Law of the securities fund (securities fund law)

Date	LO-2011-11-25-44
Ministry of	Treasury
Last modified	LAW-2016-06-17-29 from 01.07.2016
Published	In 2011 booklet 11
Istrontrecation	01.01.2012 01.07.2012
Changing	LOL-1981-06-12-52
Announcement	25.11.2011 at 14.40
Card title	The Verdi Verdi Law

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Capital overview :

• Chapter 1. Initial provisions (Section 1-1-1-6)
• Chapter 2. Prevalence Company (Section 2-1-2-15)
• Chapter 3. Prevalence of the Prevalence Border Overwhelming Business (Section 3-1-3-4)
• Chapter 4. Value Paper Foundation (Section 4-1-4-17)
• Chapter 5. Fusion and deviation of value paper fund (Section 5-1-5-7)
• Chapter 6. Location of the securities fund funds (Section 6-1-1-621)
• Chapter 7. National fund (Section 7-1-7-7)
• Chapter 8. Plikable information to investor (Section Section 8-1-8-7)
• Chapter 9. Sales and Marketing of Value Paper Foundation (Section 9-1-9-5)
• Chapter 10. Depotted receiver (Section 10-1-10-4)
• Chapter 11. Replacement, supervision, sentencing regulations (Section 11-1-11-6)
• Chapter 12. The vision of foreign management company with the main seat of another EEDS state mv. (SECTION 12-1-12-4)
• Chapter 13 Istrontrecation and transition regulations. Changes in other laws (Section 13-1-13-2)

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Jf. former law 12 June 1981 # 52. Jof. EES deal Attachment IX # 30 (dir 2009/65-UCITS directive).

Chapter 1. Initial provisions

SECTION 1-1. Scope

(1) The law applies to the securities fund, the management of the securities fund and by the way of business being driven by the Management Company after this law.

(2) The king may give regulation on the law of the law on the Svalbard and the Continental Barenal and can determine the shonest rules under consideration of the site-sensitive conditions.

Part Article SECTION 1-2. Definitions

(1) In this law understood by :

1.	Value Paper Foundation (fund) : independent formalmass occurred at capital deposits from an indefinite circuit of persons against the issuance of shares in the fund and as for the essential consists of financial instruments and / or deposits in the credit institution.

2.	Prevalence Company : stock company or general stock company with permission after Section 2-1 or equivalent foreign company.

3.	Value Paper Management : collective portfolio management, management and marketing herduring sales, of value paper funds.

4.	THE UCITS : value paper fund that follows the rules of Chapter 6 or Equivalent provisions of Directive 2009 /65/EF and established in an EES state.

5.	National fund : value paper fund that follows the rules of chapter 7.

6.	Special fund : value paper fund that follows the rules in Section 7-2 to 7-7.

7.

Signior ownership share : direct or indirect ownership share representing at least 10 percent of the stock market or the vote in a management company, or as otherwise makes it possible to exercise significant influence over the management of the company. Shortly with shareholder's own shares, stocks are considered owned by the shareholder's close-up.

8.	Omnitable securities :

1.	stocks and other securities that can be sidefaced with stocks,

2.	bonds and other debt instruments and

3.	all other securities that give the right to reenlist any such resettable security by drawing or reswitching.

9.

Nearby :

1.	spouse or a person who the person is living with in the marriage-like relationship,

2.	underage children to the person themselves, as well as underage children to a person who mentioned in the 1 that they are living with,

3.	company within the same corporation as the person,

4.

company where the person himself or someone who is mentioned in the 1, 2 or 5 have such influence as mentioned in the apastoral law or general accuser law Section 1-3 other clause or company law Section 1-2 other joints, or company where the person itself or someone mentioned in No. 1 1, 2 or 5 have or control at least 20 percent of the voting rights or company capital, and

5.	some as it must be assumed that the person has committed cooperation with when it comes to making use of the rights as an owner of a financial instrument.

10.	Varig media : a device that allows an investor to store information addressed personally to the person investor. The information must be available for future use in a period of time that is sufficient for the purposes of information, and the information must be reproduced unchanged.

0	Modified by laws 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547), 4 des 2015 # 96 (ikr. 1 jan 2016 ifg. res. 4 des 2015 # 1399).

Part Article SECTION 1-3. Prevalence of value paper fund

(1) The securities fund shall be managed by a management company in accordance with the rules of this law ; this entails no limit in stock companies, general stock companies and other self-fund access to the issuance of own stocks and shares.

Part Article SECTION 1-4. Other legislation Applicability

(1) Law of stock companies, law on common stock companies and law on same-age does not apply to the securities fund.

(2) The Ministry may in regulation determine that law of securities trade with regulations shall apply to business as mentioned in Section 2-1 second and third clause 1.

Part Article SECTION 1-5. Prescription homels

(1) The Ministry may in regulation determine that the law entirely or partly shall apply to the management of funds that place their funds in other formauesitems than those mentioned in Section 1-2 first clause No. 1.

(2) The Ministry of Justice can in regulation give closer rules on business that has been understated this law.

(3) The Ministry can at regulation determine closer rules on allowance arrangements in the Management Company of the securities fund. The provisions of the financing enterprise law 1 Section 2-18 to 2-22 applies accordingly.

(4) The Ministry can at the regulation of the management company that does not manage UCITS, and which has permission or is registered by law on the management of alternative investment funds, from one or more provisions of the Act and regulations granted in co-hold of the law.

0	Modified by law 20 June 2014 # 28 (ikr. 1 July 2014 ifg res. 20 June 2014 # 785).
1	Raised, see now law 10 apr 2015 number 17 kep 15.

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 employed in a management company, affiliated with agent, or foreign management company as mentioned in Section 3-3 first clause or 3-4 first clause, 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.

0	Added by law 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).

Part Article

Chapter 2. Prevalence Company

SECTION 2-1. Permission for permission

(1) Value paper fund management can only be driven by the stock company or general stock company with permission from the SEC.

