New EU sanctions framework under the Russia regime and entry into force of UK framework for enforcement of trade, aircraft and shipping sanctions
Yesterday, on 8 October 2024, the EU Council established a new framework under the Russia sanctions regime in response to hybrid threats from Russia. Tomorrow, 10 October 2024, will see the entry into force of the UK's new framework for enforcement of trade, aircraft and shipping sanctions.
Forsvarer topplasseringen i Universum Professional Survey
Wikborg Rein utmerker seg nok en gang som det foretrukne valget blant advokatfirmaene og fortsetter klatringen på totaloversikten i jus-kategorien i Universums undersøkelse for yrkesaktive. - Tusen takk for tilliten, sier Cecilia Mathisen.
Expanded Norwegian export controls for critical goods and technologies and updates to the EU Dual-Use List
The Norwegian Ministry of Foreign Affairs recently announced significant amendments to the Export Control Regulations and introduced a new Annex of additional controlled goods. Additionally, several EU Member States have imposed unilateral export controls, and we note that the EU Dual-Use List has recently been updated.
Statsbudsjettet for 2025: Skatte- og avgiftsmessige endringer
Statsbudsjettet for 2025 ble lagt frem i dag. Det er det siste ordinære budsjettet før neste års valg. Ingen større endringer med tanke på skattesatser, men for privatpersoner blir det en mindre justering i personfradrag og trinnskatt som gir en liten skattenedsettelse for nokså lav årsinntekt, særlig opp til kr 200 000, og en marginal økning for de med de høyeste lønnsinntektene. Den største endringen provenymessig er den lenge varslede fjerningen av midlertidig tillegg til arbeidsgiveravgiften.
Plikten til å registrere reelle rettighetshavere trer i kraft i dag, 1. oktober 2024
Siden 1. november 2021 har aksjeselskaper og visse andre juridiske personer vært pålagt å ha en dokumentert oversikt over sine reelle rettighetshavere. Fra 1. oktober 2024 må norske foretak registrere reelle rettighetshavere i Brønnøysundregisteret i henhold til lov om register over reelle rettighetshavere. Dette innebærer at foretakene må rapportere til myndighetene om hvem som kontrollerer og eier foretaket i siste instans. For at registreringspliktige selskaper og andre skal få tid til å innrette seg, vil registreringsplikten bli faset inn over 10 måneder, med siste frist for registrering 31. juli 2025. Etter dette kan registreringspliktige ilegges tvangsmulkt for mangelfull registrering.
We have assisted Infranode and Lyse with their acquisition of Altifiber
We have assisted Infranode AB and Lyse Fiberinvest AS with entering into an agreement to acquire Altifiber AS, a local fiber infrastructure provider present in Dalane and Agder, Norway. Subject to completion, Infranode will acquire 49% of the shares. The remaining 51% of shares will be owned by Lyse, which is increasing its ownership by 17p.p.
Opsjonsavtaler – et nyttig verktøy
Opsjonsavtaler er et nyttig verktøy for mange eiendomsutviklere, som gir anledning til å sikre rett til å kjøpe en eiendom uten å faktisk binde seg til å gjennomføre kjøpet. I denne artikkelen beskriver vi overordnet systematikken i slike avtaler og hva slike avtaler bør regulere.
WR ESG Alert: An autumn of public consultations to further sustainability
In this month's ESG alert we describe three recently published public consultations in Norway, relating to (i) a revised CO2 compensation scheme, (ii) amendments to sustainability reporting in auditor and accounting regulations and (iii) the EU's recent Regulation on reduction of methane emissions in the energy sector.
Real estate transactions and national security
The current geopolitical situation leads to concerns in Norway regarding property acquisitions by buyers with associations to foreign states in strategic sensitive areas.
Tier 1 in all IFLR1000 Categories
We are delighted to announce that we have once again been awarded Tier 1 in all five categories in the International Financial Law Review (IFLR1000).
