Capital overview :
Jof. dir 2011 /61/EU.
Chapter 1. Initial provisions
SECTION 1-1.
Scope
| (1) The law applies to the management of alternative investment funds and by the way of business being driven by trustee after this law. |
| (2) The king may determine further rules about the law of law enforcement on the Svalbard and the Continental Barenal and can determine the shonest rules under consideration of the site's conditions. |
| (3) The Ministry of Law may in regulation give closer rules about the law of law enforcement on foreign enterprises in Norway and Norwegian enterprises business abroad. |
Part Article SECTION 1-2.
Definitions
In this law understood by :
| a) |
alternate investment fund : device for collective investment that is not a UCITS, jf. value paper fund law Section 1-2 first clause 4, and which will raise capital from a number of investors with aim to invest capital in accordance with a defined investment strategy to the benefit of investors |
| b) |
trustee : enterprises as on a business basis run the Management of Alternative Investment Foundation |
| c) |
Management : portfolio management and risk management for alternative investment fund |
| d) |
Result-dependent settlement : share of the alternative investment fund's earnings that the trustee will benefit from the administration, excluding the share of earnings that will be trustee as a result of direct or indirect investment in the fund |
| e) |
financial attention : the increase of the exposure through the loan of money, securities, derivatives positions or otherwise |
| f) |
addision funds : alternate investment fund investing at least 85 percent of its assets in another alternative investment fund, in several other alternative investment funds with identical investment strategies or otherwise has an exposure of at least 85 percent of their assets against such an alternate investment fund |
| g) |
recipient funds : alternate investment fund that an addision fund has exposure to |
| h) |
marketing : direct or indirect offer of purchase or placement of shares in alternate investment fund on the steward's initiative or on behalf of the trustee |
| 1. |
company where the person has or controls at least 20 percent of the voting rights or company capital, |
| 2. |
company where the person has such influence as mentioned in the apastoral law or general public law Section 1-3 other clause or company law Section 1-2 other clause, |
| 3. |
two or more physical or legal persons who are permanently connected to the same person through control as mentioned in No. 2 |
| j) |
primary broker : credit institution, value paper enterprises or other regulated enterprise subject to professional investors to fund or carry out transactions in financial instruments as counterpart, herunder settlement services, retention services and loans of financial instruments |
| k) |
professional investor : professional customer as mentioned in the value paper publisher Section 10-2, or customer treated as professional by securities publisher Section Section 10-4 and 10-5 |
| l) |
non-professional investor : other investor than professional investor |
Part Article SECTION 1-3.
Exceptions from the use of the law of certain enterprises
| (1) The law does not apply to pension enterprises, national central banks, savings arrangements for Workers, Special enterprises for securities and public authorities who manage public welfare and pension arrangements. |
| (2) The law does not apply to overnational institutions such as the European Central Bank, the European Investment Bank, the European Investment fund, European institutions for development funding and bilateral development banks, the World Bank and the international currency fund. |
| (3) The law does not apply to enterprises that exclusively manage alternative investment fund where investors are solely corporations in the same corporation as the trustee, and none of the investors themselves is an alternate investment fund. |
| (4) The Ministry of Justice can in regulation give closer rules about the law of law enforcement on holding companies. |
Part Article SECTION 1-4.
Exceptions from parts of the law for stewards who manage alternative investment fund with overall stewards capital under certain threshold values
| (1) For stewards that manage alternative investment funds with overall management capital equivalent an amount in Norwegian crowns that are lower than : |
| a) |
500 million euros when the portfolio consists of alternative investment funds that are not subject to financial transmission, and which do not have the redemption right for a period of five years from the day of the first investment in each fund, or |
| b) |
100 million euros, for other types of alternative investment funds than those mentioned in the letter a, only applies to Chapter 9, as well as the provisions of the paragrafen here. |
| (2) Prevalence as mentioned in the first clause shall be registered in a registry led by the SEC. Upon registration, the trustee shall inform the SEC of the alternative investment funds that are managing, herding providing information on the fund's investment strategies. |
| (3) Prevalents as mentioned in the first clause shall regularly inform the SEC about the investment strategies, the main categories of instruments being negotiated, and the largest engagements and concentrations for the alternative investment funds that are managing. |
| (4) The Caretaker shall provide the SEC information on material changes in the information provided by other clauses. |
| (5) A trustee that no longer meets the terms of the first clause shall immediately give message to the SEC. The Caretaker shall apply for permission after Section 2-2 within 30 days from the day the terms of exception after the first clause were no longer met. |
| (6) The exception in the first clause does not apply to stewards who manage other alternative investment fund than national funds to be marketered to non-professional customers. |
| (7) Prevalence of which are exempt from the permission of the first clause can apply for the permission of Section 2-2 to obtain full rights and duties after this law. |
| (8) The Ministry of Justice can in regulation give closer rules on calculating the management of the management capital, registration, reporting, information and application for permission. |
Part Article SECTION 1-5.
Prescription homels
| (1) The Ministry of Justice may in regulation determine further rules on the management of the trust in the securities of the securities of securities. |
| (2) The Ministry may in regulation determine closer rules, hering exceptions from the law here and the securities law, as well as further demands than what follows by these laws, for stewards who manage particular alternative investment fund, herdunder ventureapital fund and social entrepreneurs fund. |
Part Article SECTION 1-6.
Treatment of personal information in association with authorization arrangements for employees
Proximity organization or affiliated legal entity that provides training to and authorize people who are employed with a trustee for an alternate investment fund with permission after Section 2-2, or which are enrollment liquidity after Section 1-4, can process such information as mentioned in the People's Details Act Section 2 # 8 letter b as clause in the assessment of whether an employee shall be granted authority, waived authority or issued warning.
Part Article
Chapter 2. Prevalence
SECTION 2-1.
Expeting of trustee
| (1) Alternative investment fund shall be managed by an external trustee designated by the fund or on behalf of the fund, or manage internally. |
| (2) The Ministry of Justice can in regulation give closer rules on the peting of trustee. |
Part Article SECTION 2-2.
