On 8 October 2025, the Ministry of Finance submitted a consultation memo from the Norwegian Financial Supervisory Authority ("NFSA")  on the implementation of Directive (EU) 2024/927 ("AIFMD II") in Norwegian law. AIFMD II amends both the AIFMD and the UCITS Directive, but the bulk of the changes relate to AIFMD.

On Tuesday 30 September 2025, the EFTA Court ruled that Norway is in breach of the EEA Agreement by maintaining an administrative practice that requires approval for acquisitions of 25% or more in banks and insurance companies, and by applying a presumption against such approvals.

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 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.

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.

When do you need to be authorised to manage alternative investment funds? When is it sufficient to be just "registered"? What are the differences?

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.

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Ole heads the firm's Financial Regulations practice, and has comprehensive experience advising all types of regulated entities. This includes investment firms, managers of UCITS and AIFs, banks, insurance/pension, payment services/fintech, virtual currencies and investor conduct. He has led a number of processes towards the Norwegian Financial Supervisory Authority, including advising in obtaining licences etc, but also in connection with contentious cases related to administrative sanctions within the areas of AML, MAR, shareholding disclosure and short selling.

He previously worked as Head of Legal in investment bank Carnegie AS, and he has in-depth and practical knowledge about the regulatory framework surrounding investment firms, asset managers, investor behaviour and adjacent regulations. Prior to this, Ole worked as a lawyer in law firm Thommessen, where he mainly worked with financial regulations, advising a wide range of regulated entities, as well as company law and disputes within these areas.

"While always providing excellent in-depth advice within niche areas, Ole is also a regulatory generalist with detailed knowledge of the entire financial regulatory ecosystem. Navigates complex matters in an outstanding way. Excellent availability" (Legal 500)

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Ole heads the firm's Financial Regulations practice, and has comprehensive experience advising all types of regulated entities.

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Articles on wr.no

WR Asset Management: Consultation on the Implementation of AIFMD II in Norwegian law

The EFTA Court declares Norwegian ownership restrictions incompatible with EEA law

Securitisation is coming to Norway

Direct lending coming to Norway

PRIIPs proposal and likely timing of entry into force in Norway

WR Asset Management: AIF Manager – Licence or Just Registration?