(2) Prevalence company with permission after the first clause can be granted permission to drive active management of investor's portfolio of financial instruments on an individual basis and by investor's authorization, jf. Value Paper Act Section 2-1 first clause 4.

(3) Prevalence company with permission after other clause can be granted permission to provide the following additional services :

1.	investment counselling as mentioned in the value paper Trade Act Section 2-1 first clause 5

2.	retention and management of fund shares.

(4) The SEC can set terms for the permit. If the envision of the andelseurs or public interests dictates it, the SEC can in the shonest case of quiet new terms or change the current terms of the management company's permission.

Part Article SECTION 2-2. Sikad about permission

(1) The application of permission shall contain information that shows that the legislational requirements of the management company are met.

(2) The application shall contain operating plan with description of the management company's organizing company, the company's ordinance as well as representation of the company's internal routines for relationships as mentioned in Section 2-9, 2-11, 2-12 and 2-13.

(3) The application shall be settled as soon as possible and only six months after full application was received.

Part Article SECTION 2-3. Conditions of permission

(1) It is a provision of permission that board members and leading employees meet the requirements of vandel and experience as mentioned in Section 2-7 first and other clauses.

(2) The application of permission can be denied if shareholder share with significant ownership share in the company is not deemed suitable to ensure a good and sensible management of the company.

(3) The Prevalence Company shall have business office and head office in Norway.

(4) The Prevalence Company's ordinance and changes in these shall be approved by the SEC.

(5) Permission can only be issued after the co-counsel with the Government of the EDS state if the applicant is :

1.	subsidiary of securities enterprises, credit institution, management company of securities fund or insurance company with permission in other EES state,

2.	subsidiary of a mother company for enterprise as mentioned in No. 1 with permission in other EES state, or

3.	controlled by the same physical or legal persons who control an enterprise as mentioned in the 1 with permission in a different member state.

Part Article SECTION 2-4. Associated business that can be driven by management company

(1) The SEC can consent in that management company can run business that has ties to the services the company is permitted to after Section 2-1.

(2) Prevalence company registered after Section 1-4 or has permission after Section 2-2 in law on the management of alternative investment funds, can in addition manage alternative investment funds.

(3) The Ministry of the Ministry can provide further rules on the management of the Management Company's access to drive related business.

0	Modified by law 20 June 2014 # 28 (ikr. 1 July 2014 ifg res. 20 June 2014 # 785).

Part Article SECTION 2-5. Erstice and avevent of significant ownership share

(1) Erstice of significant ownership share in the management company can only be carried out after the erver of the SEC has sent the SEC message about this. The same applies to the erstice that entails that the ownership share constitutes or exceeds 20 percent, 33 percent, or 50 percent of the stock price or the votes of the company.

(2) The SEC may refuse such a cerstice if the shareholder is not deemed suitable to ensure a good and sensible management of the management company. The enlisting significant ownership stake by the rules in the first clause shall provide ordinary police reference after the police registry law Section 40 if the SEC asks for it.

(3) The event of significant ownership share in the management company can only be carried out after the referral has sent the SEC message on this issue. The same applies to the event of ownership share that entails that the ownership share comes under 20 percent, 33 percent, or 50 percent of the stock equity or the votes of the company.

(4) The Ministry of Law may in regulation give closer rules on the erstice and avarable event of ownership share, herunder rules about the dairy duty of the management company.

0	Modified by law 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449).

Part Article SECTION 2-6. Moderating and general manager

(1) The Prevalence Company's board shall have at least five members.

(2) The Andelowners of the securities fund that the company is managing will select at least one third of the board members. The elections happen at polling meetings that are called and performed by rules that are determined in the Management Company's ordinance. At the election meeting, the voting rights align so that andelseowners who own equal value will be equal to the number of votes. The calculation shall be made on the basis of andelsvalue after the last announced course. A landsowner can vote by deputy.

(3) The board members not selected by the landseers are selected by the Management Company's General Assembly. The board members selected by the General Assembly make up the company's board until elections are made at the first election meeting.

(4) For both groups of board members, at least half as many varammembers are selected.

(5) A management company shall have a daily leader.

Part Article SECTION 2-7. Requirements of the Trust and Employees of Management Company

(1) The one that actually leads the business in a management company shall have relevant experience from the markets for financial instruments. In addition, the general manager and other person who is actually leading the business have led an honorable vandel and performed in accordance with good business custom on trade with financial instruments. Board members shall meet necessary requirements for honorable vandel and experience. People who mentioned in the second and third period should be presented ordinary police reference after the police registry law Section 40.

(2) The Ministry of Justice can in regulation give closer rules on the board of directors and leading employee requirements for independence, vandel and experience.

(3) Board member chosen by the landowners cannot be shareholder, peer-selected or employed in the management company or with the depots.

(4) Prevalence Company shall enlighten the SEC on the shift of leading employees and board members.

(5) The rules of self-trade in the securities Trade Act chapter 8 applies to peer-based and employees.

(6) Employees, peer-selected and persons with the best-person influence in management company have sworn knowledge of what they in their business get knowledge of if others ' relationships with less otherwise determined in law or regulations. Tausheme's duties also include any performing assignment for the management company.

0	Modified by law 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449).

Part Article SECTION 2-8. Responsible capital

(1) A management company shall have a responsible capital that is justifiable with respect to enterprise species and scope. The responsible capital shall at any time make an amount in Norwegian crowns that at least respond to 125 thousand euros.

(2) The Ministry of Justice can in regulation give closer rules of what should be deemed responsible capital, quiet further claims of responsible capital, as well as make exceptions from the claim to capital in the first clause.

Part Article SECTION 2-9. Contract

(1) A management company can put away the execution of specific tasks to another enterprise by closer rules determined by the regulation of the ministry.

(2) The Prevalence Company shall give message to the SEC before appointment of the abduction of business is set in works.

Part Article SECTION 2-10. Associated Agents

(1) A management company can utilize associated agents to market their services as well as relay orders of shares in securities fund. Such business does not require the permission of the Value Paper Act Section 9-1. The provisions given in or in the co-hold of the securities trading law Section 10-16 more to the fourth clause apply to the equivalent of as far as they fit.

