreign currency positions must notify Norges Bank in writing no later than 1 October 1990 if they wish to be given the status of a finance enterprise subject to exposure regulation or to discontinue their foreign exchange operations.Financial institutions wishing to retain some form of foreign exchange authorisation must by 1 October 1990 send Norges Bank a timetable showing when in their opinion the requirements in the new regulations will have been satisfied.
Chapter 15 Currency operations by commercial and savings banks and finance enterprises without special authorisation
Section 15-1 (payment services)
Commercial and savings banks and finance enterprises which have no specific authorisations may not transact payments between residents and non-residents or in foreign currency between residents. Such banks and finance enterprises may nevertheless be given the status of foreign exchange agencies according to the rules in Chapter 16.
Commercial and savings banks and finance enterprises without specific authorisation are subject to the same reporting requirements as other residents in connection with payments or other settlements through other than resident foreign exchange banks, cf. Sections 6-1 and 7-1.
Section 15-2 (foreign currency positions and Norwegian krone debts/claims abroad)
Unauthorised commercial and savings banks and finance enterprises may not engage in transactions involving any significant degree of gross or net foreign currency exposure.
It is prohibited under any circumstances for such financial institutions to
- grant foreign currency loans to clients, or guarantee such loans,
- receive loans or deposits in foreign currency,
- enter into forward foreign currency contracts or foreign currency option contracts with clients,
- grant Norwegian krone loans to non-resident clients,
- receive loans or deposits in Nonwegian kroner from non-resident clients.
Section 15-3 (transitional rules)
Finance enterprises which have not been subject to regulation of their overall foreign currency positions and have foreign currency assets or liabilities on their own accounts must apply to Norges Bank for exposure regulation or phase out the foreign currency items by 1 January, 1991. The same deadline for termination also applies to Norwegian krone debts to/claims on non-resident clients. Norges Bank may on application grant exemptions from this deadline.
Chapter 16
Foreign exchange agentsForeign exchange banks may without the special consent of Norges Bank enter into agreements with other resident enterprises, including financial institutions, whereby the latter may serve as agents for the foreign exchange bank's transfers of payments and/or trading in foreign means of payment. Such enterprises shall be known as foreign exchange agents. The foreign exchange bank is responsible for seeing that the services carried out on its behalf by the foreign exchange agent are carried out and reported in accordance with the present Regulations. Foreign exchange banks must submit lists of their foreign exchange agents to Norges Bank, and report any changes in such lists.
Part IV
Chapter 17 Other provisions.
Section 17-1 (obligation to maintain professional secrecy)1)
The obligation to observe professional secrecy laid down in the following statutory provisions does not convey exemption from the obligation to provide information authorised in the first paragraph of Section 7, cf. fourth paragraph, of the Currency Control Act:
a) The first paragraph of Section 144 of Act no.10 of 22 May 1902 (the Penal Code), insofar as it applies to the management by lawyers of domestic or foreign currency on behalf of a non-resident or of foreign currency on behalf of a resident.
b) Section 3-13 of Act no.24 of 13 June 1980 (the Tax Assessment Act)
c) Section 21 of Act no.1 of 24 May 1961 relating to Savings Banks, and Section 18 of Act no.2 of 24 May 1961 relating to Commercial Banks.
Information obtained according to the first paragraph of Section 7 of the Currency Control Act can be communicated by the Ministry of Finance or Norges Bank to the Directorate of Taxes or the Directorate of Customs and Excise when the information must be assumed to be of importance to the tax authorities or customs authorities respectively.
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1) Amended on 6 March 1991
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Section 17-2 (authorisation of exemptions)
Norges Bank may in special cases grant exemptions from the provisions of these regulations.
Section 17-3 (coercive fines)')
(a) Norges Bank can impose coercive fines if the deadline is exceeded for providing information required pursuant to the first paragraph of Section 7 of the Currency Control Act. The amount of the fine can be determined in advance or in connection with the stipulation of a new deadline for submitting the information.
(b) Coercive fines can be imposed either as lump sums or as cumulative daily penalties. Lump-sum fines can be repeated when new deadlines are stipulated until the information is provided. In the event of a cumulative daily penalty, the penalty amount will accrue until the information is provided.
(c) When the amount of a coercive fine is set, regard shall be had to how important it is that the information be given, and to other circumstances. When coercive fines are repeated they can be raised.
(d) Where the amount of a coercive fine has been set in advance, the due date for payment of a lump-sum fine is the date on which the reporting obligation was violated. A coercive fine set after the event falls due on the first working day after the expiry of the new deadline for compulsory reporting. Cumulative daily penalties fall due as they accrue.
(e) Coercive fines can be recovered by distraint.
