§ 3-56. Relationship to other Acts and definitions of financial agent and financial broker (finansmegler)

Finansavtaleloven·LOV-2020-12-18-146

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The text of the law (unofficial translation)

§ 3-56. Relationship to other Acts. Definitions

(1) Sections 3-57 and 3-58 do not apply to services covered by the Securities Trading Act (verdipapirhandelloven), the Securities Funds Act (verdipapirfondloven) or the Crowdfunding Act (folkefinansieringsloven).
(2) A financial agent (finansagent) means a service provider (tjenesteyter) who arranges financial services (finansielle tjenester) on behalf of one or more service providers, and who acts entirely on the principal's responsibility for the financial services arranged.
(3) A financial broker means a service provider who arranges financial services as an independent intermediary and does not undertake to promote the interests of any of the parties in particular.
Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 3-56

What does this mean?

The section sets limits and explains. The rules on financial brokers and financial intermediation (finansoppdrag) in sections 3-57 and 3-58 do not apply to services already regulated by the Securities Trading Act, the Securities Funds Act or the Crowdfunding Act.

In addition, two roles are defined. A financial agent arranges services for one or more service providers, and responsibility for what is arranged lies with the principal. A financial broker is an independent intermediary who is not to promote any of the parties in particular. The requirements for the broker are set out in § 3-57, and the specific duties in financial intermediation in § 3-58.

Related sections
All sections of the Financial Contracts Act →