Part Article SECTION 2-11. Organisation of the business

(1) A management company shall, set forth to the value paper funds that manage, incorrect their business so that the company has :

1.	good management and accounting procedures and control and safety arrangements,

2.	satisfactory internal control methods, which among other things include rules for personal transactions for the company's employees, and which ensure the management company manage value paper fund funds in accordance with the securities fund and current rules.

(2) The board and general manager shall devise internal guidelines in accordance with the first clause.

(3) A management company shall be organized in such a way that the risk of conflict of interest between the enterprise and its customers, between two customers, between a customer and a value paper fund or between two securities funds is limited to a minimum.

(4) Prevalence company with permission after Section 2-1 other clause cannot place the customer's funds in the securities fund management of the company, unless the customer has given written consent to this.

(5) The Ministry of Justice can in regulation provide filler rules on the organizing of the management company's business.

Part Article SECTION 2-12. Risk Management

(1) A management company shall have systems of risk management as at any time ensures monitoring and measurement of the risk by the positions and their contribution to the portfolio's overall risk profile.

(2) The Ministry of Justice can in regulation give closer rules on risk management.

Part Article SECTION 2-13. Customer Store

(1) A management company shall have internal routines for the processing of customer storage.

(2) The Ministry of Justice may in regulation determine closer rules on the order of clavicare, herunder that the management company shall be affiliated with the Foreign Ministry of Law approved in co-law.

(3) The Financiation of the Financial 1 Section 2-12b applies to the equivalent of the management company.

0	Modified by laws 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547), 17 June 2016 # 29 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 703).
1	Raised, see now law 10 apr 2015 number 17.

Part Article SECTION 2-14. Prevalence company competency

(1) The election company hits all dispositions over the fund.

(2) The Prevalence Company exercising the rights that link to the financial instruments the company is managing.

(3) Votes for the value paper fund's stock can only be selected by attorney from the Board. Attacks such a warrant are only valid as long as the majority of the board members selected by the landseers agree with it.

Part Article SECTION 2-15. Good business custom

(1) A management company shall exercise its business in accordance with good business custom.

(2) The Prevalence Company shall impose that value paper fund and land-owned interests and market integrity as well as the best way by that :

1.	performs tidy and correct in the exercise of its business,

2.	outshows the necessary competence, carefully and interest in its performance,

3.	have and efficiently take advantage of the resources and the procedures necessary in order to exercise their business in a good way,

4.	strives to avoid conflict conflicts by among other things to ensure that the landseers and fund's interests go ahead of the management company, as well as that certain fund or landseers not unactiquely added at the expense of other fund or andelseowners.

(3) First and other clauses apply accordingly to the company's employees and peer-and for people and companies that have such influence over the management company as mentioned in the acreary law and general public law Section Section 1-3 other clause or company law Section 1-2 other clause.

(4) The Ministry of Justice can in regulation give closer rules about the requirements of good business custom.

Part Article

Chapter 3. Prevalence of the Prevalence Border Overwhelming Business

SECTION 3-1. Message of Norwegian Management Company's business in other EDS state

(1) A management company that will exercise business in the other EES state shall provide the SEC's message about this. The message should contain information about where the company will exercise business. The message should also include an enterprise plan that describes what services should be totes, the company's risk management systems and what measures will be committed in order to make payments to land-owners, insolving shares, keeping information available and process customer storage.

(2) Message of establishing branch shall in addition include the following information :

1.	how the branch is to be organized,

2.	address in the host country where documents can be obtained, and

3.	names of leading employees in the branch of the branch.

(3) If a management company is to market UCITS in another EDS state without branch establishment, and the value paper fund is managed by the company, it is sufficient with message after Section 9-2.

Part Article SECTION 3-2. The transition of message to host country authority in other EDS state

(1) Upon message of the exercise of business after Section 3-1 directly from business location in Norway, the SEC shall be within one month after the message has been received, overpass this to the authority in the host country. The SEC is to illuminate any replacement arrangements that have for the purposes of protecting investors. The SEC is going to give the management company message about the transfer that from this point can start business in the host country.

(2) If the message includes the exercise of value paper fund management, the SEC shall attach a confirmation that the Management Company is permitted to manage UCITS and any restrictions in the permit.

(3) Upon message of establishment of branch in another EDS state shall the SEC within two months after the message has been received, overpass this to the authority in the host country with information and any confirmation as mentioned in the first and second clause. The SEC is going to give the management company message about the transfer. The branch can start business when it gets an announcement from the authority in the host country, or two months after the message of establishing branch has been oversent the host country's credibility.

(4) Message of establishment of the branch shall not be transmitted if the SEC assumes that the management company's administrative organization or financial position is not good enough in relation to the planned business. Conceived the overpass, and shall be subject to the management of the management company within two months after the regulatory authority has received any information in the case.

(5) The Prevalence Company shall inform the SEC and the authority of the host country in writing before conducting any changes to what has previously been lit. Where it is established branch, information on change should be given at least one month before the change is carried out.

(6) The SEC shall give message to the authority of the host country on changes in replacement arrangements to protect the branch customers and changes in the management company's permission.

Part Article SECTION 3-3. Prevalence Company established in other EDS state business in Norway

(1) Foreign Management Company which is reselected by the EES rules that respond to Council Directors 2009 /65/EF (UCIS directive), can exercise business as described in Section 2-1 in Norway directly from the business place in another EEDS state or through establishing branch. The company must have the right to run such business in the homeland.

(2) Within two months after the SEC received message from the government in another EDS state about establishing the branch, the SEC will prepare the Board of Management Company's business and illuminate the company about the rules of good business custom that applies to the business. The branch can start business in Norway two months after the SEC received the message, or upon receipt of information after the first period.

(3) The Prevalence company can start business directly from the business place in another EDS state when the authority in the homeland has sent message to the SEC.

(4) The Prevalence Company shall inform the SEC in writing of change in the information of the business in Norway before the change is carried out. Changes in the establishment of the branch of the branch cannot be carried out until one month after giving information about change.