(f) In special cases, Norges Bank can waive coercive fines in whole or in part.
(g) Decisions to impose coercive fines and refusals of applications to have coercive fines waived can be appealed to the Ministry of Finance.')
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Amended on 6 March 1991.
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Section 17-4 (penalties)
In accordance with Section 10 of the Currency Control Act, anyone deliberately or negligently violating provisions in the present Regulations is liable to punishment by fines or imprisonment for up to two years or both. Assistance in such violations is liable to the same penalties.
Section 17-5 (entry into force etc.)
These Regulations enter into force on 1 July 1990.
Conditions stipulated in permits/licences issued up to 1 July 1990 in pursuance of earlier foreign exchange regulations, and not covered by obligations or requirements set out in the present Regulations, shall cease to apply.
3. Information concerning notification and reporting to Norges Bank of foreign currency transactions/ payments to and from other countries
3.1 General
Norges Bank's Foreign Exchange Regulations of 27 June 1990, issued pursuant to the Currency Control Act, contain provisions relating to mandatory notification and reporting to Norges Bank of payments/settlements between residents and non-residents and between residents in foreign currency.
The reports are principally used in foreign exchange statistics, which are a main source for Norway's balance of payments. The balance of payments covers all transactions which result in changes in Norway's gross foreign claims or gross foreign debt. In addition, the foreign exchange statistics include payments between residents in foreign currency, and payments between non-residents through Norwegian banks.
The reports can also be used for tax and customs control.
3.2 Reporting of payments transacted through resident foreign exchange banks
Payments made through resident foreign exchange banks shall be reported to Norges Bank by the foreign exchange bank. Until 1 November 1991, these reports can be made using a partly paper-based reporting system, as described in "Veiledning for valutabanker" (Norges Bank 1983, with subsequent amendments). After 1 November 1991, reports must meet the specifications for the entirely EDP-based BRAVO system. The relevant specifications are contained in "Kravspesifikasjon overfor valutabanker" (Norges Bank, the Statistics Department, April 1990). Until further notice, however, reports which only concern the Norwegian krone accounts of private non-residents (non-banks) must be submitted using the paper-based system.
One overall report is to be submitted for each reporting period, covering all the bank's domestic divisions, branches and foreign exchange agencies. Reports must reach Norges Bank 10 working days at the latest after the expiry of the reporting period.
Foreign exchange banks must report all payments (both in foreign currency and in Norwegian kroner) between residents and non-residents. Amounts of purchases and sales of foreign means of payment must also be reported. Lastly, reports from foreign exchange banks must include payments between residents in foreign currency, and payments between non-residents through Norwegian banks.
All client transactions involving amounts over certain limits must be reported separately, including the names and addresses of payers and payees and what the payment relates to. The BRAVO system also requires the personal identity numbers or enterprise numbers of Norwegian payers and payees. Information on what the payment refers to must be based on particulars given by the clients. Banks are also obliged to ascertain the identity of clients (obligation to provide proof of identity), including their foreign exchange status (resident or non-resident).
Clients are obliged to give foreign exchange banks the information concerning payments which the banks require for their reports to Norges Bank. Clients are also obliged to check that the information reported by the banks is in accordance with the facts. (Clients must receive documentation of any payments transacted for them, for instance a copy of the notification of payment). Errors in banks' reports must be notified direct to Norges Bank. As previously mentioned, clients must also be able to present foreign exchange banks with proof of their identity.
3.3 Notification and reporting of payments and other settlements other than through resident foreign exchange banks
A resident who establishes an arrangement for payment or other arrangement for settlement with a non-resident otherwise than using a resident foreign exchange bank (for instance an own account in a non-resident bank) must notify this to Norges Bank as soon as possible, and no later than 30 days after the establishment of the arrangement. Corresponding mandatory notification applies to the establishment of arrangements for settlement with other residents abroad. Notifications, which can be given by letter or on a form,*) must contain:
- the name and address of the resident
- the resident's personal identity number or enterprise number
- a description of the payment or settlement arrangement (e.g. a current account with a non-resident bank, or a set-off arrangement with a non-resident business connection)
- the name and address (place/town of residence and country) of the non-resident to whom the payment/settlement arrangement relates
- the date on which the payment arrangement was set up
- the anticipated amount of transactions and average balance in the payment/settlement arrangement.
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*) The form is reproduced at the back of this publication.
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For the purpose of these regulations, a payment arrangement or other settlement arrangement means a current account, an overdraft facility, or a deposit account in a non-resident bank or other financial institution, a credit card issued by a non-resident card company, and every kind of corporate account and netting arrangement and inter-company set-off with non-resident business connections.
