§ 3-27. Information about the service, risk and deposit guarantee
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
The text of the law (unofficial translation)
§ 3-27. Information about the use of the financial service
- the main characteristics of the financial service
- deposit guarantee under the Financial Institutions Act (finansforetaksloven) § 16-5 or other guarantee funds and compensation schemes
- special risk associated with any financial instruments, changes in exchange rates and other operations to be carried out in connection with the financial service
- any other conditions for the provision of the service.
What does this mean?
The section says that the customer (kunde) must be given information about the service itself: what it involves, what special risk comes with it, and whether deposits are covered by a guarantee scheme. The deposit guarantee is linked to the Financial Institutions Act § 16-5, under which banks and other financial institutions that accept deposits must state in writing which scheme applies and what it guarantees.
The rule is part of the series of information rules in chapter 3 and applies to the agreements referred to in § 3-22 second paragraph.