Permission to the Management of Alternative Investment Foundation and Other Services
| (1) The prevalence of alternative investment funds can only be driven by permission from the SEC. Permission shall only be given if the SEC finds it well-made that the trustee will meet the requirements of the law. The permit should include both portfolio management and risk management. |
| (2) An external trustee can in addition to business as mentioned in the first clause of the third period carry out the functions management and marketing of fund as the trustee, as well as services related to the fund's assets. An external trustee who has the permission of the securities law Section 2-1 can in addition to the Management of Value Paper funds. |
| (3) The SEC can provide external trustee permission to provide active management of investor's portfolio of instruments on an individual basis and by investor's authorization. |
| (4) External trustee who has been granted permission after third clause can also be granted permission from the SEC to provide the following additional services : |
| a) |
receipt and service of the order on behalf of customer in connection with one or more financial instruments, |
| b) |
investment counselling, |
| c) |
retention and management of fund shares. |
| (5) An external steward may not drive any other business than it that is set forth by the first to fourth clause. Interior-led alternative investment funds cannot drive any other business than what is mentioned in the first clause of the third period and otherwise clause the first period of the appropriate fund. |
| (6) A trustee who is permitted by the third and fourth clause shall be a member of the Verdi Verdi's assurance fund for barely applicable to these services. |
| (7) The Ministry of Regulations can in regulation give closer rules on the management of admission services and carry out functions after the first to sixth clause, herunder determining that the securities trading law with regulations shall apply to business as mentioned in third and fourth clause. |
Part Article SECTION 2-3.
Sikad about permission
| (1) The application of permission to manage alternative investment funds shall contain information that shows that the legislating requirements of stewards are met, hereunder details of allowance arrangements, information about which people actually carry out the management's tasks, details of shareholders who have significant ownership shares, and sizes of these ownership shares and details of any expendittation. |
| (2) The application shall contain operating plan with description of the steward's organization. |
| (3) The application shall contain information on the alternative investment funds to be managed, herdunder information mentioned in Section 4-2. A copy of the agreement with the depotted receiver shall be attached the application. |
| (4) A trustee who on the application of the application has permission as the management company after the securities law Section 2-1, does not need to provide information that has been presented in the context of the consent of the securities law, provided that the information still is correct. |
| (5) The Ministry of Justice can in regulation give closer rules about the requirements of and the treatment of application. |
Part Article SECTION 2-4.
Conditions of permission
| (1) Permission to external trustee can only be given to the stock company or general stock company with business office and head office in Norway. |
| (2) Board members and leading employees shall meet the requirements of vandel and experience as mentioned in Section 2-5 first clauses. |
| (3) The Caretaker shall meet capital requirements in Section 2-6 and 2-7. |
| (4) The application of permission shall be denied if an owner with significant ownership share in the company is not deemed suitable to ensure a good and sensible management of the company. As significant ownership share is deemed directly or indirectly ownership that represents at least ten percent of the capital or votes in the trustee, or as otherwise makes it possible to exercise significant influence over the management of the company. |
| (5) The SEC may ask terms of the permit, herunder determining restrictions in the scope of the management's permission. |
| (6) The Ministry of Justice can in regulation give closer rules on terms of consent. |
Part Article SECTION 2-5.
The leadership of the
| (1) Board members, general manager and others who are actually participating in the management of the trustee, shall have relevant qualifications and occupational experience, honorable vandel and for the otherwise have not expelled unassuming behavior that gives reason to assume the position or enlisted will not be able to be able to be able to properly, also set the way to the investment strategies used by the alternative investment funds to be managed. The actual management of the trustee shall be the lock of at least two people. |
| (2) The Caretaker shall enlighten the SEC of the changing of leaders as mentioned in the first clause, herding providing information that is relevant to assess whether the persons meet the terms of the first clause. |
Part Article SECTION 2-6.
Startcapital
| (1) An external steward shall have a starting capital in Norwegian crowns as at least equivalent to 125 thousand euros. The internal management alternative investment fund should have a starting capital in Norwegian crowns as at least equivalent to 300,000 euros. As initial capital, responsible capital is counted as mentioned in regulation 1. June 1990 # 435 about the calculation of responsible capital for financial institutions, settlement centers and securities enterprises Section 3 # 1, 2, 3, 5, 9 and 12. |
| (2) The Ministry of Justice can in regulation give closer rules about the requirements of initial capital, herunder silent demands for higher capital. |
Part Article SECTION 2-7.
Responsible capital
| (1) A trustee shall have a responsible capital that constitutes an amount in Norwegian crowns as : |
| a) |
at least responding to the sum of the claim to seed capital as mentioned in Section 2-6 first joints and an amount that responds to 0.02 percent of the stewards capital of over 250 million euros, limited upad to an amount in Norwegian kroner equivalent to 10 million euro, and |
| b) |
so that the responsible capital of any time at least shall be attributed to a quarter of the enterprise's fixed costs in the preceding year. |
| (2) Until half of the claim to responsible capital after the first clause of the letter a exceeding initial capital requirement can be met by warranty from bank or insurance companies. |
| (3) The Caretaker shall have equity or liability insurance to meet potential replacement liability in connection with the business. |
| (4) Responsible capital shall be placed in liquidity assets or belongings that can quickly be transformed into cash and regardless of speculative positions. |
| (5) For stewards who also have permission to manage UCITS after the securities law Section 2-1, the rules of initial capital will not apply in Section 2-6 and the rules of responsible capital in the first and other clause. |
| (6) The Ministry of Justice can in regulation give closer rules about the requirements of responsible capital, herunder silent demands for higher capital. |
Part Article SECTION 2-8.
The goods match and changes in the prerequisite of the permit
| (1) The Caretaker shall inform the SEC before it committed any significant changes to the prerequisites that lay to the permission of the permit. |
| (2) The Caretaker may commit changes after the first clause of smaller the SEC within one month after receiving information has opposed the changes or stipulated terms of the changes. The SEC can extend the deadline in the first period of until one month if the very honest circumstances of the case make it necessary. The SEC shall inform the trustee of the deadline extension. |
| (3) If an external steward cannot ensure that an alternative investment fund or someone acting on the fund's behalf, the trustee shall immediately inform the SEC and if necessary the regulatory authority for the fund. |
Part Article
Chapter 3. Prevalence business
SECTION 3-1.