When opening an account with a non-resident bank, a resident is also obliged to give Norges Bank a written statement permitting the non-resident bank to give Norwegian authorities information concerning the account. Such consent must be given on the prescribed form. If consent has not been given when the opening of an account is notified, the necessary form will be sent .
A resident who has established an arrangement for payment or other arrangement for settlement as mentioned above shall (unless granted a special exemption by Norges Bank) report the gross transactions and balances in the arrangement each month. Reports must be submitted on the forms prescribed in an accounts-based reporting system, cf. Norges Bank's guidelines "Rapportering til Norges Bank av konti i eller med utlandet". The reporting system is based on one main form, 2A page 1, and annexes 2D for specifying debits and 2C for specifying credits. In addition, page 2 of form 2A must be submitted specifying any loans by the resident from or to a non-resident. Forms will be sent as soon as Norges Bank receives notification of the establishment of a payment arrangement or other settlement arrangement.
A resident is also obliged to notify Norges Bank of any direct single payments abroad or other non-recurring settlements with non-residents otherwise than through a resident foreign exchange bank. The notification must be sent as soon as possible, and no later than 30 days after the transaction of the payment/settlement. The notification must contain:
- the name and address of the resident
- the resident's personal identity number or enterprise number
- information as to what the payment/settlement relates to
- the currency and the amount
- the name and address (place/town of residence and country) of the non-resident party
- the date of the payment/settlement.
An example of a direct single payment abroad might be a loan from a non-resident bank used directly to purchase for instance a ship or the like without the loan sum being registered in an account which is subject to mandatory reporting. The conversion of an ordinary loan made into shares or bonds is an example of another kind of non-recurring settlement.
Exemption has been granted from mandatory notification of settlements with non-residents in respect of payments using (physical) means of payment, for instance Norwegian or foreign banknotes. Norges Bank can nevertheless require information concerning such payments.
Foreign exchange banks are exempt both from mandatory notification in general and from the obligation to consent to disclosure to the authorities when accounts are opened with non-resident banks.
3.4 Notification and reporting of settlements using cards issued by Norwegian card companies
When payment or settlement is made using a payment card, credit card etc. issued by a Norwegian finance company or other card company, the company is subject to a special reporting obligation. In particular, the card companies must be able to distinguish in their reports between the use of cards abroad by resident card-holders and the use of cards in Norway by non-resident card-holders. Individual card companies are obliged to contact Norges Bank for more detailed information on their mandatory reporting.
3.5 Sanctions
If notification and reporting obligations are inadequately fulfilled, Norges Bank is empowered to impose various kinds of sanction. These comprise:
- Orders to close accounts abroad or terminate other arrangements for settlements with non-residents,and to transact such settlements through a Norwegian bank.
- Coercive fines.
- Reports of violations of the Currency Control Act and the Foreign Exchange Regulations to the prosecuting authorities. This sanction is used in the event of serious breaches of the notification and reporting obligation, including failure to submit reports after the imposition of coercive fines. Violations of the Currency Control Act/the Foreign Exchange Regulations are punishable by fines or imprisonment for up to 2 years or both.
4. Act no. 10 of 14 July 1950 relating to Currency Control
(as amended, most recently on 21 December 1990)
Section 1.
The Ministry concerned 1) can issue regulations governing the procedure for payments from Norway to foreign countries and from foreign countries to Norway.
To the extent determined by the Ministry, only Norges Bank and anyone authorised by the Ministry 1) may buy and sell foreign currency 2) and domestic securities 2) and domestic claims denominated in foreign currency or in both foreign and domestic currency. This shall also apply to intermediation in such trade. The Ministry or anyone authorised by the Ministry may lay down further conditions for such permission and may revoke permissions granted.
The Ministry may determine that the rates of exchange quoted by Norges Bank shall apply to all buying and selling of foreign currency 2).
----------
1)The Ministry of Finance according to decree of 23 September 1983 (No.1491).
2) See Section 8.
------------
Section 2.1)
The Ministry 2) may issue regulations governing the right of a resident 3) to:
(a) transfer, pledge or in other ways dispose of foreign currency 3) or domestic securities 3) or domestic claims denominated in foreign currency or in both foreign and domestic currency, and this also applies to the right to own such assets or to obtain them as a loan, to obtain a lien on them or to obtain title to them in any other way.
(b) transfer or pledge domestic currency 3) to a non-resident 3) or dispose of such currency in any other way to the benefit of a non-resident or receive such currency from a nonresident for ownership or as a loan, or obtain a lien on or gain possession of such currency in any other way.
(c) transfer or pledge domestic means of payment 3) and domestic securities 3) deposited abroad to another resident 3) or dispose of such assets in any other way to the benefit of a resident or acquire such assets from a resident for ownership or as a loan, acquire a lien on them or in any other way acquire title to them. The same applies to the bank deposit books held abroad if a bank or similar institution in Norway is the debtor.