EU Corporate Sustainability Reporting Directive (CSRD) Implemented into Norwegian Law
On 11 June 2024, the Norwegian Parliament amended the Accounting Act to implement the EU Corporate Sustainability Reporting Directive (CSRD) into Norwegian law. The new rules impose new sustainability reporting requirements for Norwegian companies, with the aim of standardising and enhancing the quality of disclosed environmental, social and governance matters.
Velkommen Leif Eirik Thrane og Arne Byberg!
Med våre to nyeste partnere er Wikborg Rein i ferd med å skape landets ledende teknologimiljø.
WR ESG Alert: EU Corporate Sustainability Reporting Directive implemented into Norwegian law, while other EU sustainability acts enter into force
In this month's ESG alert, we highlight the implementation of the EU Corporate Sustainability Reporting Directive into Norwegian law, the entry into force of the EU Nature Restoration Law, the Revised EU Industrial Emissions Directive and the EU hydrogen and gas decarbonisation package, and the adoption of the European Council's position on the Green Claims Directive.
Dette gjør vi på Arendalsuka
Fremtidens vannkraft og omgåelse av Russland-sanksjonene er blant temaene under våre arrangementer i Arendal i uke 33. Vi ser frem til panelsamtalene våre som i år vil finne sted på Clarion Hotel Tyholmen og på Torvet 3 (Advokatfirma Tofte Hald).
Navigating shipyard insolvency during superyacht builds
Wikborg Rein's Linda Roxburgh discusses safeguarding superyacht owners' interests if their shipyard faces financial instability mid-build. In an article first published for SuperyachtNews, Linda, carefully navigates the best ways to safeguard a superyacht owner’s interests if the shipyard managing their project should become financially unstable mid-build.
Simplified prospectus rules coming – the Listing Act legislative package
The European Commission has put forward a proposed legislative package called the "Listing Act". The purpose of the Listing Act is inter alia to simplify listing on European public markets, and alleviate the requirements for companies once listed. The Listing Act was voted through by the European Parliament in April 2024 and will eventually be implemented in Norway.
Wikborg Rein assisting NORBIT ASA on its NOK 200 million private placement
We have had the pleasure of assisting NORBIT ASA (OSE: "NORBT") on its successfully completed private placement of new ordinary shares, raising gross proceeds of approximately NOK 200 million.
We have assisted Ren Røros AS with their divestment of Ren Røros Aksess AS
We have assisted Ren Røros AS with entering into a definitive agreement to divest Ren Røros Aksess AS to NEAS Konsern AS. Subject to completion, NEAS Konsern AS will acquire 100% of the shares.
Ny avklaring om «den til enhver tid gjeldende parkeringsnorm»
Mange reguleringsplaner angir at parkering skal opparbeides i henhold til «den til enhver tid gjeldende parkeringsnorm». Kommunal- og distriksdepartementet har i en ny uttalelse konkludert med at slike bestemmelser i reguleringsplaner ikke er gyldige.
New package of sanctions from the EU and US, and other recent developments
In this sanctions alert we provide an update on recent developments in the EU, UK and US sanctions against Russia.
New reporting obligation to Oslo Børs related to share issuance
With effect from 4 July 2024, a new reporting obligation related to compliance with prospectus requirements is imposed on companies listed on Oslo Børs' regulated markets (Euronext Oslo Børs and Euronext Expand). Furthermore, Oslo Børs guides on the practical handling of the obligation to prevent trading in new shares before any conditions for trading are met.
Wikborg Rein assisting with Nel ASA's spin-off and listing of Cavendish Hydrogen ASA on Oslo Børs
We have had the pleasure of assisting Nel ASA and Cavendish Hydrogen ASA in the spin-off of Nel's hydrogen fueling division and listing of Cavendish's shares on Oslo Børs.