(5) For foreign management company that exercising securities fund management related to the UCITS established in Norway, the provisions of Chapter 4, 5, 6 and 8.

(6) For foreign management company exercising business through establishing the branch of the branch, rules regarding good business custom stipulate in this law or with home in this law.

(7) If foreign management company is to market UCITS in Norway without branch establishment, and the value paper fund is managed by the company, it is sufficient with message after Section 9-3.

(8) The Ministry can in regulation give closer rules on enterprise exercise and establishment of branch in Norway for the management company from other EES states.

Part Article SECTION 3-4. Other foreign management company's business in Norway

(1) The SEC can provide a foreign management company that is not reselected by Section 3-3, permission to drive business as described in Section 2-1 in Norway directly from the business site abroad or through establishing branch. The company must have the right to operate such business in the homeland and be subject to reassuring supervision there.

(2) Companies that run business directly from the business place in the homeland shall have a representative here in the realm of adequate powers to safeguard the interests of investors in Norway.

(3) Before the company starts business in Norway, it shall be established a satisfactory cooperation on supervision between the authority of the homeland and the SEC.

(4) Lovens regulations, with the exception of Section 2-1 first clause, Section 2-3 first clause, Section 2-6, Section 2-7 third clause and Section 11-4 other clause, applies to the foreign enterprise. A branch is to have business office in Norway.

(5) The Ministry of Law may in regulation give closer rules on foreign management company's enterprise exercise and establishment of branch in Norway.

Part Article

Chapter 4. Verdict Foundation

SECTION 4-1. Permission to Establible of Value Paper fund

(1) Establishment of value paper funds requires permission from the SEC. Permission is provided for each fund. Permission to establish UCITS can be granted management company with permission from another EES state. Permission to establish national funds can be granted trustee of alternative investment funds with permission from another EDS state that in the home state has permission to manage the corresponding fund. This determination applies to the equivalent when a management company with permission from another EDS state seeks to take over the administration of a Norwegian UCITS, or when a trustee of alternative investment funds with permission from another EDS state seeks to take over the administration of a national fund.

(2) The application of permission shall contain :

1.	The fund's ordinance determined by the management company's board of directors,

2.	deal with the pit receiver,

3.	information on any agreement on the issue of contracting.

(3) It shall be granted permission for the establishment of the securities fund if the SEC approves that the Management Company manages the appropriate fund, and the legal requirement of the ordinance, depotter and any outsource of contracting is met.

(4) By application of the Management Company with permission from another EDS state, the SEC may ask the appropriate authority in the management company's homeland on preparation and information regarding the documentation received by other clause, and the message after Section 3-3. The Prevalence Company must have the right to run business in Norway after the provisions of Section 3-3.

(5) If a Norwegian Management Company will manage fund established in another EES state, the SEC shall provide the authorities in the fund's homeland corresponding information on and preparation of documentation mentioned in the fourth clause of the fourth clause of the fourth-year business after that these have asked for it.

(6) The application of the establishment of the securities fund shall be decided within two months after the SEC has received full application.

0	Modified by law 20 June 2014 # 28 (ikr. 1 July 2014 ifg res. 20 June 2014 # 785).

Part Article SECTION 4-2. Change of Management Company

(1) The SEC can grant permission that a management company transfers the administration of a value paper fund to another management company. The SEC can ask terms of review time, and how the transfer should be released. The provisions of Section 4-1 third clause are given the equivalent of the Applicability.

Part Article SECTION 4-3. Court to use term value paper fund

(1) The term value paper fund shall be made of the fund's name. The securities fund has exclusive use of this designation in the name or by the mention of its business. Each fund should have a name that clearly separates it from other funds.

Part Article SECTION 4-4. The betting content

(1) A value paper fund shall have ordinance that specifies :

1.	The value paper fund and the management company's name,

2.	rules of the location of the value paper fund funds by Chapter 6 and an indication of the value paper fund's risk profile,

3.	guidelines for dividend and reinvestment of dividend value funds receive, whether it should be allowed to be allowed into the division of sale benefits and whether the value paper fund should be dividend dividends,

4.	The basis of the calculation of management allowance, as well as the indication of costs as mentioned in Section 4-6 first joints that can be required covered by the fund,

5.	The enlightenment of the management company shall have allowance from the landseers, and in that case how this allowance is to be calculated and distributed between the landseers,

6.	drawing and redemption fees,

7.	when the fund is open for drawing and redemption,

8.	rules of any dissemination of funds from the fund of volunteer organizations, herders who can be added, how large share of the fund's funds that can be divided, how the awards are calculated, as well as the meaning of the calculation of the running the redemption value on the shares,

9.	Whether the fund should have different landlovers and what characterizes the individual duck classes.

(2) The Ministry of Justice can in regulation give closer rules on what the ordinance should contain when a value paper fund places funds in derivatives.

Part Article SECTION 4-5. Equal to the fund-duck classes

(1) Each share in a value paper fund gives equal to the right in the fund.

(2) The determination of the first clause is not to the obstacle that a value paper fund may have multiple landlovers following closer rules determined by the ministry in regulation.

(3) If a value paper fund has duck-loving, non-landseers in one duck-class grant will not be added to the expense of landseers in a second duck class. The cost of which exclusively can be referred to one landscape class shall not be charged andelseere in a second duck class.

(4) If a value paper fund has duck classes, andelseseers in the same landscape class shall be equesttreated. The share in the same landscape class gives equal right to the fund

Part Article SECTION 4-6. Costs

(1) The prevalence allowance shall cover all costs of the value paper fund management. The following costs can in addition are covered by the fund :

1.	transaction costs at the fund's locations,

2.	payment of any taxes the fund is illegges,

3.	interest in loan recordings as mentioned in Section 6-10 and

4.	extraordinary costs that are necessary to safeguard the interests of the land-owned interests.

(2) For costs as mentioned in the first clause 4 applies the following :

1.	The election company's board must decide that the cost can be charged the fund. A majority of the land-win elected board members must have voted for such a decision.

