The Law On The Government Pension Fund

Original Language Title: Lov om Statens pensjonsfond

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2005-12-21-123

The law on the State's pension fund.

Date LAW-2005-12-21-123 Ministry Ministry of finance Recently changed LAW-2010-12-17-82 from 31 December 2010, LAW-2009-12-18-135 Published in 2005 booklet 16 entry into force 01.01.2006 Change LAW-1990-06-22-36 Announced short title pensjonsfond 21.12.2005 the State-law cf. the former Yugoslav Republic. law of 22 June 1990 No. 36. section 1. The State's pension fund to support the State saving for the funding of the national insurance scheme pension expenses and underpin long term considerations for application of the State's petroleum revenues.

§ 2. The Government Pension Fund is managed by the Ministry of finance. The Fund is made up of the government pension fund global (SPU) and the Government Pension Fund-Norway (SPN). Government pension fund global, by deposits on account in Norges Bank. Toward the value managed by rules set forth in more detail by the Ministry, jf. section 7.
The Government Pension Fund of Norway is placed as a capital deposit in the national insurance scheme Fund. Toward the value managed by rules set forth in more detail by the Ministry, jf. section 7.

§ 3. Revenue in the government pension fund global is the net cash flow from the petroleum that is transferred from the State budget, net financial transactions related to the petroleum and the return from the Fund's positions. Net cash flow from the petroleum industry makes up the third paragraph, the gross earnings in less expenditure in the fourth paragraph.
The following gross revenue are included in the cash flow from the petroleum activities: 1. the overall tax revenues levied according to law 13. June 1975 No. 35 about taxation of undersea petroleum deposits etc. and law 29. November 1996 No. 72 if petroleum activities 2.
fees levied by law 21. December 1990 No. 72 about tax on emissions of CO ₂ in petroleum activities on the continental shelf 3.
tax revenue by the emission of NOx in the petroleum activities on the continental shelf 4.
revenues and other income from the State's direct financial interest in the petroleum business 5.
State revenue on net profit deals in certain production licences 6.
dividends from Statoil ASA 7.
State revenues in connection with the removal or other disposal of the facilities on the continental shelf 8.
revenue from the sale of shares as part of the State's direct financial interest in the petroleum business.

The following expenses shall be deducted from the gross revenues in the third paragraph: 1. direct investment in the State's direct financial interest in the petroleum Business 2.
operating expenses and other direct expenses in the State's direct financial interest in the petroleum business 3.
the Government's spending in connection with the removal or other disposal of the facilities on the continental shelf 4.
the purchase of shares as part of the State's direct financial interest in the petroleum business.

Net financial transactions related to the petroleum industry makes up the sum of the gross revenue by the State sale of shares in Statoil ASA, less the State purchase of shares in Statoil ASA is defined as the market price the State pays for the shares and the less the State capital deposit of Statoil ASA and company that caters to the State's interests in the petroleum business, as well as financial transactions linked to companies in the petroleum business where the State has ownership interests.

§ 4. Revenue in the Government Pension Fund of Norway is the return of the managed funds.

§ 5. The funds in the Government Pension Fund can only be applied to a beløpsmessig transfer to the State budget after the decision in Parliament.

section 6. The State's pension fund may not even have rights or duties to the private or public authorities, and can not sue or be sued.

section 7. The Ministry can provide complementary provisions to the implementation of the law.

section 8. The law is effective from the time the King decides. 1 the King can put into effect the individual provisions to different time. The Ministry may give transitional rules.

§ 9. From the time the law will take effect the following changes are made in other laws: 1. Law 22. June 1990 No. 36 about the State's Petroleum Fund is released. 

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