Verdipapirisering kommer til Norge
Regler om verdipapirisering innlemmes i EØS-avtalen 12. juni. Det er sannsynlig at reglene raskt vil bli gjennomført i norsk rett og at de kan tre i kraft 1. januar 2025.
New Lloyd's Open Form 2024
Lloyd's Salvage Arbitration Branch has released a new Lloyd's Open Form of Salvage Agreement ("LOF 2024"), as well as a new Lloyd’s Salvage Arbitration Clause ("LSAC 2024").
Direct lending coming to Norway
Direct lending has so far been largely absent in the Norwegian market due to regulatory constraints. However, the regulatory landscape is about to change which will present new possibilities for non-bank lending.
Defence procurements at Norwegian yards – new rules on ownership control
Norway’s new long term defence plan will most likely lead to several new defence contracts. Contractors entering into such contracts may have to comply with additional contractual and regulatory requirements. This includes the Norwegian Security Act, and its recently revised rules on ownership control.
Equipment leasing in the shipbuilding industry – inherent risks and how to mitigate them
In aviation and other sectors, equipment leasing has long been a recognised tool for companies looking to finance expensive items of equipment. Whilst to date equipment leasing has been less visible in the shipping industry, we are now seeing an increased interest in this type of financing from both shipowners and equipment lessors. However, leasing arrangements do include some inherent risks which the parties should seek to mitigate.
The Electronic Trade Documents Act 2023 – the framework we’ve been missing?
The Electronic Trade Documents Act, which came into force in September 2023, enables a “trade document” in electronic form to be used in the same way as its paper equivalent provided that certain criteria are met.
“Ever Given” – Court of Appeal upholds that no salvage contract was concluded
The English Court of Appeal has recently rendered judgment in the dispute between salvors and the shipowners as to whether a salvage contract on commercial terms had been made in connection with the re-floating of the “Ever Given” in the Suez Canal in March 2021 (SMIT Salvage & Ors v. Luster Maritime SA & Anr (The Ever Given) [2024] EWCA Civ 260). The judgment illustrates the importance of the parties making clear during negotiations whether they intend to be bound.
BIMCO publishes first standard-form quiet enjoyment letters for ship financing
Charterers are increasingly requesting to receive quiet enjoyment letters (“QELs”) from the mortgagees of chartered vessels. As there has not been any standard format for QELs, owners have often found themselves caught in the middle of protracted negotiations between the charterers and the mortgagees when QELs are requested. To meet the longstanding need for a standard format acceptable to charterers, mortgagees and owners, BIMCO published two standard form QELs on 21 February 2024.
SHIPMAN 2024 – a welcome, gentle revision
Since its original introduction in 1988, the BIMCO standard ship management agreement SHIPMAN (revised in 1998 and 2009) has established itself as the global standard ship management agreement. Adopted on 22 March 2024, the new SHIPMAN 2024 represents a light touch revision of the standard form, incorporating established standalone clauses and new provisions reflecting these developments.
Carbon capture – building a new value chain from a contractual perspective
With its history and extensive experience with CO2 management as an oil and gas nation, Norway is a leading country in building a new CCS value chain in the fight against climate change.
Transportation of CO2 – an emerging market
Following the Paris Agreement, Carbon Capture and Storage (CCS) has emerged as a promising tool to substantially reduce carbon emissions. Whilst CCS’s potential is considerable, it is still a developing industry that needs efficient means of transportation.
Integrating emissions trading schemes in ship management agreements – BIMCO’s new ETS clause and mandate letter
In advance of the recent inclusion, as from January 2024, of the shipping industry in the European Union Emissions Trading System (EU ETS), BIMCO introduced a new ETS clause tailored specifically for ship management agreements.