2.	The prevalence company is supposed to illuminate the species and scope of the accrued and anticipated costs of annual report and halspring report. The Ministry of Justice can in regulation give rules on information to the Andelseans about extraordinary costs.

(3) By a value paper fund placement in the shares of the securities fund management of the same management company as the investment fund, it cannot be charged or the redemption fee.

Part Article SECTION 4-7. The division of value paper fund funds

(1) The securities fund funds can only be distributed to the andelseers or volunteer organizations that have a national scope and that meet the terms of the tax law Section 6-50 first clauses and other clause other periods.

Part Article SECTION 4-8. Calculation and announcement of andelsvalue

(1) The Prevalence Company shall calculate and announce the andelsvalue at least once a week, and more often if the ordinance determines it.

(2) The Ministry of Justice can in regulation give closer rules on calculation and announcement of andelsvalue, herunder determining the requirements of frequent calculation and announcement.

Part Article SECTION 4-9. Drawing of shares

(1) A value paper fund should be open for drawing shares at least twice a month.

(2) The allocation of shares shall occur to the course at the first calculation of drawing courses after drawing. The Kursen is to be announced.

(3) At the calculation of drawing courses, the market value of the fund's portfolio is added to reason.

Part Article SECTION 4-10. Andelus register-stewards registration

(1) The Prevalence Company shall bring a land-run registry in which the landseers are indicated by name, date of birth, or organization number, address and number of the shares.

(2) Owner more a share in communities, they will be named one single to perform as landsowner to the management company.

(3) The Andelseans shall be given message when the shares are registered in the andel-victory registry, unless the landfall of the landfall of the land will resign this court.

(4) A trustee can be admitted into the roster mentioned in the first clause of the country's victory following closer rules granted by the ministry in regulation. A trustee cannot participate in the land-run meeting without the warrant from the real owner of the shares.

0	Modified by law 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547).

Part Article SECTION 4-11. Effect of enrollover in the duck victory registry

(1) The owner of a share is legitimized to receive dividends and participate in the election and land-run meeting when the person is registered in the andel-victory registry.

Part Article SECTION 4-12. Insolution of shares

(1) A value paper fund should be open for the entry of minimum two times a month.

(2) A landholder may require redemption of its shares, unless otherwise follows of agreement of entry-to-gun action following the entry-gun law or individual pension arrangement by law on individual pension arrangement. A andelsowner who demands redemption should have its shares resolved in cash.

(3) By special agreement with larger andelseowners, the management company can refine the number of shares that these may require unresolved within the appointment of time.

(4) The approach shall occur to the country's value at the first calculation of the input rate after the relief requirement has been received, with the deductions for the relief costs. The Kursen is to be announced. By estimation of the acquisition rate, the market value of the fund's portfolio is added to reason.

(5) The requirement of redemption cannot be withdrawn without the management company's consent. This still does not apply to the solution requirements that are protested after the court of entry has been suspended.

(6) Oppdo shall be completed as soon as possible and at the latest two weeks after the requirement of the acquisition is presented.

(7) Under the closure of stock market or other extraordinary conditions, as well as in very frank cases where it is justified from the envision of the land-owned interests, the management company with the consent of the SEC can completely or partially delay the value calculation and the payout of the acquisition requirements.

(8) If the landseers or general public's interests suggest it, the SEC may impose the management company to suspend the redemption court entirely or in part.

Part Article SECTION 4-13 Offers against issuance and redemption in certain cases

(1) The share in the fund must not be issued or resolved after the management company has authored the decision of deviation after Section 5-7, or after the permit has been dropped or recalled after Section 11-5.

Part Article SECTION 4-14. Change of ordinance

(1) Changes in the value paper fund can only be determined if the majority of the land-run elected board members of the Management Company have voted for the change. This does not apply to where the securities fund is managed by the management company with permission in a different EES state.

(2) Decision of ordinance changes as mentioned in Section 4-4 first clause 2 to 9 must have consent from the land-victory meeting following the rules of Section 4-17.

(3) Changes to the ordinance shall be approved by the SEC. By application of the ordinance change, the Board of the Board shall be attached. By changes as mentioned in the other clause, it shall also attach summons to the land-victory meeting, information to the andelseurs and referrat from the andel-victory meeting.

(4) The betting changes shall be approved if the law requirements of content in the ordinance and the procedures of ordinance changes are met.

(5) The betting changes cannot be performed until they are made public.

(6) The Andelowners are entitled to the fee-free approach of their shares by changes as mentioned in the other clause. For ordinance change as mentioned in Section 4-4 first clause 9. applies to the court of fee-free acquisition only the landseers as berating the change. The court applies to five working days before the ordinance changes are carried out.

Part Article SECTION 4-15. Information to the andelseers at the ordinance change

(1) Upon approval of the ordinance changes in andel-victory meeting, the summons to the land-victory meeting shall contain information that makes the landseers able to conduct a well-found assessment of the proposal.

(2) The information should at least include :

1.	The account of what the statute of change is going out on,

2.	The justification for the statute of change and why the change is considered to be in the interest of the Andelseid,

3.	consequences for the landlords, herders changes in expected return and risk,

4.	information on the court of fee-free approach, herunder due date to demand fee-free approach.

5.	expected time for the completion of the ordinance change.

Part Article SECTION 4-16. Employees ' s disposal and responsibility

(1) Each andelsowner has an ideal party in the value paper fund that responds to their share of overall issued fund shares.

(2) Andelvictories may not require sharing or deviation of the value paper fund.

(3) Beyond the landfall, the andelseurs are not responsible for the fund's obligations.

(4) Andelseere duties not to make further deposits in the fund.

Part Article SECTION 4-17 Andelvictory Meeting

(1) The share of the Andelus meeting shall :

1.	consent to ordinance changes as mentioned in Section 4-14 other clauses, and

2.	consent to decision on merger, jf. SECTION 5-5.