Organisation of the business
| (1) The Caretaker shall correct its business so that the enterprise has : |
| a) |
adequate and equity resources for the defensible Management of alternative investment funds, |
| b) |
good management and accounting procedures, control and safety arrangements and rules of employee personal transactions, |
| c) |
Good internal control methods, including routines that ensure all transactions for fund under Management can be reconstructed and documented with respect to origin, involved parties, species, time and place of review, as well as that it can be documented that the fund's funds are managed in accordance with the fund of the fund and current rules. |
| (2) The board and general manager shall devise internal guidelines that ensure that the requirements in the first clause are being looked after. |
| (3) The Ministry of Justice can in regulation give closer rules about the requirements of the organization of the business. |
Part Article SECTION 3-2.
Good business custom
| (1) The Caretaker shall exercise its business in accordance with good business custom. |
| (2) The Caretaker shall impose on the interests of investors and the interests of the market, and the market's integrity is in the best way by : |
| a) |
perform tidy and correct in the exercise of their business, |
| b) |
exhibit the necessary competence, carefully and interest in its performance, |
| c) |
have and efficiently take advantage of the resources and the techniques necessary in order to exercise their business in a good way, |
| d) |
ensure tidy and correct treatment of landseers. |
| (3) Any share in an alternate investment fund gives equal right to the fund, unless otherwise determined in the ordinance, staple documents or other available fund documentation. |
| (4) A trustee who is permitted to provide the service active Management After Section 2-2 third clause, cannot place the customer's funds in alternative investment funds as it trustee, unless the customer has given written consent. |
| (5) Employees, peer-selected and persons with the best-person influence in the trustee are sworn to secrecy about what they in their business get knowledge of about the circumstances of others, unless otherwise determined in law or regulation. Tausheme's duties also include any performing assignment for the trustee. |
| (6) The Ministry of Justice can in regulation give closer rules about the requirements of good business custom. |
Part Article SECTION 3-3.
Interinterest conflicts
| (1) The Caretaker shall seek to avoid the presence of conflicts of interest in association with the enterprise. The Caretaker shall meet all reasonable precautions to identify, handle and monitor conflict conflicts arising from the management of alternative investment funds. This includes stakeholders between trustee, herunder employees and peer-to-elect, alternative investment funds under Management, fund investors, the steward's other customers, UCITS under Management, jf. value paper fund law Section 1-2 first clause 4, and landseers in such UCISS. |
| (2) The Caretaker shall have organizers distinguish between enterprise areas that can cause systematic conflicts of interest. |
| (3) If the measures mentioned in the first and second clause are not sufficient to ensure investor interests in a reassuring manner, the trustee shall inform investors of possible conflict of interest. The Caretaker cannot conduct business for the investor's bill before the investor has received such information. |
| (4) The Ministry of Health may in regulation give closer rules about stakeholders. |
Part Article SECTION 3-4.
Primary Realtor
| (1) The Caretaker shall exhibit due diligence on selection of primary broker. Agreement for the use of primary broker shall be in writing, and the depotted receiver shall be informed about the agreement. Adgoing to the use of assets belonging to alternative investment funds shall be conveyed by the agreement and be in compliance with the fund's ordinance and staple documents. |
| (2) The Ministry of Justice can in regulation give closer rules about the use of primary broker. |
Part Article SECTION 3-5.
Contract
| (1) The Caretaker may provide another enterprise in mission to be able to provide the execution of parts of the business, unless this happens in a scope or in a way that does not be considered justifiable, or that allows the protection of the uncontracting business or The enterprise's overall business is being troubled. The Caretaker shall message to the SEC before appointment of the contracting of tasks that include the services mentioned in Section 2-2 first clauses and other clause first period, committed. |
| (2) The contracting of portfolio management or risk management to the deciposers or deposers of the deposers is not permitted. |
| (3) The drag-maker can only contract further if the trustee has consented to this and the requirements of this determination are met, herding that it is given message to the SEC on the issue of contract after the first clause. |
| (4) The contracting of business does not affect the management's duties and responsibility of the fund, andelseowners, public authority and others. |
| (5) The Ministry of Justice may in regulation determine closer rules on the contracting and use of mission holders. |
Part Article SECTION 3-6.
Allowance arrangements
| (1) The Caretaker shall establish and practice a settlement arrangement that helps promote good governance of and control with the enterprise risk, and that does not encourage high risk. The Allowance arrangement shall include leading employees, employees with workloads of importance for the risk exposure to the trustee or fund under Management, employees with control tasks and other employees with corresponding allowance as leading employees. The Allowance arrangement shall be adapted to enterprise species, scope and complexity. |
| (2) The Ministry of Justice can in regulation give closer rules on allowance arrangements. |
Part Article SECTION 3-7.
Risk Management
| (1) The Caretaker shall have a risk management function that is separate from the management's operational business. |
| (2) The Caretaker shall have systems for risk management as the running identify, measure, manage and monitor all risks relevant to the investment strategy of each of the alternative investment funds that manage, and as the fund can become exposed to. Herunder shall manage to have procedures for assessing investments on behalf of the fund in accordance with investment strategies, objectives and risk profile. The Caretaker shall ensure that the risk profile of each fund under Management is in accordance with the fund's size, portfolio structure, investment strategy and investment goals as determined in the fund's ordinance or other staple document, prospectus and offering documents, theres by the use of stress tests. |
| (3) The Caretaker shall assess risk management systems regularly and at least once a year. |
| (4) The Ministry of Justice can in regulation give closer rules on risk management. |
Part Article SECTION 3-8.
Financial giring
| (1) For alternative investment funds that can utilize financial transmission, the trustee shall determine limits of allowed maximum financial attention and the adhall of the reuse of assets asked as security or warranty following agreements on financial transmission. The Caretaker shall in the connection among other things take into account the fund type, the fund's investment strategy, the source of financial transmission, connections with other financial service providers that may be subject to system risk, the need to limit exposure to a single counterpart, in which scope the financial attention has been secured, the relationship between assets and obligations and the enterprise impact on relevant markets. |
| (2) The Caretaker shall be able to make amends that the limits of financial giring for each fund are defensible and that they at all times be overheld. The SEC is going to consider the risks as the use of financial giring entails. However, if it is deemed necessary to ensure financial stability and the trust of the financial system, the SEC can determine restrictions for the management of funds, herunder restrictions on maximum financial transmission. |
| (3) The Ministry of Justice can in regulation give closer rules on financial transmission. |
Part Article SECTION 3-9.
