STOCKHOLM (Dow Jones)--A Norwegian finance ministry advisory panel Tuesday proposed a number of financial market regulatory measures, including a new financial stability fee, to improve consumer protection.
The new financial stability fee should be imposed on Norwegian financial institutions and be levied on their "liabilities excluding equity and secured deposits," it said.
"In addition, the commission recommends that Norwegian authorities examine the basis for, and possible consequences of, a financial activities tax, levied on financial institutions' profits and wage payments. This could be an effective way of taxing the added value generated by the financial sector," the panel said in a statement.
Norway's Finance Minister Sigbjorn Johnsen said he would, in response to the panel's recommendations, launch a detailed review of the need for changes in the taxation of financial institutions.
"The commission's argument that new fees and taxes can be used to supplement financial markets regulation is interesting," Johnsen said in a statement.
At 1110 GMT, shares in Norway's largest lender, DnB NOR, were down 3.6%, or NOK2.85, at NOK77.30, against a 0.6% drop in the broader Olso market.
The commission also advised the Norwegian authorities to expand Nordic cooperation on financial market regulation, including possibly the "imposition of stricter capital requirements than the EU minima and special requirements for systemically important financial institutions."
The Financial Crisis Commission was appointed in June 2009 to evaluate Norwegian financial markets and their regulation after the international financial crisis.
Source: http://online.wsj.com
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