(2) At the land-win meeting, each share will give one voice. In value paper funds with different andelsways, the voting rights align so that andelseowners who own equal value will be equal to the number of votes. The calculation shall be made on the basis of andelsvalue after the last announced course. Decision of the ordinance change as mentioned in Section 4-14 other clause that exclusively has meaning for landseers in some land-owned spaces, shall be taken by landseers in the or affected land-loved ones.

(3) At least 75 percent of represented shares in the andelvictory meeting must vote for decision as mentioned in the first clause.

(4) The share of the Andelvictory meeting is called by the Management Company's board with at least two weeks of deadline.

(5) A landsowner has the right to discuss the questions that are reported in writing to the Board within one week before the land-victory meeting is held. The share of the Andelus meeting cannot hit the ordinance that binds the fund or the management company.

(6) The Ministry of Justice can in regulation provide filler rules on the summons and review of the andel-victory meeting. The SEC can in very frank cases give dispensation from the claim of the landsvictory meeting in the first clause 1.

Part Article

Chapter 5. Fusion and deviation of value paper fund

SECTION 5-1. Fusion of Value Paper fund

(1) The Fusion of Value Paper Foundation is performed by :

1.	that all rights and obligations in one or more overpass funds are transferred to an existing takeover fund, andelseowners in overdragable fund gets shares in overtaking fund and by overturning fund dissolving, or

2.	that all rights and obligations in two or more overdragable funds are transferred to a newly established overtaking fund, andelseowners in the superdragable fund will receive shares in overtaking funds and by the overdragating fund dissolved.

(2) The share of the Andelowners in overdragable fund can in both cases be given up to 10 percent of the andelsvalue in cash.

Part Article SECTION 5-2. Permission to merger of value paper fund

(1) The Fusion of Value Paper funds requires permission from the SEC. Prevalence company for overdragable fund shall apply for permission to merger.

(2) The application of permission shall be passed :

1.	draft fusion deal,

2.	confirmation from desporeceivers as mentioned in Section 5-3 third clause,

3.	draft information to be passed the Andelowners, jf. SECTION 5-4,

4.	prospectus and key information for the overceiling fund if established in another EES state,

5.	documentation that there is reached agreement with the depotted recipient or auditor on the issue of confirmation after the merger has been conducted, jf. SECTION 5-6.

(3) If the SEC believes the application is incomplete, the SEC shall send message of this to the Management Company within ten business days after the application has been received.

(4) The SEC may require changes to the information to be passed the andelseers, if it does not meet the requirements in Section 5-4.

(5) By border-sending merger in which Norwegian UCITS is overtaking fund, the SEC will overpass documentation as mentioned in the second clause of the Regulatory Authority of the takeover of UCITS homeland.

(6) The application shall be processed within 20 business days after full application has been received. Permission shall be given if :

1.	The provisions of Section 5-1 to 5-3 and Section 5-6 are followed,

2.	overtaking UCITS can be marketing in the same countries as overdragating UCITS, and

3.	The government in overdrafending and overtaxating fmonds homeland means the information to be passed the landowners, satisfies the requirements in Section 5-4.

(7) The provisions of this paragraph do not apply to border-sending mergers where Norwegian UCITS is overtaking fund. Permission to such mergers are provided by the regulatory authority in the superdragable UCITS homeland. The SEC can request changes to the information of the landowners of the Norwegian fund within 15 business days after draft such information has been received.

Part Article SECTION 5-3. The requirement of fusion deal mv.

(1) A fusion agreement shall be processed by the boards of the management company of overdragable and overceiling funds. The majority of board members selected by the andelseurs must vote for merger. This still does not apply to where the securities fund is managed by the management company with permission in a different EES state.

(2) The merger agreement shall contain :

1.	identification of type of merger and fund,

2.	justification for merger,

3.	expected effect for landseers in the fusion fund,

4.	principles of the appreciation of the fund of the fund and any obligations,

5.	method of calculation of the exchange ratio,

6.	scheduled review date,

7.	principles of the transfer of assets and exchange of shares,

8.	any ordinance for the newly established takeover fund.

(3) The depots of overdragable and overceiling fund shall confirm that information mentioned in the first clause 1, 6 and 7 meet the requirements of the law and the fund's ordinance.

Part Article SECTION 5-4. Information to andelseere on merger

(1) The merger plans should be given the land-owned and overceiling fund after permission for merger and at least 30 days before the rights as described in Section 5-5 other clauses expire.

(2) The information shall make the landlords capable of making a well-funded assessment of the merger, herduring the exercise of voting rights and rights as described in Section 5-5 other clauses. The information shall include the following :

1.	justification for merger,

2.	consequences for the landlords, herders changes in investment strategy, costs, expected return, periodic reporting, potential result failure, and if applicable, a clear warning of the merger could cause changes to the landlords tax treatment,

3.	Description of the andellande rights in connection with the merger, herding the right to receive supplementary information, the right to receive copy of confirmation as mentioned in Section 5-6, the rights described in Section 5-5 other clauses as well as the deadline for these,

4.	relevant procedural regulations and planned review date,

5.	key information for the takeover fund.

(3) If one of the fund has reported marketing in another EES state, the information shall also be provided on the applicable country's language or other language approved by the government in this country.

(4) The Ministry of Justice can in regulation provide filler rules on information to landseers, herunder how information is to be provided.

Part Article SECTION 5-5. Transparency of merger

(1) Fusion can be performed when it is granted permission after the Section 5-2 and the andelluding meeting in the overdragable and overtaking fund has consented to merger, jf. SECTION 4-17

(2) The share of the Andelowners in overtaking and overdraming funds has the right to fee-free redemption of its shares or to trade their shares in the fund to be fusion, with shares in an optional other fund with the corresponding investment mandate that the steeles of same management company. The entry and the bouter cap applies to five business days prior to the review date of the merger.

(3) Administrative costs at the merger cannot be charged the fund or landowners.

(4) The SEC can make exceptions from the location rules in Chapter 6 for up to six months after the completion.