Calls on IMO to solve legal inconsistencies on ship recycling
BIMCO has, together with the International Chamber of Shipping, Norway, Bangladesh, India and Pakistan, urged the International Maritime Organisation (IMO) to solve possible conflicting requirements between the Hong Kong Convention and the Basel Convention ahead of the entry into force of the Hong Kong Convention on 26 June 2025. The potential conflicts may expose shipowners and others to severe consequences, particularly when recycling ships in the major ship recycling countries in South Asia such as Bangladesh, India and Pakistan, even if the ships and facilities comply with the Hong Kong Convention.
WR ESG Alert: Final approval of EU Corporate Sustainability Due Diligence Directive and Net-Zero Industry Act
In this month's ESG alert we note that the EU has adopted the Corporate Sustainability Due Diligence Directive (CSDDD) and the Net-Zero Industry Act and that the EU's Critical Raw Materials Act has entered into force. In Norway, the Ministry of Children and Families has commenced an evaluation of the Transparency Act one year after the first reporting deadline while various government authorities have issued public consultations relating to different areas of climate legislation.
WR Kapitalforvaltning: Når er et selskap et alternativt investeringsfond? Særlig om prosjektfinansiering
Mange typer selskaper kan kvalifisere som alternative investeringsfond (AIF). Dette har stor praktisk betydning ettersom forvaltningen av et AIF er underlagt et omfattende og straffesanksjonert regelverk. Finanstilsynet følger aktivt opp på dette området, og hadde blant annet tematilsyn våren 2023 hos aktører som driver med prosjektfinansiering. Finanstilsynets årsrapport for 2023 viser også en skarp økning i antall norske alternative investeringsfond.
WRECKSTAGE 2024 – new industry standard wreck removal agreement
Yesterday, BIMCO released a new version of WRECKSTAGE, which has long been the industry standard agreement for maritime wreck removal projects where the contractor is remunerated on a lump sum basis. Several changes have been made, the most important being a new optional risk allocation procedure, often referred to as QRA (quantitative risk assessment), which is intended to give greater certainty in the allocation of risks. The result is an improved form which will be warmly welcomed by the industry.
Nytt bygningsenergidirektiv er vedtatt av EU-kommisjonen
The European Green Deal er et ledd i EUs overordnede klima- og miljøpolitikk, hvor målene er minst 55 % reduksjon av klimagassutslipp innen 2030 samt klimanøytralitet i 2050. En sentral faktor for å nå målet er energieffektivisering av bygningsmassen. Som et ledd i dette arbeidet, har EU-kommisjonen nylig vedtatt et revidert bygningsenergidirektiv (Energy Performance of Buildings Directive, «EPBD»).
Forberedelsene til rapportering etter CSRD (bærekraftsdirektivet) bør starte nå!
Vi er nå inne i tiden for sluttspurten av skriving av årsberetninger og ulike rapporteringer. Til neste år vil denne øvelsen utvides betraktelig. Våre bærekraftspesialister Elise Johansen og Tonje Hagen Geiran oppsummer hva du bør foreta deg nå.
Wikborg Rein til topps blant studentene - igjen
For ellevte år på rad kårer jusstudentene Wikborg Rein til den mest attraktive arbeidsgiveren i advokatbransjen.
EU ETS: New Standard Template from BIMCO and Key Considerations
Following the inclusion of shipping in the EU's emissions trading system on 1 January 2024, the focus is now shifting to the practical aspects of compliance with the regulations, including monitoring, reporting, and surrendering of allowances.
Skattenyheter i revidert nasjonalbudsjett 2024
Regjeringen fremmet i dag revidert nasjonalbudsjett ved Meld. St. 2 (2023–2024) og Prop. 103 LS (2023–2024). Den største nyheten på skattefronten er at det ikke foreslås noen større endringer.
Norway has signed agreement which ensures international cooperation on the operation of autonomous ships
Norway has signed an agreement with the United Kingdom, Belgium, Denmark and the Netherlands to facilitate cooperation on the international operation of autonomous ships. The agreement is particularly aimed at the operation of autonomous ships in the North Sea basin, including ships for inspection and maintenance of existing and future offshore wind installations.