(d) grant loans or credits to a non-resident 3), or provide guarantee or surety for a nonresident's debt.
(e) take on debts owed to a non-resident 3), pay debts owed to a non-resident or provide a guarantee or surety for a resident's 3) debt to a non-resident.
(f) make such economic or financial dispositions as may result in an obligation to make payment from Norway to a foreign country or from a foreign country to Norway.
(g) hold in custody, dispose of or administer domestic and foreign currency 3) on behalf of a non-resident. 3)
The transfer of shares or parts in a Norwegian company is not valid towards the company and is not legally binding if the transfer contravenes regulations issued pursuant to this Act. The Ministry 2) may issue rules requiring a company's board to report such cases and requiring the board to ascertain that unlawful transfers are not carried out.
If an unlawful transfer has taken place the Ministry may, on application made by the company board, give the parties or one of the parties a time-limit for complying with the currency control regulations. If this is not done within the time-limit stipulated, the provisions of (Section 34, second paragraph, second and third sentence, of the Companies Act of 19 July 1910) 4) shall apply.
----------
1) Amended by Act of 6 July 1957 (No. 15).
2) The Ministry of Finance according to decree of 23 September 1983 (No
1491).
3) See Section 8.
4) This Act has now been replaced by Act of 4 June 1976 (No. 59).
--------------
Section 3.
The Ministry1) may issue regulations governing the right of a non-resident 2) to transfer, pledge or in any other way dispose of domestic or foreign currency 2) in Norway, or to accept such currency for ownership or as a loan or to obtain a lien on or acquire title to such currency in any other way.
------------
1) The Ministry of Finance according to decree of 23 September 1983 (No. 1491).
2) See Section 8.
--------------
Section 4.
The Ministry 1) may issue regulations governing exports and imports of domestic and foreign means of payment 2) and securities 2) and of pass books showing deposits with a bank or similar institution.
-----------
1) The Ministry of Finance according to decree of 23 September l983
(No.1491).
2) See Section 8.
-------------
Section 5 1)
The Ministry may stipulate that a resident 2) shall surrender to Norges Bank or to another bank his holdings of foreign currency 2) against settlement in domestic money. The same applies to domestic claims 2) denominated in foreign currency when settlement in such currency can be demanded.
The amount of foreign currency shall be converted into Norwegian currency at the buying rates quoted by Norges Bank on the date of the transfer. If Norges Bank does not quote exchange rates on the day of transfer, the amount of foreign currency shall be converted into Norwegian currency at the buying rates used by the banks on that date. The exchange rate shall nevertheless not be higher than the buying rates on the day on which the obligation to surrender the foreign currency arose.
In case of a dispute about the value of the foreign currency when the conversion into Norwegian money takes place, the value shall be determined by a board of appraisers composed of three persons appointed by the President of the Supreme Court. The chairman of the board shall have the qualifications required of a judge 3).
Decisions made by the board of appraisers can not be overruled by a superior board, but may be appealed to the Supreme Court for reasons of erroneous procedure or law application.
The transfer may be required to take place even if the compensation has not been stipulated and without a time limit as provided for in the second paragraph of Section 55 of the Judicial Survey Act 4). A judicial survey shall then be demanded as soon as possible.
Otherwise the provisions of the Judicial Survey Act 5) shall apply to the extent that they are suitable.
---------
1) Amended by Act of 6 July 1957 (No.15) and 3 February 1972 (No.1).
2) See Section 8.
3) See Act relating to the Courts of Justice, Sections 53 and 54.
4) Act of 1 June 1917 (No.1).
5) See Act of 1 June 1917 (No.1) Section 1 and Chapter 2.
------------
Section 6.1)
The Ministry 2) may stipulate that a fee shall be payable to Norges Bank when foreign currency 3) is bought or sold and when transfers are made of Norwegian kroner to or from a bank account belonging to a non-resident 3) (vostro account). The same applies to inward or outward payments under clearing and barter agreements between Norway and foreign countries. A fee may also be stipulated for surrender of currency 3) pursuant to Section 5.
The Ministry 2) shall determine the size of the fee.
---------
1) Amended by Act of 6 July 1957 (No.15).
2) The Ministry of Finance according to decree of 23 September 1983 (No.1491).
3) See Section 8.
-----------
Section 7 1)
One and all is obliged to submit to the Ministry 2) or Norges Bank, or anyone authorised by either of them, such information as is necessary to carry into effect the provisions of this Act or regulations issued pursuant to this Act, or which is necessary to control that such provisions and regulations are observed. The same applies to information necessary to ascertain the amount of income which a resident 3) has in foreign currency 3) and how much he holds of such currency and of domestic securities 3) and domestic claims denominated in foreign currency or in both foreign currency and domestic money, as well as information to ascertain a non-resident's 3) income in domestic and foreign currency 3) or holdings of such currency in this country.
