Environmental, Social and Governance (ESG) alert
We are pleased to announce the launch of our monthly ESG alert service, where we will provide updates on topics of relevance under the ESG umbrella, including but not limited to:
We are further strengthening our London office
With 17 new lawyers joining our London Office, we are expanding our English law capability for international dispute resolution and financing projects.
Hvem er ansvarlig når bruk av AI leder til skade?
Kunstig intelligens (AI) er i ferd med å revolusjonere måten vi utfører oppgaver på, fra å diagnostisere pasienter, til å kjøre biler eller svare på eksamensoppgaver. Den økende bruken av AI har et enormt potensial og kan forenkle og forbedre både dagligdagse og samfunnskritiske oppgaver. Men AI kan også ha flere uheldige konsekvenser.
Fikk lære mer om Stine Sofies Stiftelses viktige arbeid
Hvert år får 500 vold- og overgrepsutsatte barn og deres familier besøke Stine Sofies senter i Grimstad for å få et glimt av normalitet i en krevende hverdag – og et håp om en bedre fremtid når de kommer hjem.
Bli en del av landets fremste Compliance-team!
Som det eneste norske advokatfirmaet er Wikborg Reins avdeling for ESG, Compliance og krisehåndtering topprangert av både Legal 500 og Chambers and Partners. Nå trenger teamet nye kolleger.
Top ranked in IFLR1000 again
We are thrilled to announce that Wikborg Rein has once again been awarded Tier 1 status by the prestigious IFLR 1000 in all categories.
A new regime for third-country firms’ provision of investment services into Norway
A permanent route for provision of investment services by third-country firms has been introduced.
Transaction tips from our competition team: Merger referrals under Article 22 EUMR
In most instances, only transactions with an EU dimension - that is transactions where the parties involved exceed certain turnover thresholds - qualify for review by the European Commission ("the Commission") under the EU Merger Regulation ("the EUMR"). However one mechanism, found in Article 22 EUMR, allows one or more Member States to request the Commission to examine, on behalf of those Member States, any concentration that does not have an EU dimension but affects trade between Member States and threatens to significantly affect competition within the territory of the Member State(s) making the request.
The Foreign Subsidies Regulation now in force
The Foreign Subsidies Regulation ("FSR") (Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies distorting the internal market) aims to expand EU/EEA state aid control to financial contributions from third countries, in order to prevent "foreign subsidies" from distorting the internal market.
Nyheter i arbeidsretten
Sommerferien er over for de fleste, og det er tilbake til arbeidshverdagen. Både før sommeren og gjennom sommerferien har det kommet flere oppdateringer innenfor arbeidsrettsfeltet.
Viktig endring av anskaffelsesregelverket – skjerping av kravene til å ivareta klima- og miljøhensyn
Endringene i anskaffelsesregelverket, forankret i Hurdalplattformens ambisjoner om et mer bærekraftig og miljøvennlig næringsliv, vil få stor betydning for både leverandører og oppdragsgivere. Det klare budskapet er at bærekraft og innovasjon i større grad vil bli en sentral konkurransefaktor, samtidig som byrden for oppdragsgivere med hensyn til å sikre klimavennlige løsninger ved utformingen av og gjennomføringen av sine anskaffelser blir større.
Recent developments: Russia-related sanctions
Over the past few weeks, there have been a number of developments in the Norwegian, EU, UK and US sanctions regimes relating to Russia. In this article, we summarise the following recent developments:
Wikborg Rein assisting in voluntary offer in Kahoot! ASA
We are proud to announce that we alongside Freshfields Bruckhaus Deringer LLP have assisted General Atlantic, the largest shareholder in Kahoot! ASA, in connection with the launch of a recommended, voluntary offer to acquire all shares in Kahoot! ASA.
Endringer i anskaffelsesloven – styrkede virkemidler mot arbeidslivskriminalitet og sosial dumping
Nylige endringer i anskaffelsesloven, som trådte i kraft den 16. juni 2023, representerer et viktig første skritt i regjeringens arbeid med å etablere en Norgesmodell for offentlige anskaffelser. Disse endringene gir utvidede forskriftshjemler for å fremme arbeids- og sosiale forhold, samt bekjempe arbeidslivskriminalitet.
EU-U.S. Data Privacy Framework: What does it mean for businesses and what to expect going forward?
On 10 July 2023, the European Commission adopted its adequacy decision for the United States.
Wikborg Rein assists The Kingfish Company in EUR 32 million convertible loan
We are proud to announce that we have assisted The Kingfish Company with a EUR 32 million unsecured convertible loan.
