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.
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.
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.
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.
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 has 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.
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.
PRIIPs proposal and likely timing of entry into force in Norway
Long overdue, the PRIIPs Regulation is proposed implemented into Norwegian law. In this newsletter, we have set out the details on how and when PRIIPs is expected to be implemented in Norway.
WR Asset Management: AIF Manager – License or Just Registration?
When do you need to be authorised to manage alternative investment funds? When is it sufficient to be just "registered"? What are the differences?
WR Asset Management: Choice of fund structure – Norwegian limited company, limited partnership or foreign fund vehicle?
What type of fund structure should a Norwegian fund manager choose when establishing a new alternative investment fund? This depends, among other factors, on what the fund will invest in, the target investors, the required flexibility for capital contributions and distributions from the fund, the need for confidentiality, etc.
Gender Quota Regulation for the board of directors of Norwegian private limited liability companies
New and extended gender quota regulations to the board of directors of Norwegian private limited liability companies are adopted. Until now, gender quota regulations have applied only for listed public limited liability companies and state owned companies. The newly adopted regulation, which shall also apply to inter alia certain partnerships, co-operatives and foundations, significantly broadens the scope of gender quota mandates.
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.
WR 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.
Amendments to the Market Abuse Regulation (MAR) on 1 June 2023
On June 1, 2023, certain amendments are being made to the Market Abuse Regulation ("MAR") as implemented in Norway. The amendments are caused by the enactment of the EU SME Growth Market Regulation (2019/2115).
Upcoming amendments to the shareholding disclosure obligations in Norway
On 8 April 2022, the Ministry of Finance proposed a long overdue draft bill (Prop. 83 LS) with several amendments to the rules regarding disclosure of large shareholdings (Nw.: flaggeplikt) in the Norwegian Securities Trading Act (STA) and Securities Trading Regulation (STR) to the Norwegian Parliament. The amended rules enter into force on 1 September 2022.
Chapter about Fintech in Norway published in Global Legal Insights
Ole Andenæs, Snorre Nordmo and Stina Tveiten has contributed to the Norwegian chapter in "Global Legal Insights - Fintech 2021", which provides an overview of the latest trends and regulatory framework for fintech in Norway.