For this purpose the Ministry 2) and Norges Bank may request the presentation of accounting books, vouchers, correspondence, agreements and other documents which may be of significance, and may examine them or have them examined by appointed experts. In connection with the investigation the Ministry and Norges Bank shall be given access to office and industrial premises and shall receive the necessary assistance and guidance.
Appeals under Sections 14 and 15 of the Public Administration Act shall not cause deferment unless so decided by the lower authority or the appellant authority.
Any information mentioned in the first and second paragraphs which is acquired by anyone in the course of his duties according to this Act shall not be divulged 4) unless the opposite is a concequence of his duties under the Act.
The Ministry 2) may determine that a professional pledge of secrecy shall not exempt a person from the obligation to supply information pursuant to the first paragraph of this section.
The Ministry 2) shall decide whether information gathered under the first paragraph of this section shall be submitted to the tax assessment authorities or the customs authorities.
Norges Bank can impose a coercive fine on anyone failing to provide information required according to the first paragraph. A coercive fine can be imposed as a lump-sum fine or as a cumulative daily penalty, and the amount is to be fixed having regard to how important it is to obtain the information and to other circumstances. Such coercive fines can be recovered by distraint. Coercive fines due can in special cases be waived in whole or in part. The Ministry can issue more detailed regulations relating to imposing and calculating coercive fines.
-----------
1) Amended by Acts of 6 July 1957 (No.15), 21 April 1978 (No.14), 21
December 1990 (No.61) - See Section10.
2) The Ministry of Finance.
3) See Section 8.
4) See Section 121 of the General Civil Penal Code, cf . Section 118 of
Act relating to judicial procedure in penal cases, and Section 204 of the
Dispute Act.
----------------
Section 7a 1)
The Ministry 2) or Norges Bank may demand seizure of such accounting books and documents as anyone is obliged to submit according to Section 7, second paragraph. Where there is reason to believe that such accounting books and documents exist, and where the circumstances otherwise so warrant, the Ministry or Norges Bank may demand a search of office premises and all other premises except private homes.
A request for a search warrant or seizure shall be directed to the police. As regards the further handling of such requests the provisions of the Act relating to judicial procedure in penal cases shall apply insofar as they are applicable 3). The person whom the request concerns shall have the rights set out in the Act relating to judicial procedure in penal cases and shall, to the extent necessary for the conduct of his business, have access to the seized material. However, he should not for this reason be considered accused of having committed a punishable act. Section 204 of the Act relating to judicial procedure in penal cases shall similarly apply. The court shall, regardless of Section 212, first paragraph, of the Act relating to judicial procedure in penal cases, decide which documents etc the court shall study.
----------
1) Added by Act of June 14 1985 (No.14), amended by Act of 14 June
1985 (No.71).
2) The Ministry of Finance.
3) Cf . Chapters 15 and 16 of the Act relating to judicial procedure in
penal cases.
--------------
Section 7b 1)
When the Ministry 2) or Norges Bank requests a search or seizure in order to obtain information on a matter of which the person concerned has been charged or for which he has been indicted, the request shall be treated as a separate case according to the rules set out in Section 7a, second paragraph. This also applies when the Ministry 2) or Norges Bank demands to see documents etc which are in the possession of the court or the prosecuting authority and where nothing has been decided as to whether they may be used in the penal case. If the Court accedes to the request from the Ministry or Norges Bank, the condition may be stipulated that the information must not be used in connection with the investigation of the penal case until it has been finally determined whether the prosecuting authority may use them in the case in question. If the request of the prosecuting authority is not granted, the Ministry or Norges Bank may not hand over the information or the documents to the prosecuting authority unless this is legally permissible according to the rules otherwise in force about the obligation to maintain secrecy about punishable acts.
------------
1) Added by Act of 21 April 1978 (No.14), amended by Act of 14 June
1985 (No.71) .
2) The Ministry of Finance.
------------
Section 8
For the purposes of this Act the following definitions apply:
I. Resident:
The State, Norwegian municipality or county council, any person domiciled or usually domiciled in this country, also a company, corporation, foundation and any other institution located in this country.
In cases of doubt whether a person or an institution shall be considered a resident or a non-resident, the Ministry 1) shall decide the case.
Il. Non-resident:
A person or institution who is not a resident as defined above.
Ill. Currency:
Means of payment, securities and claims.