Liquidity management
| (1) The Caretaker shall have an appropriate system of liquidity management for each alternative investment fund that is managing. The Caretaker shall also have guidelines for monitoring the liquidity risk of the fund and to ensure that liquidity profile of the fund's investments match the fund's obligations. The Caretaker shall regularly, both in normal and extraordinary situations, conduct stress tests that allow the trustee to consider and to monitor the fund's liquidity risk. The Caretaker shall ensure that the investment strategy, the liquidity profile and the redemption adulation of each fund that is managing, consistent. |
| (2) The requirements in the first clause do not apply to closed funds that cannot be used by financial giring. |
| (3) The Ministry of Justice can in regulation give closer rules on liquidity management. |
Part Article SECTION 3-10.
Verdict
| (1) The Caretaker shall have guidelines for correct and independent valuation of assets related funds under Management. |
| (2) The Caretaker shall calculate the value of the fund's assets and net andelsvalue on a regular basis and at least once a year. For open funds, such calculation should be taken more often if the belongings of the fund or fund rules about drawing or redemption of shares suggest it. For closed funds, calculation should also be taken at the raising or run-up of the capital of the fund. |
| (3) The Caretaker shall inform the andelseid of valuation and calculation of andelsvalue in the manner determined in the fund's ordinance or other staple documents. |
| (4) The Ministry of Justice can in regulation give closer rules about valuation assessment. |
Part Article
Chapter 4. Cookies
SECTION 4-1.
Anniversary report
| (1) The Caretaker shall for each alternate investment fund that manage or marketed in the EES area, devise a year-end report in accordance with the rules of the fund's home state. The annual report is to be transmitted the SEC and the regulatory authorities in the fund's home state and at the request of no charge are made available to investors. The annual report is to be released within six months from the fiscal year's exit, and within four months after the fiscal year's exit for the fund reauthored by the securities trading law Section 5-5. |
| (2) The Year report shall include : |
| a) |
anniversaries and anniversaries, |
| b) |
significant changes in those conditions as mentioned in Section 4-2, |
| c) |
the sum of paid and variable allowance to the steward's employees, including the result of the result of the result |
| d) |
The sum of allowance to the management's leading employees and employees with the workloads of essential importance to the fund's risk profile. |
| (3) A trustee who manage fund that has achieved control as mentioned in Section 4-4 first clause letter b shall ensure that the following information is taken into the fund or target company's annual report : |
| a) |
a description of the target company's business in the fiscal year, |
| b) |
a description of the target company's likely future development, |
| c) |
indication of the key events following the fiscal year end, |
| d) |
enlightenment about the target company's holdings of own stock. |
| (4) The year report after the first clause shall be revised by registered or state authority-certified auditor or approved audit company, jf. The accounting law. |
| (5) The Ministry of Justice can in regulation give closer rules about the year report, herunder about duty to inform investors with several. |
Part Article SECTION 4-2.
Information-liked before investment
| (1) A trustee shall before an investment give potential investors the following information on alternative investment funds that the trustee trustee or market leader in the EPS : |
| a) |
The fund's ordinance and other foundation documents, purpose and investment strategy, what assets fund can invest in, investment methods, risk profile, restrictions in the adhall to invest, information on the use of financial transmission, |
| b) |
a description of the procedure for the change of investment strategy, |
| c) |
whether the fund is an addic fund, and in that case where the receiving fund is established, as well as information on where the underlying fountains are established if the fund is a fund-in-fund, |
| d) |
the most important judicial consequences of investment in the fund, herding information about vernetting, court elections and whether there are treaties that open for recognition and consummation of court decisions in the fund's home state, |
| e) |
the identity of trustee, depots, auditor and other service providers and a description of their obligations and investor rights, |
| f) |
management's liability insurance or equity after Section 2-7 third clause, |
| g) |
a description of any contracting of portfolio management, risk management, functions as mentioned in Section 2-2 differently clause first period, depotted functions as mentioned in Chapter 5, the identity of the mission of the mission and any conflicts of interest as a result of the extradition, |
| h) |
procedures for valuation after Section 3-10 with related regulations, |
| in) |
procedures for liquidity management after Section 3-9, |
| j) |
direct and indirect costs that are charged investors, with the indication of maximum amount, |
| k) |
principles of the equilibrium of the investors and description of any exceptions, herunder what types of investors are relegable by the exceptions, and their any legal or financial connections to the fund or the trustee, |
| m) |
terms and approach of drawing, cashing and sale of shares, as well as any current acquisition agreements with investors, |
| n) |
net andelsvalue or latest market price per share after Section 3-10, |
| p) |
the identity of and a description of any agreements with primary broker and a description of how stakeholders in the connection are handled, |
| q) |
how and when information mentioned in Section 4-3 is provided. |
| (2) The Caretaker shall inform investors of significant changes in relation as mentioned in the first clause. |
| (3) The Caretaker shall before an investment inform of any disclaimer from the depots of depots granted in co-4, and without due stay informing investors of changes of importance to the deposers of liability. |
| (4) For an alternate investment fund that has prospectus of the value paper Trade Act 7, the trustee can limit the information provided after the first clause, to information that does not part in the prospectus. The information can be released separately or provided as the addition of the prospectus. |
| (5) The Ministry of Justice can in regulation give closer rules about information alike. |
Part Article SECTION 4-3.
Periodic information alike
| (1) The Caretaker shall regularly give investors the following information on alternative investment funds that manage or marketed in the EPS : |
| a) |
Percentage share of the fund's assets that are subject to honest arrangements because they are illivide, |
| b) |
changes in systems of liquidity management, |
| c) |
fund's risk profile and use of systems for risk management. |
| (2) For fund that can take advantage of financial giring, the trustee shall provide investors with the changing of the limits of financial attention, entitled to the reuse of safety stills or guarantees after agreements on financial giring and the overall The financial attention that has been taken advantage of the fund. |
| (3) The Ministry of Justice can in regulation give closer rules about periodic information alike. |
Part Article SECTION 4-4.
