§ 1-1. Which agreements the Financial Contracts Act applies to

Finansavtaleloven·LOV-2020-12-18-146

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The text of the law (unofficial translation)

§ 1-1. General scope of the Act

(1) The Act applies to financial agreements (finansavtaler), cf. § 1-3, unless otherwise provided in or pursuant to statute. For insurance services, the Insurance Contracts Act (forsikringsavtaleloven) applies.

(2) The Government (Kongen) may in regulations (forskrift) lay down more detailed rules on the scope of the Act, including rules that wholly or partly exempt services or agreements covered by the Act under § 1-2, special rules for certain agreements covered by § 1-2, and rules providing that provisions of the Act shall apply to financial agreements that are exempt from the scope of the Act under § 1-2.

Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 1-1

What does this mean?

The section states which agreements the Financial Contracts Act applies to. The starting point is that the Act covers financial agreements, as defined in § 1-3. Other laws may nevertheless take precedence. For insurance, a separate law governs, not this one.

The Government may issue regulations that narrow or extend the scope. This can happen, for example, by excluding certain services or agreements, or by making the Act's rules apply to agreements that would otherwise fall outside it. The section comes first in the Act's introductory chapter, and § 1-2 follows up with which chapters apply to which agreements.

Related sections

All sections of the Financial Contracts Act →