IV. Domestic means of payment:
a) Norwegian money (notes and coin), bills of exchange, cheques or other money orders or letters of credit which entitle the payee to receive settlement in Norwegian money (notes and coin).
b) Gold, silver, platinum and alloys which contain any substantial element of such metals (in crude state or worked) when the metal or alloy is held in this country.
V. Foreign means of payment:
a) Foreign money (notes and coin), bills of exchange, cheques or other money orders or letters of credit which entitle the payee to receive settlement in foreign money (notes and coin).
b) Gold, silver, platinum and alloys which contain any substantial element of such metals (in crude state or worked) when the metal or alloy is held abroad.
Vl. Domestic securities:
Shares, parts, debentures, negotiable debt instruments 2), coupons, dividend certificates, life insurance policies and documents which grant title to such paper, such as interim receipts, certificates or the like - when a resident has issued the paper.
Vll. Foreign securities:
Any document mentioned under Vl and issued by a non-resident.
Vlll. Domestic claim:
A claim on a resident to hand over means of payment or securities as mentioned under IV-VII.
IX. Foreign claim:
A claim on a non-resident to hand over means of payment or securities as mentioned under IV-VII.
----------
1) The Ministry of Finance according to decree of 23 September 1983
(No. 1491).
2) See Act of 17 February 1939 (No. 1), Chapter 2. -------------
Section 9 1)
The Ministry 2) may stipulate that a non-resident 3) engaged in gainful activity in this country fully or to some extent shall be regarded as a resident 3) under the provisions of this Act or regulations issued pursuant to this Act when it comes to the currency 3) at the disposal of the enterprise. The Ministry may also stipulate that a domestic enterprise 3) (institution) which to all intents and purposes is owned or controlled by a non-resident 3 shall wholly or partly be considered a non-resident under the provisions of this Act or regulations issued pursuant to this Act.
---------
1) Amended by Act of 6 July 1957 (No.15).
2) The Ministry of Finance according to decree of 23 September 1983 (No.
1491 ).
3) See Section 8.
--------------
Section 10 1)
If anyone wilfully or negligently contravenes the provisions of this Act or regulations issued pursuant to this Act, or does not comply with orders or directives issued pursuant to such provisions, he shall be punished by fines 2) or by imprisonment for up to two years, or both.
___________
Aiding and abetting is punishable in the same manner.
The provisions of this Section are applicable to acts committed abroad by a resident. 3)
The violation is regarded as an offence.
-----------
1) Second paragraph repealed by Act of 22 May 1953 (No. 3).
2) See Section 27 of the General Civil Penal Code.
3) See Section 8.
-----------
Section 11
(Repealed by Act of 26 January 1973, No.3).
Section 12
Domestic and foreign means of payment 1), securities 1) and bank deposit books seized by the currency control authority or withheld from a traveller on his way to or from abroad, shall accrue to the Treasury whether or not the conditions for confiscation are fulfilled unless the owner demands restitution of the items within one year from the seizure or withholding.
-----------
1) See Section 8.
-------------
Section 13 1)
Before the Ministry 2) issues regulations or makes important decisions pursuant to this Act, Norges Bank shall have an opportunity to state its opinion.
The King may appoint an advisory board to assist in the implementation of the regulations laid down by the Ministry pursuant to this Act.
-------
1) Amended by Act of 24 May 1985 (No. 28).
2) The Ministry of Finance.
-----------
Section 14 1)
The Ministry 2) shall cirle how much of this Act shall be applicable in the case of Svalbard.
Contracts involving the currency of a country which is a member of the International Monetary Fund, but which contravene any currency control regulations which this member has maintained or implemented in conformity with the Articles of Agreement of the International Monetary Fund, are not enforceable in Norway.
----------
1) Amended by Act of 6 July 1957 (No. 15).
2) The Ministry of Finance.
-------------
Section 15
The King shall decide when this Act shall enter into force 1).
----------
1) On 15 Auaust l955 according to decree of 29 July 1955.
-----------
5. Regulations of 22 June 1990 issued by the Ministry of Finance repealing the Foreign Exchange Regulations. Delegation of authority to Norges Bank.
I.
On 22 June 1990, pursuant to Act No.10 of 14 July 1950 relating to Currency Control, the Ministry of Finance repealed the Regulations of 29 July 1955 as subsequently amended, issued pursuant to the Currency Control Act, with effect from 1 July 1990.
II
At the same time, the authority of the Ministry of Finance according to the Currency Control Act was delegated to Norges Bank.
This amendment enters into force at once.
6. Regulations of 25 March 1983 relating to foreign exchange brokerage
Issued by the Ministry of Finance on 25 March 1983 pursuant to the Currency Control Act of 14 July 1950 No.10, Section 1.