Information-liked at the present of control in unoed companies and issuance
| (1) The Caretaker shall message to the SEC, target company and target company shareholders if an alternate investment fund that the trustee manages alone or in collaboration with other alternative investment funds, achiever control in : |
| a) |
a company with the security occupied to trade on the regulated market, or |
| b) |
a company of security that is not engaged in trading on regulated market, with the exception of company having fewer than 250 employees and either has revenue that did not exceed an amount in Norwegian kroner equivalent to 50 million euros, or a balance that did not exceeds an amount in Norwegian kroner equivalent 43 million euros, and with the exception of company that has for sole purpose to own, erenlisting, or manage fixed property. |
With control in company as mentioned in the letter a means of share as indicated in the securities trading law Section 6-1. With control in company as mentioned in letter b means directly or indirectly share in more than 50 percent of the vote in the company.
| (2) Message after the first clause shall specify the trustee, the steward's measures to avoid conflict conflicts and measures to address conflict conflicts, as well as external and internal communications strategy. If the message applies to company as mentioned in the first clause of the letter b, the message shall be given within ten reality days after the uptake of control and in addition specifying the voting distribution of the company, the timing and conditions of the attains of control, herunder the indication of involved owners and people who have the right to exercise voting on their behalf. |
| (3) Upon the attal of control in company as mentioned in the first clause b shall the trustee inform the target company and target company shareholders about strategic plans for the target company and any consequences for the employees. The Caretaker shall ask the target company's board to inform the employees. |
| (4) The Ministry of Justice may in regulation determine further rules on the issue of alternative investment funds under Management, which achieve control in unoed companies and issuters. |
Part Article SECTION 4-5.
Message on the erstice of larger ownership shares in unoed companies
If an alternate investment fund's share of the vote in a company as indicated in Section 4-4 first clause letter b reaches up to, exceeds or falls below 10 percent, 20 percent, 50 percent, or 75 percent of the vote in the company, shall The fund's steward as soon as possible and the latest within ten reality days give message to the SEC.
Part Article SECTION 4-6.
Periodic reporting-liked
| (1) The Caretaker shall regularly report to the SEC about the most important markets and the instruments management is acting in on behalf of the alternative investment funds. |
| (2) The Caretaker shall for each fund established in the EPS as the stewards and for each fund that is marketed in the EPS, provide the following information to the SEC : |
| a) |
information as indicated in the Section 4-3 first clause, |
| b) |
information about the main types of assets that the fund has invested in, |
| c) |
The result of stress tests performed after Section 3-7 different joints and Section 3-9 first clauses. |
| (3) The Ministry of Justice can in regulation give closer rules on periodic reporting, herunder determining shonest rules for reporting on funds that utilize financial giring. |
Part Article
Chapter 5. Depotted
SECTION 5-1.
Pliked to have a depotted receiver
The Caretaker shall ensure that the equalise is a depotter receiver for each alternative investment fund. The deal with the deciders shall be in writing.
Part Article SECTION 5-2.
The depots of the dealer
| (1) The power receiver shall be : |
| a) |
credit institution established in an EES state, |
| b) |
securities companies established in an EES state, with permission to te-attached service as mentioned in the value paper law Section 2-1 other clause 1 and who have a responsible capital as at least make up an amount in Norwegian kroner equivalent to 730,000 euros, or |
| c) |
for alternative investment funds established in other EES state, other categories of enterprises that can be pointed out as depots for UCITS in the alternative investment fund's home state. |
| (2) The Caretaker cannot be pointed out as the pit receiver. |
| (3) A primary broker who exercising business as the counterpart to an alternate investment fund cannot be the pit receiver for the fund, unless the function as depotter is performed on an independent basis. |
| (4) For fund established in an EDS state, the pit receiver shall be established in the fund's home state. For fund established outside the EPS, the depotted receiver can be established in the fund's home state or in the management of the homeland. |
| (5) The Ministry can in regulation grant access to designate other enterprises than those mentioned in the first clause as the pit receiver as well as grant access to designate the depots established outside of the EPS. |
Part Article SECTION 5-3.
Depoler's tasks
| (1) The Destroyer shall perform honestly, fair, professionally, independent and in the alternative investment fund and its investor's interest. |
| (2) The power receiver shall control the alternative investment fund's cash flows, that payments from investors in connection with drawings of shares or stocks have been received, and that all liquidity funds are bookled on accounts opened in the fund's name or in the trustee or the dealer's name on behalf of the fund. Accounts shall be established in central bank, credit institution with permission pursuant to Directive 2006 /48/EC, or equivalent enterprise in state outside the EPS subject to regulatory and supervision for protection of customer funds. |
| (3) Financial instruments that can be registered on a value paper account, and financial instruments that physically can be delivered should be retained by the depotted receiver. For other assets, the depotter shall be on the basis of information from the fund, the trustee or other external sources control and lead up-to-date overview that the alternative investment fund is the owner of the activists. |
| (4) Fondsassets shall be retained from the depots of assets and shall at any time be able to be identified as its fund. Such assets should not be reused by the depotted receiver without the prior consent of the fund or the trustee. |
| (5) The function of the pit receiver shall be carried out regardless of tasks that can result in conflict conflicts between the alternative investment fund, its investors, the trustee and the depotted receiver. Potential conflict conflicts should be adequately identified, handled and monitored and lecpled fund's investors. |
| (6) The Ministry of Justice can in regulation give closer rules about the depotter's tasks and the depotter's access to outcontracting tasks. |
Part Article SECTION 5-4.
Responsibility
| (1) The power receiver is responsible for the alternative investment fund and its investors for the loss of financial instruments that are retained after Section 5-3 third clause first period of the depotted receiver or depostage's parenting holder, unless The loss is due to conditions outside the depokey recipient's control that the depotted recipient did not with the equitable order to avoid or overcome the consequences of. |
| (2) At loss as mentioned in the first clause, the deduction shall be without due to stay of a financial instrument of identical type or the value of the instrument of the alternative investment fund, optionally to trustee on behalf of the fund. |
| (3) The power receiver is responsible for the alternative investment fund and its investors for any other loss these would have to suffer as a result of the depots of depots negligent or intentional has defaulted on its obligations by the law. |
| (4) The Ministry of Justice can in regulation give closer rules about the depots of the depots and the depots of the recipient to waive responsibility. |
Part Article
Chapter 6. Marketing to professional investors
SECTION 6-1.
