First infringement penalty for failing to comply with the Transparency Act – and it bites!
The Norwegian Consumer Authority has on 25 September 2024 issued what appears to be the first infringement penalty for a failure to comply with the Norwegian Transparency Act. For not responding to two information requests on time, the Authority has imposed a penalty on a retail company of 450,000 NOK.
Our IP Team Highly Ranked by MIP IP STARS 2024
MIP IP STARS has recognised our IP experts as one of Norway's leading IP lawyers.
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.
Holding top spot in Universum Professional Survey
The results from Universum's survey for professionals are in, and for the second year in a row, Wikborg Rein stands out as the top choice among law firms and continues to climb in the overall rankings.
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.
The obligation to register beneficial owners in Norwegian companies comes into effect today, 1 October 2024
Since 1 November 2021, legal entities have been required to identify and maintain documented, up-to-date information about their ultimate beneficial owners (UBOs). As of 1 October 2024, Norwegian entities must also register their UBOs in the Brønnøysund Register pursuant to the Norwegian Act on the Beneficial Owners Registry. This means that entities must report who ultimately controls and/or owns the entity to the authorities. There is a phase-in period of 10 months, with the final registration deadline being 31 July 2025. After this date, companies that fail to register may be subject to coercive fines.
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.
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.
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.
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.
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.
Securitisation is coming to Norway
The EU's regulations on securitisation will be incorporated into the EEA Agreement on 12 June. It is likely that the rules quickly will be implemented into Norwegian law, with entry into force 1 January 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 Asset Management: When does a company qualify as an alternative investment fund? A particular focus on project financing
Various types of companies may qualify as alternative investment funds (AIFs). This have practical significance due to the extensive regulations governing the management of AIFs. The Financial Supervisory Authority of Norway (FSAN) actively monitors this area and conducted thematic inspections of entities involved in project financing in the spring of 2023. FSAN's annual report for 2023 also indicates a notable increase in the number of Norwegian AIFs.
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.
Wikborg Rein Tops the Student Rankings - Again
For the eleventh year in a row, Norwegian law students have named Wikborg Rein the most attractive employer in the legal industry.
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.
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.
WR Asset Management: Establishment of funds - Key documentation
Fund establishment requires careful preparation and drafting of relevant documentation. The extent of the documentation varies considerably and depends, among other things, on the intended fund structure, jurisdiction, asset class, type of target investors and the regulatory conditions under which the fund and manager operate.
WR ESG Alert: Another landmark ruling on climate change and human rights, and rules to protect against forced labour and abusive court proceedings
In this month's ESG alert, we highlight the recent landmark climate judgment from the European Court of Human Rights, as well as legislative developments in the EU, including new rules on free allocation of emission allowances, protection of persons who engage in public participation, a revision of the Industrial Emissions Directive, and the approval by the European Parliament of the Forced Labour Regulation.
We have assisted Infranode and Lyse with their acquisition of Sandefjord Bredbånd
We have assisted Infranode and Lyse with entering into a definitive agreement to acquire Sandefjord Bredbånd AS for an enterprise value of NOK 1,012 million. Subject to completion, Lyse will acquire 10% of the shares, and Infranode, the remaining 90%, from Sandefjord municipality.
Recent developments, including new US sanctions restricting imports of aluminium, copper and nickel and wind-down of General License on Venezuela
In this sanctions alert we seek to summarise recent developments relating to Norwegian, EU, UK and US sanctions, including US and UK prohibitions on import of certain Russian-origin metals, wind-down of transactions related to oil and gas sector operations in Venezuela, EU's minimum rules for prosecution of and penalties for violating EU sanctions, and the implementation of the EU's 12th and 13th package of sanctions against Russia into the Norwegian Ukraine Regulation.
WR ESG Alert: Shell appeals landmark climate ruling while EU members agree on Corporate Sustainability Due Diligence Directive
In this month's ESG alert, we describe Shell's appeal against a landmark climate ruling, the approval by EU members of a revised version of the Corporate Sustainability Due Diligence Directive as well as recent EU climate initiatives and proposals to align Norwegian climate regulations with EU standards
Wikborg Rein again top ranked across all 20 practice areas in Legal 500
We are particularly excited to note that as many as 79 of our lawyers have been commended for their outstanding contributions within their respective fields.