Section 1. Norges Bank may authorise others than Norwegian banks to act as intermediaries in the sale or purchase of foreign currency.
Authorisations to firms which are foreign-owned, whether in whole or in part must be obtained from the Ministry.
Section 2. Authorisation granted is only valid for three years.
Section 3. Authorisation can only be granted to a limited company registered in Norway. No bank or group of banks is entitled to own more than 10 % of the stock capital or significantly influence its business as a result of any other form of agreement.
Section 4. Authorisation can only be granted for dealing in foreign currency between Norwegian foreign exchange banks, between Norwegian foreign exchange banks and non-resident banks and between non-resident banks.
Section 5. Authorisation shall apply to dealing in spot and forward contracts, and deposit brokerage in foreign currency.
Section 6. Brokerage firms shall not deal in foreign currency on their own account without Norges Bank's consent. Persons employed by a brokerage firm are prohibited from conducting dealing in foreign currency for own or other's account without authorisation from Norges Bank.
Section 7. The Ministry may revoke an authorisation if the Ministry determines that the foreign exchange broker's activities are deemed unsatisfactory.
Section 8. The applicant shall provide Norges Bank with an overview of the intended ownership structure of the brokerage firm, with which banks the applicant intends to conclude agreements, the qualifications of the management, and other information Norges Bank may require in assessing the application.
Section 9. The brokerage firm's activities shall be such that they promote the smooth functioning of the segment of the foreign exchange market in which the brokerage firm operates. For authorisation to be granted a prior condition is that the above is assumed possible.
Section 10. Norges Bank shall receive copies of fixed broking agreements which the brokerage firm concludes. The brokerage firm shall state its commission rates in these copies.
Section 11. The brokerage firm shall provide a contract note for each sale or puchase. The contract note shall include the following minimum required information:
a) which banks the transaction has been concluded between (buyer and seller).
b) the amounts in foreign currency to be delivered/received by each of the two banks.
c) the corresponding amount in NOK (if the transaction involves foreign currency against NOK).
d) the names of the banks and the date of payment on which deliveries shall take place.
e) the exchange rate used for the transaction.
Section 12. The brokerage firm shall send the contract note to the buyer and seller on the day the business was concluded.
The brokerage firm shall preserve the contract note for ten years and provide Norges Bank with access on request.
The contract note shall be filed to provide easy retrieval by Norges Bank for any given transaction.
Section 13. The brokerage firm shall furthermore provide Norges Bank with the information and transfer of relevant statements to Norges Bank upon request.
Section 14. Norges Bank may impose special conditions if necessary in a concrete case. The special conditions are subject to modification by Norges Bank.
Section 15. Any authorisation can be revoked if the brokerage firm does not meet the conditions set forth.
Section 16. Norges Bank is in charge of monitoring compliance of brokerage firms with conditions set forth.
Section 17. Authorisation which is or will be granted to Norwegian banks as regards conducting transactions in foreign currency will not be subject to these regulations.
Section 18. Departures may be made from these regulations in special cases.
These regulations enter into force on 1 April 1983
7. List of resident foreign exchange banks and financial institutions subject to exposure regulation as of 30 April 1991.
Foreign exchange banks as of 30 April 1991
The list below shows Norwegian commercial and savings banks, including the Postal Giro and Post Office Savings Bank, which as of 30 April 1991 were authorised foreign exchange banks. Foreign exchange banks can undertake currency operations and payment services vis-a-vis other countries in accordance with Chapter 14 of Norges Bank's Foreign Exchange Regulations of 27 June 1990.