(5) The review of the merger shall be released. Offentligation may not happen until a pit receiver or independent approved auditor has issued confirmation of review after Section 5-6. After the release of the review, it cannot be raised claim that the merger is invalid. The Ministry of Justice can in regulation give closer rules on the release of public.

Part Article SECTION 5-6. Confirmation of Review

(1) The parent company of the takeover fund shall impose that a depotted receiver or independent approved auditor confirms the following after the merger has been implemented :

1.	that the merger has been conducted in thread with those principles determined in the fusion agreement for the appreciation of the fund's assets and any obligations, jf. Section 5-3 different clause number 4,

2.	any cash payment per share, jf. Section 5-1 other clause, and

3.	the method of estimation of the swap ratio and that the actual trade ratio is determined according to the method of estimation of the trade ratio that the fusion agreement determines, jf. Section 5-3 first clause number 5.

(2) The Accountant of the Overcoming and the Overtaking Fund shall be counted as independent after the first clause.

(3) The confirmation shall be available for andelseowners and the regulatory authorities.

(4) The Ministry of Justice may in regulation determine further rules of confirmation as mentioned in the first clause, herduring that the confirmation should include multiple conditions.

0	Modified by law 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547).

Part Article SECTION 5-7. The discrepancy of value paper fund

(1) The discrepancy of a value paper fund requires permission from the SEC. The application of the permission of the deviation shall be justifible. It can be set terms for the permit that complement or supplement the provisions of this paragraph.

(2) All andelseowners shall be given information on the deviation after the SEC has granted permission. The information should at least include the following :

1.	justification for the deviation,

2.	consequences for the Andelseurs,

3.

costs,

4.	scheduled date for when the deviation is to be implemented, herdunder time for when the landlords shall receive the value of their shares.

(3) The fund and the andelseurs shall not be charged costs in connection with the deviation.

(4) The Prevalence Company shall ensure that it is being worked out a deviation settlement for the fund, and that this is revised.

(5) The prevalence company shall impose that an independent approved auditor, after the deviation has been implemented, confirming that the fund and landseers are not charged costs in connection with the deviation. The fund's auditor is to be counted as independent after the first period. Resiors confirmation shall be available for andelseowners and the regulatory authorities.

(6) In cases where a value paper fund transfers net assets to other existing or newly established fund and shall be discontinued at the time remaining obligations are covered, the provisions of Section 5-2 to 5-6 equivalent.

(7) The Ministry of Justice can in regulation give closer rules about how the deviation is going to happen.

Part Article

Chapter 6. Location of the value paper fund's funds

I. General regulations

SECTION 6-1. General investment area

(1) A value paper fund funds can by further provisions of this chapter be placed as deposits in credit institution and in the following financial instruments :

1.	resettable securities as indicated in Section 1-2 first clause 8,

2.	value paper fund shares,

3.	money market instruments,

4.	derivatives after closer rules determined by the ministry in regulation.

(2) A value paper fund can, regardless of the investment options in this paragraph, possess liquidity funds.

(3) The Ministry can provide closer rules about placement in financial instruments.

Part Article SECTION 6-2. Value Paper shares

(1) The value paper fund funds can be placed in value paper fund shares provided that the value paper fund it is placed in, after its ordinance maximum can invest 10 percent of the fund's assets in securities fund shares.

(2) Locations of value paper funds that are not UCISS can overall make up until 30 percent of the fund's assets if the following conditions are met :

1.	The securities fund and the management of it are subject to reassuring supervision in the homeland, and it is established a satisfactory cooperation on supervision between the regulatory authorities of the homeland and the SEC,

2.	The land-owned interests are protected at least in line with landseers in the UCIS,

3.	it is reported twice annually about the activities of the value paper funds it is invested in.

(3) The Ministry of Justice can in regulation give closer rules about the location in the securities fund established in countries outside the EES area.

Part Article SECTION 6-3. Money market instruments

(1) The securities fund funds can be placed in monetary market instruments that normally be negotiated on the money market, are liquidity and can be value-determined at any given time.

Part Article SECTION 6-4. Enshot in credit institution

(1) The value paper fund funds can be placed as deposits in the credit institution if :

1.	The deposit may be required to be repaid within a deadline of a maximum of 12 months, and

2.	The credit institution has its ordinance-pinned home in an EES state, or the credit institution has its ordinance-pinned home in a third-country house and is subject to reassuring supervision.

Part Article SECTION 6-5. The requirement of liquidity

(1) The value paper fund funds can be placed in financial instruments like :

1.	is engaged in official noting or resettes on a regulated market in an EES state, herunder a Norwegian regulated market, as defined in Directive 2004 /39/EC. 4 (1) # 14 and stock law Section 3 first clause,

2.	reinserted on a different regulatory market in an EPS state that works regularly and is open to the public,

3.	is busy for official noting on stock markets in a country outside the EES area or that is replaced in such countries on a different regulatory market that works regularly and is open to the public, if stock market and market are indicated in the value paper fund's ordinance, or

4.	is newly issued if a provision for issuance is that it is sought to take action on stock market or market as mentioned in No. 1 to 3. The reach of commerce must happen at the latest one year after the drawing deadline.

(2) The value paper fund funds can be placed in monetary market instruments that be replaced at any other market than indicated in the first clause 1 to 3 if the issuers or issuers of the instrument are regulated with the purpose of protecting investors and savings, and the instruments are :

1.

issued or guaranteed by an ELS state, an EPS state regional or local public authorities, central bank in an ELS state, the European Central Bank, the European Union, the European Union, a third-nation, state of a sovereign state. or by public international organization in which the EDS states participate,

2.	issued by a company, whose securities are replaced on regulated markets mentioned in the first clause 1 to 3,

3.	issued or guaranteed by an institution subject to supervision in accordance with the EES rules, or subject to other reassuring supervision, or

4.	issued by another emitter after approval of the regulatory authority in accordance with the EPS rules that respond to Directive 2009 /65/EC. 50 (1) letter h fourth stretch point.

(3) Until ten percent of a value paper fund funds can be placed in other financial instruments than those mentioned in the first and other clause.

(4) The first to third clause is not to the obstacle that a value paper fund funds can be placed in value paper fund shares.