Marketing in Norway of Alternative Investment Foundation established in EPS
| (1) A trustee with permission after Section 2-2 shall give message to the SEC before the trustee starts marketing of alternative investment funds under Management established in Norway or other EDS state to professional investors in Norway. The message shall contain the following information : |
| a) |
enterprise plan that identifies the fund and indicates in which state the fund is established, |
| b) |
information about the fund available to the fund's investors, hereunder information as indicated in Section 4-2, |
| c) |
The indication of any measures to prevent the fund from marketors to non-professional investors, also where the marketing is happening through a distributor. |
| (2) The SEC shall within 20 business days after full message is received, the trustee of whether the fund can be marketers in Norway. Marketing can only be denied if the administration of the fund or the trustee's business for the otherwise is not or will be in compliance with the law. The Caretaker can start marketing the fund from the date it receives the subdirection that the fund can be marketers in Norway. If the fund is established in another EES state, the SEC also shall inform the regulatory authority in the fund's home state that the fund can be marketled in Norway. |
| (3) Prevalence shall in writing inform the SEC of any significant changes in the information mentioned in the first clause. The information is to be given at least one month prior to the completion of the change, or immediately after a not planned change has taken place. If the change will result in the administration's business or the administration of the fund will not be in compliance with the law, the SEC shall without any unwarranted residence inform the trustee that the change must not be committed. If the change nonetheless is still being carried out, the SEC shall commit necessary measures as mentioned in Section 9-3, herunder if necessary ban the marketing of the fund. |
| (4) If the fund to be marketed is a grant fund, also the recipient fund and the recipient fund's trustee must be established in an EES state. |
Part Article SECTION 6-2.
Marketing in other EDS states of alternative investment fund established in EPS
| (1) A trustee with permission after Section 2-2 shall give message to the SEC before the trustee starts marketing of alternative investment fund under Management established in Norway or other EPS state to professional investors in another EDS state than Norway. The message should be in English and contain information as mentioned in Section 6-1 first clause. In addition, the message should include an indication of which EDS state fund is to be markeled in and information on how the fund should be markeled. |
| (2) The SEC shall within 20 business days after full message received, forward the message to the Regulators of the States in which the fund is to be markeled. The SEC is due to pass a confirmation that the trustee has permission to manage fund with the fund's investment strategy. The message should only be forwarded if the management's business and the management of the fund is in compliance with the law. The SEC shall inform the trustee that message has been forwarded. The Caretaker can start the marketing of the fund when such subdirection is received. If the fund is established in another EES state, the fund's home state shall also be underfixed on the marketing permit. |
| (3) Section 6-1 third clause first, and fourth period and fourth joints apply accordingly. If the trustee's business or the administration of the fund after the change is in accordance with the law, the SEC shall without any unwarranted residence inform the trustee's host state. If the change will result in the administration's business or the administration of the fund will not be in compliance with national legislation that is conducting the European Parliament and Council Directive 2011 /61/EU, shall the SEC without any unwarranted stay informing The steward that the change must not be committed. |
Part Article SECTION 6-3.
Marketing in Norway of alternative investment fund established in the EPS as the stewards of trustee established in other EEDS state
| (1) A trustee established in other EDS state can market alternative investment funds established in the EPS and as the trustee trustee to professional investors in Norway from the time the regulatory authority in the trustee's home state has informed The trustee about the message of marketing has been submitted to the SEC. |
| (2) Section 6-1 fourth clause applies to the equivalent. |
Part Article SECTION 6-4.
Marketing in Norway of alternative investment fund established outside of EPS with trustee established in EPS
| (1) A trustee with permission in Norway or any other EPS state and as trustee alternative investment fund established outside of EPS, or alternate investment fund established in an EPS state that is advisable fund to such a fund, can market The fund in Norway to professional investors after permission from the SEC. Such permission can be given if : |
| a) |
The trustee complies in and in co-hold of this law, with the exception of the rules of depotter in chapter 5, but so that the trustee must document that a different enterprise than the trustee himself performs depotter tasks as mentioned in Section 5-3 other, third and fourth joints and regulations provided with home in Section 5-3, |
| b) |
The trustee is doing what is necessary for here in the realm to be able to make payments to investors, insolving shares and provide the information that the trustee shall devise in accordance with the rules of the home state, |
| c) |
it has been established satisfactory cooperation on the supervision of the regulatory authorities in the fund's home state and Norway, |
| d) |
The alternative investment fund's home state is not listed by the Financial Action Task Force on Money Launderling (FATF) as non-collaborative countries. |
| (2) The SEC may ask terms of permit after the first clause to secure the protection of investors in Norway, herding terms of duty to provide information to investors and authorities and about how sales of shares in Norway should happen. |
Part Article SECTION 6-5.
Marketing in Norway of alternative investment fund with trustee established outside of EEDS
| (1) A trustee established outside the EPS as managing alternative investment fund, can market the alternative investment fund in Norway to professional investors by permission from the SEC. Such permission can be given if : |
| a) |
The fund and the management of the fund are subject to reassuring supervision in the home state and meet the requirements that apply to the drive of business in the home state, |
| b) |
The trustee complies with the rules of chapter 4 and regulations given in co-hold of these, |
| c) |
it has been established satisfactory cooperation on the supervision of the regulatory authorities in the fund's home state, the trustee's home state and Norway, |
| d) |
requirements as mentioned in Section 6-4 first clause letter b and d are met. |
| (2) Section 6-4 other clauses apply accordingly. |
Part Article SECTION 6-6.
Prescription Home
The Ministry of Justice can in regulation give closer rules on marketing of alternative investment funds.
Part Article
Chapter 7. Marketing of alternative investment fund that is not national fund to non-professional investors
SECTION 7-1.