Krav om statsborgerskap for styremedlemmer og daglig leder er fjernet
1. juli ble krav om statsborgerskap for styremedlemmer og daglig ledet fjernet. Nå gjelder det kun bostedskrav. Kravet er at daglig leder og minst halvdelen av styrets medlemmer skal være bosatt i en EØS-stat, Storbritannia/ Nord-Irland eller i Sveits.
Dette gjør vi på Arendalsuka
I uke 33 har vi gleden av å invitere til fire innholdsrike og varierte arrangementer i Arendal.
New asset freeze guidance from the Norwegian Ministry of Foreign Affairs
Earlier today, the Norwegian Ministry of Foreign Affairs (the "MFA") published an updated guidance on asset freeze measures. The guidance was originally published in 2018, and today's update adds additional guidance and reflects recent developments in legislation.
EU adopts 11th package of sanctions against Russia. Developments in UK sanctions against Russia and Belarus
The long-awaited 11th package of sanctions against Russia over its invasion of Ukraine was announced earlier today, after EU ambassadors reached a consensus earlier this week. As expected, the package seeks to strengthen existing sanctions and crack down on circumvention.
BIMCO Publishes Price Cap Clause for Charterparties
The long-anticipated BIMCO Price Cap Clause was published on 2 June 2023, in response to the price caps on Russian origin crude-oil and petroleum products introduced by G7, EU and others. In this article we take a practical first look at the clause in context.
Taksonomikriteriene for oppfyllelse av de siste miljømålene for bygge- og eiendomsvirksomhet
The European Green Deal er et ledd i EUs overordnede klima- og miljøpolitikk, hvor målet er klimanøytralitet i 2050. Et sentralt verktøy for å nå dette målet er EUs taksonomiforordning (EU/2020/852), også omtalt som klassifiseringsforordningen eller bare taksonomien.
Gjør størst fremgang i Prospera-undersøkelsen
Wikborg Rein får solide tilbakemeldinger i Prosperas årlige undersøkelse, der sentrale innkjøpere av juridiske tjenester rangerer landets ledende advokatfirmaer.
We have assisted Dwellop AS in its combination with Phuel Oil Tools
We have assisted Dwellop AS with its contemplated business combination with Phuel Oil Tools Limited. Dwellop is Norwegian-based supplier of well intervention solutions within the oil & gas sector and is listed on the NOTC. Phuel Oil Tools also provides solutions within the same sector, with its main base in Scotland and operations in Scotland, Norway, USA and Saudi Arabia.
Insurers may deposit insurance payments under the Nordic Plan
In the first arbitration award known to have been rendered under the new procedural rules of the Nordic Offshore and Maritime Arbitration Association (NOMA), the tribunal clarified that the insurers’ right under Norwegian insurance law to deposit insurance payments with liberating effect, also applies to co-insurance pursuant to the Nordic Marine Insurance Plan (Nordic Plan).
Using well-boats in Norwegian aquaculture – a complicated legislative framework
In addition to complying with private contracts with fish farmers and general shipping regulations, well boat operators have to comply with certain aquacultural rules. For anyone operating in the well-boat market, basic knowledge of this regulatory framework is crucial.
The High Seas Treaty – implications for shipping
After several years of negotiations, an intergovernmental conference at the UN has reached an agreement on a draft treaty aimed at conserving marine biodiversity in areas beyond national jurisdiction. The treaty has a potential to significantly impact international shipping.
Emission allowances trading
The European carbon market has grown substantially since its start in 2005. With the extension of the EU ETS to include the shipping sector, and an annual reduction of more than 4% of the overall number of emission allowances in the market, the price is expected to rise. This means an increased need and interest amongst stakeholders to understand how trading with emission allowances is regulated.
Insurers prevail in landmark Nordic Plan CTL judgment
Following a long legal battle before the Norwegian courts, the Court of Appeal has dismissed a claim by the owners of the vessel “Champion Express” for a constructive total loss (“CTL”) under the Nordic Plan. Wikborg Rein acted for the insurers in what has been the first Norwegian judgment on CTL since the now 31 year old ND-1992-172 Berglift judgment.
Charter payments and sanctions – an update from the Commercial Court
In a summary judgment relating to a dispute arising out of the charterers’ failure to make hire payments under bareboat charterparties, the Commercial Court provides guidance on the impact of sanctions on the parties’ obligations to make payment.
War risks cover for ships trapped in Ukraine – CTL and the Nordic perspective
The Russian invasion of Ukraine continues to cause uncertainty in the marine insurance market, in particular as a result of a potentially large number of total loss claims from owners of vessels that have been trapped beyond 24 February 2023, which marks the one-year anniversary of the full-scale invasion.
Nordic Plan vs. ITCH – what are the main differences?
