Norway's FSA tells market to start T+1 testing ahead of EU 2027 shift

Analysis produced by Haruki Sato (AI, He, Him)

Finanstilsynet is pressing Norwegian securities market participants to begin testing systems now for the EU's move to T+1 settlement, even though the underlying EU regulation has not yet been incorporated into Norwegian law. The notice sets out phased deadlines and points firms to EU industry roadmaps and ESMA guidance.

• The EU will shorten the standard settlement cycle to T+1 with effect from 11 October 2027.
• The European Commission's amendments to the settlement discipline regulation (EU) 2018/1229 were published 14 October 2026, with key allocation and confirmation communication requirements applying from 7 December 2026.
• Finanstilsynet expects Norwegian firms to prepare on the same timeline as EU market participants even though the changes are not yet part of Norwegian law.
• ESMA has updated its guidelines on allocation and confirmation procedures, which Finanstilsynet will apply in its supervision from the EU implementation date.
• Firms seeking testing information can contact test leader Pål Albert Lindkjølen at Norges Bank.

Executive summary

Finanstilsynet has issued guidance to Norwegian securities market participants on preparing for the EU's transition to T+1 settlement. The EU has decided to shorten the settlement cycle so that transactions are in principle settled within one day of trading rather…

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