Marketing of alternative investment fund that is not national fund to non-professional investors
| (1) A trustee with permission in Norway or other EDS state can market alternative investment fund that is not national fund, jf. value paper fund law Section 1-2 first clause 5, as the trustee manages to non-professional investors in Norway after permission from the SEC. The application for permission shall contain the following information : |
| a) |
information mentioned in Section 6-1 first clause letter a and b, |
| b) |
key information by Section 7-2 and related regulations, |
| c) |
confirmation that the fund can be markeled to non-professional investors in the home state, |
| d) |
a statement of how marketing and sales should be carried out, herunder measures to ensure that marketing to non-professionals should happen in accordance with the requirements of good business custom in Section 7-3. |
| (2) If the alternative investment fund has been established outside of the EPS, or the alternative investment fund is the grant fund of such a fund, requirements as mentioned in Section 6-4 first clauses must be met. |
| (3) The Caretaker can start marketing the fund of non-professional investors in Norway from the date the trustee receives the underdirection that the fund can be marketers in Norway. |
| (4) Section 6-1 third and fourth joints apply accordingly. |
| (5) The SEC may ask terms of permit after the first clause to secure the protection of investors in Norway, herding terms of duty to provide information to investors and authorities and about how sales of shares in Norway should happen. |
| (6) The SEC can in very frank cases prohibit the trustee to market an alternative investment fund to non-professional investors. The Ministry of Justice can in regulation give closer rules about the ban on marketing to non-professional investors. |
| (7) The Ministry of Law may in regulation give rules on the order of clavicare, herunder that trustee shall be attributed to the Foreign Ministry of Law approved in co-compliance with law. |
| (8) The Ministry of Law may in regulation give closer rules on marketing of alternative investment funds to non-professional investors in Norway, herunder determining exceptions from the provisions of the Act here. |
| 0 |
Modified by law 17 June 2016 # 29 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 703). |
Part Article SECTION 7-2.
Key information
| (1) Prevalence shall devise key information for each alternative investment fund that the trustee is managing and as marketers to non-professional investors in Norway. |
| (2) The key information is going on a lightweight, clear and non-misleading way to provide investor the basic information necessary for the investor to make an investment decision on informed basis. Vesreal conditions in the information should be kept up to date. An updated version of the key information should be available on the stewards internet page. |
| (3) The Caretaker and others as market leader alternative investment funds, duties to provide key information to non-professional investors before an investment. Prevalence duties on request to provide key information to others as market leader alternative investment funds, and to suppliers of products in which the fund is involved. |
| (4) The Ministry of Justice can in regulation give closer rules about key information, herunder content, format and representation. |
Part Article SECTION 7-3.
Requirements for good business custom
By marketing of alternative investment fund to non-professional investors shall be entitled to good business custom as mentioned in the securities trading law Section 10-11 fourth joints with related regulations overheld.
Part Article SECTION 7-4.
Documentary
Council and marketing related to alternative investment fund to non-professional investors should be documented. The documentation should at least be so thorough that the SEC can check whether the rules are followed. Such documentation should be retained for at least five years.
Part Article SECTION 7-5.
Language
Information or information to be given to non-professional investors by this law or in the co-state of this Act shall be granted in Norwegian, unless the ministry of regulation or the SEC at individual ordinance determines otherwise.
Part Article
Chapter 8. Border-sending Management
SECTION 8-1.
Norwegian administration is managing business in other EDS states
| (1) A trustee with permission after Section 2-2 first, third or fourth clause wishing to manage an alternative investment fund established in another EES state, or to provide services as mentioned in Section 2-2 third and fourth clause in a different EES state, either from Norway or through establishment of a branch shall provide the SEC's message about this. The message shall contain an enterprise plan that describes what services are to be totes and in which member state and which fund should be managed. |
| (2) The message of establishment of branch shall in addition include the following information : |
| a) |
how the branch is to be organized, |
| b) |
address in the fund's home state where documents can be obtained, |
| c) |
the name of and contact information of the persons who make up the branch management. |
| (3) The SEC shall within one month after full message mentioned in the first clause, or within two months after the full message mentioned in other clause is received, forward the message to the regulatory authorities in the trustee's host state. The SEC shall attach a confirmation that the trustee has permission to run business in accordance with the European Parliament and the Council of the Council of 2011 /61/EU. The SEC shall immediately inform the trustee on the transfer of the Senate. The Caretaker can start the exercise of its business from the time such underdirection has been received. |
| (4) The Caretaker shall in writing inform the SEC of changes to the information mentioned in the first and second clause at least one month prior to the completion of the change, or immediately after a not planned change has taken place. Section 6-1 third paragraph third and fourth period applies accordingly. If the change will not affect the management's compliance of the provisions of the law, the SEC shall without any undue stay informing the trustee's host state of the change. |
Part Article SECTION 8-2.
Prevalence established in other EDS state
Prevalters established in other EDS state with permission to manage alternative investment fund or to provide services as mentioned in Section 2-2 third and fourth joints, can manage alternative investment fund established in Norway or to provide services as mentioned in Section 2-2 third and fourth joints, from the point of the time of the Federal Government of the Management home state, have informed the trustee that the message of business in Norway has been submitted to the SEC.
Part Article SECTION 8-3.
Access for Norwegian stewards to manage alternative investment fund established outside of the EPS, which is not marketed in EPS
A trustee with permission after Section 2-2 can manage alternative investment fund established and solely marketed outside of EPS, if established satisfactory cooperation on supervision of the regulatory authorities in the fund's home state and Norway, and The trustee complies with regulations granted in and in co-hold of this law, with the exception of Section 4-1 and Chapter 5.
Part Article SECTION 8-4.
Prescription Home
The Ministry of Justice can in regulation give closer rules about border-sending management of alternative investment funds.
Part Article
Chapter 9. Access
SECTION 9-1.
Regulatory authority
The SEC brings supervision of the compliance of this law regulations by the rules of the Financial Law of Finance.
Part Article SECTION 9-2.
Illumination alike
| (1) The Caretaker shall provide the SEC the information required regarding the relation of the management business. Corresponding applies to the trustee's mission makers as mentioned in Section 3-5, primary broker after Section 3-4, depots and disses auditors, for as far as the business applies to this law. The SEC can call together the stewards, the alternative investment fund and the pit of the dealer's board. The SEC may require necessary information from any person with the association with the trustee or the alternative investment fund's business for as far as business applies to business after this law. |
| (2) The power receiver shall after the request of the SEC overpass information that the depotted receiver has obtained during the execution of its duties following this law. |
| (3) If there is a risk that a trustee will not be able to meet the determined capital requirements, or it occurs other conditions that may involve great risks associated with the operation of the company, the trustee shall immediately give notice of this to The SEC. |
Part Article SECTION 9-3.
