All posts in Banking and Finance
In a press release dated 15 October, Norges Bank Investment Management (NBIM) informed that it has signed a co-investment programme with AXA Real Estate, acting on behalf of various AXA insurance companies, targeting investments in senior secured performing commercial real estate loans in Europe. AXA Real Estate will manage the portfolio on behalf of the parties.
Norwegian politics take a turn to the right with new rightwing coalition government – new possibilities for many market players
On October 16, Norway’s Conservative Party leader Erna Solberg and Progress Party leader Siv Jensen presented a new minority goverment after winning the September 9 election with support from allies in the Parliament. The government took office on 12 noon October 16, with Solberg as Prime Minister and Jensen as new Minister of Finance. The coalition has presented a 75-page platform revealing how it plans to rule Norway over the next four years. Some highlights of particular interest for foreign market players are presented below.
On 14 October 2013, the Norwegian government proposed new legislation to implement FATCA in Norway. Provided compliance with the proposed legislation, Norwegian financial institutions will be considered to comply with FATCA.
On 27 September, the Ministry of Finance suggested to establish a Norwegian public debt register. The purpose is to prevent debt problems among indivudual borrowers in Norway.
The Ministry of Finance introduces a new collective retirement pension product for the private sector
On 4 October, the Ministry of Finance presented a draft Bill with a new collective tax favourable retirement pension product for the private sector. The new product will be a third alternative to the two other (main) types of tax favourable occupational pension schemes that can be established under Norwegian law.
Earlier this year, the Norwegian Parliament passed a resolution to amend the Norwegian company law, which came into effect from 1 July 2013. The main purpose of the changes was to simplify the legislation for companies with limited liability, thereby making it easier to conduct businesses in Norway.
On 19 September, Oslo Børs announced that it will undertake NIBOR fixing with effect from 9 December 2013.
Norwegian authorities failed to implement AIFMD within the transposition deadline of 22 July 2013. While it has been generally believed that AIFMD would be implemented within 1 January 2014, sources within the Ministry of Finance have unofficially informed us that the Bill will not be suggested until (late) 1Q 2014.