Streenstrup News is a blog by Norwegian law firm Steenstrup Stordrange. It provides insight into topical business and legal issues relevant to Norwegian business life.
Aimed at management and legal professionals internationally, the posts include debates and opinions on legal issues, updates on legal developments, as well as industry and market-specific insights and discussions.
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Blog authors are attorneys at law or senior economists and are either partners or associates at the firm. Editor is Partner Klaus Henrik Wiese-Hansen.
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All posts by Klaus Henrik Wiese-Hansen
The Norwegian AIFM Act comes into force 1 July 2014 – No transitional rules for marketing of closed-ended funds
The Ministry of Finance confirmed everybody’s expectation yesterday when it announced that the Norwegian AIFM Act and the AIFM Regulation (implementing AIFMD and Commission Delegated Regulations supplementing AIFMD) comes into force 1 July 2014. As of and after 1 July 2014 the management and marketing of Alternative Investment Funds (“AIFs”) will thus be subject to the AIFM Act and the AIFM Regulations.
What legislation governs the establishment and operation of Alternative Investment Funds?
Hot news: Norwegian implementation of AIFMD approaching – Managers may begin applying for authorisations
The proposed AIFM Act passed the first reading in the Norwegian Parliament 3 June, and is scheduled for a second and final reading in the Parliament shortly. The Ministry of Finance stated yesterday that the Act will almost certainly come into force 1 July 2014.
Effective from 1 July 2014, the Financial Supervisory Authority of Norway (FSAN) will increase the fees for approval of prospectuses with 20 percent. The increase will apply to all types of prospectuses and also encompass the additional fee for so called specialist issuers.
On 9 May 2014, the Ministry of Finance proposed a bill requiring gender-neutral pricing in insurance contracts which are private, voluntary and separate from employment relationship.
On 9 May 2014, the Ministry of Finance proposed new legislation regarding credit rating agencies. The background for the proposal is Regulation No 1060/2009 (CRA I) of the European Parliament, which has been incorporated into the EEA Agreement.
A Bill to implement the AIFMD in Norway (the “AIFM Act”) was suggested in Mid-April, and will likely come in force 1 July 2014.
This newsletter gives a brief summary of the proposed AIFM Act, with a particular view on non-Norwegian Alternative Investment Fund Managers’ (“AIFMs”) possibility to market Alternative Investment Funds (“AIFs”) in Norway.
Norway is a member of the European Economic Area (“EEA”), which currently comprises Norway, Iceland and Liechtenstein and 27 Member States of the European Union excluding Croatia.
On 11 April 2014, Ministry of Finance proposed a Bill implementing the Alternative Investment Fund Managers Directive (AIFMD) into Norwegian law. The proposed Bill is expected to be considered by the Norwegian Parliament before summer. Thus final implementation of the AIFMD will probably take place on or around 1 July 2014.