AIFMD

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.

The Financial Supervisory Authority of Norway (FSAN) has further stated that managers and others may now file applications for authorisation under the AIFM Act, be it authorisation in Norway to manage an AIF or authorisation to market foreign AIFs in Norway in cases where the AIMFD’s notification procedures are not applicable. Foreign managers of AIFs should particularly note that marketing requires pre-approval from the FSAN for each AIF being marketed, and further that marketing to non-professional investors will be limited to AIFs being managed by AIFM’s with authorisations within the EEA.

The Ministry of Finance (MoF) is in the final stages of drafting transitional rules to the AIFM Act, which will come into force simultaneously with the new Act, 1 July 2014. The MoF will most likely give managers of AIFs a six months’ deadline to apply the FSAN for an authorisation under the new Act. It is still uncertain if the MoF will pass transitional rules for marketing of closed-ended AIFs after 1 July. Transitional rules (if any) will be part of the AIFM Regulation, which will typically be published  by the MoF nearer the end of June.

For further information please see Marketing of AIFs in Norway post implementation 1 July 2014.

Additional contacts:

Christina Riisnes, Associate, cri@Steenstrup.no, +47 480 16 533
Christoffer Nordby Sortland, Associate, cns@Steenstrup.no, +47 992 41 453

 

The Author

Klaus Henrik Wiese-Hansen
Klaus Henrik Wiese-Hansen Klaus Henrik Wiese-Hansen is a partner at Steenstrup Stordrange’s office in Oslo, and is a member of the M&A and Corporate Practice as well as the Banking and Finance group. He has 14 years' experience in all aspects of financial markets legislation and asset management, including Private Equity, Investment Fund Management, Securities Legislation, Banking and Finance, Insurance, and M&A with respect to these areas. He has advised numerous Norwegian and foreign institutional clients in all aspects of their businesses relating to the aforementioned legal areas.

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