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.

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.

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.

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.

Financial Regulation

Anti-Money Laundering

Asset Management

Specialist Counsel

Jens advises asset managers, financial institutions and their shareholders, including with respect to transactions in or for regulated entities, as well as establishments, structuring and regulatory application processes for funds and regulated entities.

Bøen's prior experience includes a period as CLO/CCO of Sector Asset Management, a Norwegian hedge fund boutique. He accordingly holds detailed and practical knowledge regarding the regulatory framework in Norway and abroad for both managers of various types of fund, especially hedge funds and UCITS, and investment banking.

Oslo

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Jens advises asset managers, financial institutions and their shareholders, including with respect to transactions in or for regulated entities, as well as establishments, structuring and regulatory application processes for funds and regulated entities.

Jens Fredrik Bøen

Chief Legal Officer/Chief Compliance Officer