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.

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.

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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Articles on wr.no

The Norwegian FSA assumes the role as Norwegian take-over authority and supervisory authority for disclosure regime

Norwegian Depositary Receipts – an entry to the Norwegian equity market

New rules on access to shareholder registers and information on owners of nominee-registered shares in Norwegian companies

"Penny stocks": call for action

Simplified prospectus rules coming – the Listing Act legislative package

New reporting obligation to Oslo Børs related to share issuance