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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.

As expected, the newly published AIFM Regulation gives no transitional rules for marketing of closed-ended AIFs when marketing is made under a PPM. This means that from 1 July, marketing of closed-ended AIFs to Norwegian investors will require notification to, or pre-approval from, the Financial Supervisory Authority of Norway (the FSAN), depending on the category of investors the AIF will be marketed to and the nationality of the AIF/AIFM (EEA/non-EEA). The different marketing scenarios are described further in our previous news letter: AIFMD: Marketing of AIFs in Norway post implementation 1 July 2014.

 

For further information please contact:

Klaus Henrik Wiese-Hansen (Partner) kwh@steenstrup.no + 47 22 81 46 85 / + 47 92 80 69 86

Christina Riisnes (Associate) cri@steenstrup.no + 47 22 81 45 33 / +47 48 01 65 33

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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