The Nordic Marine Insurance Plan of 2013, now in its 2023 version, is the preferred choice of insurance conditions for vessels and mobile offshore units in the Nordic market for all standard non-P&I insurances. The Nordic Plan is also gaining popularity with insurers and owners outside the Nordic countries. Previously those insurers and owners would often turn to the Institute Time Clauses Hulls of 1983 (ITCH) developed by the London market. This article considers some of the key differences between the two sets of conditions.
Life after subsidies in the offshore wind market in China
Offshore wind power is a promising renewable energy source that can help the world achieve its carbon neutrality goals and China is one of the world’s largest offshore wind markets. However, the Chinese offshore wind sector is changing, especially after the government subsidies for offshore wind projects were phased out at the end of 2021.
Launch of offshore wind tenders for Sørlige Nordsjø II and Utsira Nord
On 29 March 2023, the Norwegian Government announced the opening of Norway’s first offshore wind tenders in the areas Sørlige Nordsjø II and Utsira Nord.
Transportation of live fish – contracting out of liability for cargo damage
To meet the demand for the transportation and handling of live fish, fish farmers can either charter well-boats or enter into general contracts for carriage of goods. The type of contract used will determine the shipowners’ possibility to limit liability for loss or damage to live fish during transportation.
De-risking China – international companies respond to pressure to diversify supply chains
The world relies heavily on China for its supply chains and access to strategic resources. Whilst the geopolitical risk may be increasing, a complete decoupling is still undesirable for most companies. Faced with mounting pressure to diversify out of China, many foreign companies are therefore exploring alternative de-risking strategies to help with effective supply chain diversification and key-asset distribution.
Viktige SFDR-avklaringer fra EU-kommisjonen
EU-kommisjonen publiserte 14. april 2023 svar på spørsmål til forordning (EU) 2019/2088 ("SFDR"), etter forespørsel fra European Supervisory Authorities ("ESAs"). Svarene inneholder viktige og etterlengtede avklaringer på blant annet forståelsen av hva som utgjør en "bærekraftig investering" etter SFDR artikkel 2(17), og hvorvidt bruken av EUs klimareferanseverdier medfører at fond kan kategoriseres under artikkel 9(3).
– Hvem hadde trodd at en personvernlov skulle få mer oppmerksomhet enn Kim Kardashian?
Oppturer, nedturer og nye utfordringer sto på agendaen da Wikborg Rein inviterte til bursdagsfrokost for GDPR.
Wikborg Rein assisted Gersemi Asset Management with investment firm license
We are proud to announce that we have assisted Gersemi Asset Management AS with obtaining its licence as an investment firm. Gersemi Asset Management is founded and led by Joakim Hannisdahl. Hannisdahl has been ranked the number one shipping equity analyst globally by Bloomberg for several consecutive years.
Ti år som bransjens mest attraktive arbeidsgiver
For tiende år på rad rangerer jusstudentene Wikborg Rein som det advokatfirmaet de helst ønsker å jobbe i.
Russia sanctions: further US and UK designations, expansion of US authorities, UK announces ban on Russian-origin diamonds, copper, aluminium and nickel
On 19 May 2023, coinciding with the first day of the G7 Summit in Hiroshima, both the US and the UK announced several new sanctions designations. In addition, the US has expanded sanctions authorities targeting certain sectors of the Russian economy and banned export of architecture and engineering services to Russia, and the UK has announced coming bans on Russian diamonds, copper, aluminium and nickel.
Norsk gjennomføring av direktivet om bærekraftsrapportering
Et utvalg ledet av Filip Truyen, partner i Wikborg Rein, leverte denne uken sin rapport om hvordan EUs direktiv om bærekraftsrapportering skal tas inn i norsk rett (NOU 2023: 15). Direktivet stiller omfattende krav til selskapers rapportering, og omtales som en av de største reformene innen regnskap og revisjon på flere tiår. Utvalgets forslag innebærer endringer i en rekke lover, som regnskapsloven, revisorloven og verdipapirhandelloven. Samlet sett innebærer endringene et langt skritt i retning av å integrere opplysninger om bærekraft i den finansielle rapporteringen.
EU adopts Moldova sanctions regime, US widens sanctions on Sudan
In recent weeks, the EU established a new sanctions regime in response to the situation in Moldova, and the US has expanded the scope of its Sudan regime.
Wikborg Rein assisting Viking Venture with its investment in Onix AS
We are proud to announce that we have assisted Viking Venture AS and Viking Venture 30 AS in connection with an investment in Onix AS, a SaaS company based in Stavanger. Onix' business model is to develop and sell software solutions for equipment owners, inspectors and suppliers.