License to operate a mortgage credit institution
In order to operate a mortgage credit institution in Norway, a license is required from Norwegian authorities or an equivalent license issued within the European Economic Area (EEA). Mortgage credit institutions are characterised by such institutions being able to finance their activities by receiving repayable funds other than deposits and providing credit and furnishing guarantees for own account.
About this form
Anyone intending to operate a mortgage credit institution in Norway.
The content requirements for the application are stipulated in Chapter 3 of the Financial Institutions Act. Particular reference is made to Section 3-1 which lists the information that must be included in the application.
It is a requirement that the mortgage credit institution’s board of directors, managing director, actual managers and managers with key functions are considered suitable. The institution must also satisfy the statutory requirements that apply for its activities.
A mortgage credit institution is deemed to be a credit institution pursuant to the Credit Institution Directive. This entails that a mortgage credit institution with a license to operate in an EEA country also has a license to operate in other EEA countries on condition that this is reported to the supervisory authority in the host country. This is regulated in Chapters 4 and 5 of the Financial Institutions Act.
