The Norwegian Ministry of Finance has proposed amendments that will allow companies with shares listed on a Norwegian regulated market (Euronext Oslo Børs and Euronext Expand) to communicate electronically with their shareholders. The amendments will among other things mean that such companies as a general rule will no longer be required to send notices of general meetings by regular mail.

As of 1 April 2025, the Financial Supervisory Authority of Norway (the Norwegian FSA) is the competent authority for the Norwegian take-over regime and the supervisory authority for the ongoing disclosure obligation and delayed disclosure of inside information and supervision of share-buy-backs and stabilisation under the Market Abuse Regulation (MAR), taking over from Euronext Oslo Børs.

Norwegian Depositary Receipts ("NDRs") have been available as financial instruments in Norway since 2020. NDRs are a cost efficient and practical alternative to shares for accessing the Norwegian equity market.

On 1 February 2025, a new regulation regarding access to shareholder registers and information about nominee-registered shares in Norwegian companies entered into force. These rules elaborate on companies' statutory obligation to make the shareholder register available to everyone, and the new rule in the Norwegian Public Limited Liability Companies Act on the right to request information about owners of nominee-registered shares.

Close to one-tenth of companies listed across the Euronext Oslo Børs' marketplaces are traded below NOK 1 per share, and approximately 100 companies trade at a price below NOK 10 per share. For companies on Oslo Børs and Euronext Expand, an observed share price over time below NOK 1 will require remedies. Also for companies on Euronext Growth Oslo, low share prices may create challenges.

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.

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.

Capital Markets

Company Law

Partner

Dag Erik  is head of the firm's Capital Markets practice. He primarily works with transactions relating to listed companies and advises companies, investment banks and investors. He lectures on company, stock exchange, and securities law. Dag Erik has experience as a board member in listed companies and investment companies. 

He is a member of the board of the Oslo Stock Exchange and represents the Norwegian Society of Financial Analysts on the Norwegian Corporate Governance Board.

Dag Erik is rated by Chambers and Partners, Legal 500 and IFLR.

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Oslo

Dag Erik Rasmussen

Partner