Reput on correction and the ban on the ban on exercise of business
| (1) The SEC can provide the trustee and depotter's injunction on trial or to temporarily suspend the ban on exercise of business, if they have not overseen their duties after regulations in law or regulation, or have acted in violation of terms of the permit. Similarly, if the company's organs have not been upheld the company's or fund's ordinance or own internal guidelines determined by regulations in law or regulation. The arrest can also be provided to prevent future mismatch of duties as mentioned in the first and second period. |
| (2) The SEC may provide the trustee to resign as trustee for alternative investment funds if conditions mentioned in Section 2-8 third clause did not be corrected despite the fact that the SEC has issued a court of injunction. |
| (3) First and other clauses apply to the equivalent if the SEC is underdirected by the Regulations of a Different EDS state that a Norwegian trustee has violated rules that apply to the business in the person state. The SEC shall inform the authority of the authority on which cuts are issued. |
| (4) If the regard to investor or general public interests dictates it, the SEC can impose a trustee to suspend the right to drawing and redemption in alternative investment funds as it trustee. |
Part Article SECTION 9-4.
Change, callbacks and the abduction of permission
| (1) The election's permission to drive business falls away if the trustee comes under bankruptcy or public chord negotiation. |
| (2) The SEC can completely or partially change, set new terms for or revoke the permission of the trustee, if the trustee : |
| a) |
do not make use of the permit within twelve months, explicitly waived the permit or for more than six months has not driven Management, |
| b) |
has been granted the permit by using incorrect information or other irregularities, |
| c) |
no longer meets the requirements of the law or those terms that were asked for the permit, |
| d) |
commits serious or systematic violations of regulations given in or in the co-hold of law, |
| e) |
makes himself guilty of migrant conditions that give reason to fear that a continuation of the business can harm public interests, |
| f) |
not descendant cuts given in co-hold of Section 9-3, or |
| g) |
with permission to run active Management after Section 2-2 third clause does not comply with the requirements of capital after Section 2-6 or Section 2-7 with its regulations. |
| (3) When permission to drive the management of the department or is called back, alternative investment funds that the company is managing will be discontinued or transferred to another trustee. |
| (4) If the permission of a trustee who operates business in another EES state, the abduction or is called back, the SEC shall inform the regulatory authorities of the host state. |
Part Article SECTION 9-5.
Taushebe liked mv.
Any performing work or service for the SEC or the Ministry of the Ministry, is sworn to disclosure of information that discusses measures and sanctions related to the law here, if the public disclosure of the information can create serious unrest in the financial markets or inflict on the affected parties unsustainable great damage.
Part Article
Chapter 10. Access vision of foreign stewards business in Norway
SECTION 10-1.
Illumination alike
| (1) The SEC may be able to statistically use a foreign steward running business after Section 6-3, Section 6-4, Section 6-5, Section 7-1, and Section 8-2, to cast reports on its business. |
| (2) The SEC may require the information from foreign stewards that are deemed necessary to verify that the rules that apply to the business here in the country are overheld. |
Part Article SECTION 10-2.
Reput on correction mv.
| (1) The SEC can provide a trustee that operates business, herding marketing, after Section 6-3, Section 6-5, Section 7-1 or Section 8-2, the injunction of correction here in the country, if the business is driven in violation of law or regulation. |
| (2) Before it is issued after the first clause, the regulatory authority of the trustee shall be notified and given the opportunity to hit measures to bring the legiateral relationship to termination. |
| (3) If measures by other clause are not sufficient to bring the legislated relationship to termination, the SEC can hit necessary measures, herding to prevent new violations. Prior to the SEC, the SEC will notify the regulatory authorities in the administration's home state. |
| (4) The SEC may hit necessary measures to ensure financial stability, market integrity, or protect investors in Norway, if rules in the stewards home state are not followed. Before measures meet, the regulatory authorities in the administration's home state shall be notified and are given the opportunity to hit measures to bring the legiateral relationship to termination. |
Part Article SECTION 10-3.
Recall permission to drive marketing in Norway
The SEC may call back permission to market alternative investment funds in Norway granted in co-6-4, Section 6-5 or Section 7-1 if the requirements of the provisions are no longer met, terms of the permit are broken or rules determined in co-hold of Section 6-6 is overlaid. Moreover, the SEC may be able to call back permission after Section 7-1 of consideration to protect non-professional investors.
Part Article SECTION 10-4.
The vision cooperation and exchange of information with other regulatory authorities
| (1) The SEC may allow other States government to be conducting supervision in Norway. |
| (2) After the advance notice of the SEC, the person in the administration of the administration may be home state, in cooperation with the SEC, conduct site control in the branch established according to Section 8-2. |
| (3) Other clause is not to the obstacle that the SEC can conduct the site of control that is deemed necessary to verify that the rules applicable to the branch's business here in the country are overheld. |
| (4) The SEC may relay information received in accordance with this law to the regulatory authorities of other EES states. |
| (5) The Ministry of Health may in regulation give closer rules on probation cooperation and exchange of information between authorities. |
Part Article
Chapter 11. Punishment
SECTION 11.
Punishment
| (1) With fines or imprisonment for until one year, it is punished as intentional or negligent : |
| a) |
overcomes Section 2-2, Section 4-4, Section 4-5, Section 5-3, Section 5-3, Section 7-1 to 7-3, Section 9-2, Section 9-3, Section 10-1, or Section 10-2, or rules or permits given in co-hold of the mentioned regulations, |
| b) |
rough or repeatedly overcomes Section 3-2 or Section 3-3. |
| 0 |
Modified by law 19 June 2015 # 65 (ikr. 1 oct 2015). |
Part Article
Chapter 12. Iforce wooden parts and transition rules. Changes in other laws
SECTION 12-1.
Istrontrecation
| (1) The law applies from the time the King decides. 1 |
| (2) The king can put into effect the individual regulations of different time. |
| (3) The Ministry can provide transition rules. |
| 1 |
From 1 July 2014 ifg. res. 20 June 2014 # 785. |
Part Article SECTION 12-2.
Changes in other laws
From the time the law takes effect, the following changes are made in other laws :---
Part Article