BANQUE NATIONALE DE PARIS NORGE A/S: 9021
BANQUE INDOSUEZ NORGE A/S: 8321
A/S BERGEN SKILLINGSBANK: 9521
CHRISTIANIA BANK OG KREDITKASSE A/S: 6001
CHASE MANHATTAN BANK (NORWAY) A.S: 8331
CITIBANK AS: 8301
DEN NORSKE BANK AS: 7001
EIDSBERG SPAREBANK: 1020
EIKER SPAREBANK: 2220
FINANSBANKEN A.S: 9680
FLEKKEFJORD SPAREBANK: 3030
FOKUS BANK AS: 8601
HANDELSBANKEN AS: 8396
HAUGESUND SPAREBANK: 3240
HETLAND SPAREBANK: 3230
INDUSTRI OG SKIPSBANKEN A/S: 9715
INTER NORDISK BANK A.S: 8380
KVINESDAL SPAREBANK: 3080
LANDSBANKEN A/S: 9001
MANUFACTURERS HANOVER NORGE AS: 8351
MARKER SPAREBANK: 1050
MIDLAND MONTAGU A.S: 8361
A/S NORDLANDSBANKEN: 8902
NORDMORE SPAREBANK: 3930
OSLOBANKEN A/S: 9190
POSTGIRO: 0800
POSTSPAREBANKEN: 0500
ROMSDAL FELLESBANK A.S: 9650
RYGGE-VAALER SPAREBANK: 1080
ROROS SPAREBANK: 4280
SAMVIRKEBANKEN A/S: 9061
SANDEFJORDBANKEN SANDAR SPAREBANK: 2480
SANDNES SPAREBANK: 3260
SANDSVAERBANKEN: 2291
SKUDENES & AAKRA SPAREBANK: 3361
SPAREBANKEN HEDMARK: 1800
SPAREBANKEN MIDT-NORGE: 4202
SPAREBANKEN MORE: 3910
SPAREBANKEN NOR: 1600
SPAREBANKEN NORD-NORGE: 4701
SPAREBANKEN PLUSS: 3001
SPAREBANKEN ROGALAND: 3180
SPAREBANKEN SOR: 2811
SPAREBANKEN VEST: 3625
STAVANGER BANK A/S: 9685
TIME SPAREBANK: 3325
TOTEN SPAREBANK: 2050
VOSS SPAREBANK: 3480
Exposure-regulated financial institutions as of 30 April 1991
The list below shows Norwegian banks, finance companies and mortgage companies which as of 30 April 1991 were authorised as financial institutions subject to exposure regulation. These institutions can engage in currency operations according to Chapter 14 of Norges Bank's Foreign Exchange Regulations of 27 June 1990, but unlike foreign exchange banks they can not provide payment services between residents and non-residents or in foreign currency between residents (unless they have entered into an agency agreement with a resident foreign exchange bank, cf. Chapter 16 of the Regulations).
Exposure-regulated banks
BAMBLE OG LANGESUND SPAREBANK: 2601
BO SPAREBANK: 2630
DRAMMENSBANKEN SKOGER SPAREBANK: 2310
HALDEN SPAREBANK: 1030
KLEPP SPAREBANK: 3290
LARVIKBANKEN BRUNLANES SPAREBANK: 2510
NARVIK SPAREBANK: 4520
OPDAL SPAREBANK: 4266
SPAREBANKEN GRENLAND: 2670
TINGVOLL SPAREBANK: 4050
TROGSTAD SPAREBANK: 1140
Exposure-regulated finance companies
CUSTOS FINANS OST A/S
DNB FINANS A/S
ELCON FINANS A/S
FACTORING FINANS A/S
FORENEDE CRESCO FINANS A/S
K-LEASING A/S
UNI STOREBRAND FACTORING A/S
UNI STOREBRAND FINANS A/S
VESTA FINANS A/S
Exposure-regulated mortage companies
BOLIG- OG NlAERINGSKREDITT AS
A/S EKSPORTFINANS
NORGES HYPOTEKINSTITUTT A/S
NORGESKREDITT
NORSK SKIBS HYPOTHEKBANK AS
REALKREDITT
SKIPSKREDITTFORENINGEN
SPAREBANKENES KREDITTSELSKAP A/S
VESTENFJELDSKE BYKREDITTFORENING
8. Form for notification of accounts opened abroad
A resident (Norwegian enterprise or private individual) who establishes a payment arrangement with a non-resident otherwise than through a resident foreign exchange bank, for instance in the form of an account with a non-resident bank or netting and set-off arrangements with non-resident business connections, must notify Norges Bank at the time of the establishment, cf. Chapters 6 and 7 of Norges Bank's Foreign Exchange Regulations of 27 June 1990. Notification can be by letter or on a form to be sent to Norges Bank. Forms are available from a number of Norwegian foreign exchange banks, and can also be obtained from Norges Bank (the Statistics Department or the Financial Markets Department). The form is available in Norwegian only. A guideline translation of the form is shown below. Mandatory notification is discussed in more detail earlier in this booklet, under the heading "Information concerning notification and reporting to Norges Bank of foreign currency transactions/payments to and from other countries".
NOTIFICATION AND DECLARATION OF CONSENT TO DISCLOSURE WHEN OPENING AN ACCOUNT ABROAD
Notification when opening an account with a non-resident bank or setting
up other payment arrangement with a non-resident business connection
Declaration of consent to disclosure when opening an account with a non-resident
bank
(SAMPLE OF FORM)
9. Form for notification of import and export of banknotes and coin
A resident or non-resident who enters or leaves Norway carrying Norwegian or foreign notes and coin corresponding to a higher amount than NOK 25,000 per person per journey, must notify the Customs authorities on entry or departure, using the prescribed form (reproduced below), cf. Chapter 10 of Norges Bank's Foreign Exchange Regulations of 27 June 1990. The form is available at all manned Customs offices.