Public procurement notice: Contract Award Notice
Published: 2024-12-18
Buyer: THE FINANCIAL SUPERVISORY AUTHORITY OF NORWAY
Country: NO
Region: NO081
Contract type: Services
Procedure: Negotiated with prior call for competition
CPV classification: 48300000 | 48310000 | 48311000 | 48311100 | 48460000
Estimated value: 110000000 NOK
Submission deadline: 2028-12-16
Award criteria: price, quality

Technical requirements: The service to be acquired should primarily handle the European reporting obligations that use the XBRL reporting format. This includes reporting requirements from the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). The service should also be able to handle other European and national reporting requirements, including specific requirements from the European Securities and Markets Authority (ESMA). The Financial Supervisory Authority of Norway is looking for a cloud-based service. The supplier is expected to take full responsibility for the operation of the service (SaaS) and ensure that the service is always updated in accordance with current regulations and reporting requirements, including differences in Norwegian reporting requirements as a member of the EEA and reporting requirements applicable in the EU.
The rapid development of pan-European regulations has resulted in extensive reporting requirements for the financial industry and requires considerable resources in the various institutions. A significant part of the reporting is in XBRL format. Finanstilsynet expects the reporting volume to continue to increase in the years ahead. This will entail additional requirements for the technical solutions and require extensive changes to the existing reporting solution. The reporting requirements are an important part of the regulatory framework, and supervision of reporting quality hence an important part of the supervisory process. 
The reported data are also essential to enabling Finanstilsynet to fulfil its mission. Good technical solutions that facilitate efficient reporting and high data quality play a crucial role in the development of more efficient and data-driven supervisory follow-up. In addition to Finanstilsynet's own use of reported data, further reporting, with short deadlines, to the European Supervisory Authorities (ESAs) is also required. Finanstilsynet also shares data with other parts of the public sector, including Norges Bank and the Norwegian Banks' Guarantee Fund, and aspires to make them far more accessible to the general public.
The current reporting solutions, developed in-house, must either be replaced or undergo significant development and upgrading. Existing solutions are based on old technology that is challenging to manage, inflexible and ill-suited for the current frequent changes in scope, content and frequency.
Cf. The Agreement, Appendix 3, Attachment A and Cf. The Agreement, Appendix 7 Attachment A
The Agreement enters into force on the date on which it is signed by the parties.
The Agreement will be for a term of four (4) years calculated as from the Delivery Date. The Agreement shall thereafter be renewed automatically for a term of one (1) year at a time on the same terms and conditions, six (6) times, unless the Customer terminates the Agreement by giving twelve (12) months' notice prior to the renewal date. For the avoidance of doubt; the maximum term is ten (10) years from the Delivery Date. The Supplier is not entitled to terminate the Agreement.


Winner: Regnology Ireland Ltd.
Award value: 107327425
Number of bids: 3