(5) The value paper fund funds can be placed in derivatives that be replaced on a different market than indicated in the first clause 1 to 4 after regulation determined by the ministry.

Part Article SECTION 6-6. Location restrictions-fund funds

(1) The value paper fund's inventory of financial instruments shall have a compound that provides an appropriate spread of the risk of loss.

(2) The value paper fund locations in financial instruments can face the same issuer not exceed :

1.	5 percent of the fund's belongings,

2.	10 percent of the fund's assets if the overall value of such locations as mentioned in this point did not exceed 40 percent of the fund's assets,

3.	35 percent of the fund's assets in which resettable securities or money market instruments have been issued or guaranteed by an EPS state, an EDS-state government, a third-country organization, or by a public international organization in which EPS state participating, or

4.

25 percent of the fund's assets in which the financial instruments are bonds with the forward-stage right after the funding enterprise law 1 Chapter 2 paragraph IV or equivalent foreign bonds issued by enterprises home-hearing in an EES state. If the fund places more than 5 percent of its assets in bonds as mentioned in the preceding period, issued by the same enterprise, overall location in such bonds may not exceed 80 percent of the fund's funds.

(3) The value paper fund's locations in the value paper fund shares related to one value paper fund cannot comprise more than 20 percent of the fund's assets.

(4) Alternatively, a value paper fund can be found in deposits at one credit institution not comprise more than 20 percent of the fund's assets.

1	Opph., see now law 10 apr 2015 number 17 Section 11-5 to Section 11-15

Part Article SECTION 6-7. Exceptions and precision locations restrictions

(1) A value paper fund can, within 20 percent of the fund's assets, the following location restrictions simultaneously face the same issuer :

1.	Section 6-6 other clause 1 or 2,

2.	Section 6-6 fourth clause about deposits in credit institution and

3.	rules stipulated in regulation of fashion risk at unotated derivatives.

(2) Corporations within the same corporation, as defined in fiscal law Section 1-3 or in accordance with recognized international accounting rules, are considered to be the same issuer for as far as the location limits in this paragraph, Section 6-6 and 6-8. Locations according to Section 6-6 other clause 1 to 2 can still make up until 20 percent of the fund's assets, if the financial instruments are issued by various companies in the same corporation.

(3) By permission of the SEC can up to 100 percent of a value paper fd assets be placed in resettable securities or money market instruments as mentioned in Section 6-6 other clause 3. The way permission can only be given if the SEC considers that the Andelowners are given protection equivalent to the protection andelseurs have at investments in securities fund that places a fund's funds according to Section 6-6 other clause 3. The following terms must be met for allowing for such permission :

1.	The value paper fund locations must include at least six different issuance, and locations from one and the same issuance must not exceed 30 percent of the value paper fund's overall assets.

2.

In the value paper fund, the prospectus and sales material shall be taken notice that the value paper fund has permission that reacted in this clause. It shall in addition be specified which countries, local public authorities or international public organizations that have issued or guaranteed the resettable securities or money market instruments.

(4) The location restrictions in Section 6-6 different joints, Section 6-8 and third joints in the paragrafen here do not apply to drawing in emissions according to the forestage of financial instruments that the value paper fund owns.

(5) A value paper fund can, within 35 percent of the fund's assets, the estimated location restrictions in Section 6-6 other and fourth joints and rules of fashion risk by unoed derivatives stipulated in regulation with home in Section 6-1 simultaneously opposite the same issuer, but so that locations after the first clause cannot exceed 20 percent of the fund's assets.

0	Modified by law 4 des 2015 # 96 (ikr. 1 jan 2016 ifg. res. 4 des 2015 # 1399).

Part Article SECTION 6-8. Exceptions from location restrictions for index fund

(1) A value paper fund locations in stocks and bonds issued by the same issuer can pose up to 20 percent of the fund's assets when the following conditions are met :

1.	It is set forth by the fund's ordinance that the investments should mimic the joint statement of a specific stock or bond index,

2.	The index's compound is sufficiently diversified,

3.	The index represents a relevant comparation basis for the market that the index refers to,

4.	The index is released in a satisfactory manner.

(2) The determined limit in the first clause can be elevated to 35 percent from an issuer when required by consideration of special market conditions.

Part Article SECTION 6-9. Location limitations-ownership share with issuer

(1) The value paper fund locations may not exceed :

1.	10 percent of the stock capital or the ballot of the ballot capital of one company,

2.

10 percent of the bonds or 10 percent of the money market instruments from the same issue with smaller bonds or money market instruments have been issued or guaranteed by an EPS state, an EPS state's local public authorities, a third-year country or by public international organization in which the EDS states participate,

3.	25 percent of the shares of one value paper fund.

(2) The securities fund that the stewardship of the same management company must not collectively own such a large share of the voting-based capital of one company that the management company can exercise significantly influence over the management of the company.

Part Article SECTION 6-10. The Act of loans

(1) The election company cannot occupy loans on behalf of a securities fund, impose the fund's bail or warranty obligations or ask the securities fund funds as collateral. The prevalence company cannot sell financial instruments the fund does not own, unless the ministry gives closer rules about this in regulation.

(2) The provisions of the first clause are not an obstacle to the management company on behalf of the securities fund occupy short-term loans for up to ten percent of the fund's assets and asks the fund's funds as collateral for derivatives contracts and contracts that engoose to achieve an effective portfolio management.

(3) The Ministry of Health can give closer rules about safety standoff after other clause.

0	Modified by law 4 des 2015 # 96 (ikr. 1 July 2016 ifg. res. 4 des 2015 # 1399).

Part Article SECTION 6-11. Techniques of Portfolio Management

The Ministry can in regulation give rules about the use of techniques for portfolio management.

0	Modified by law 4 des 2015 # 96 (ikr. 1 July 2016 ifg. res. 4 des 2015 # 1399).

Part Article

II. Fond in one fund

SECTION 6-12. Fond in one fund

(1) An UCITS (addi-fund) can, regardless of Section 6-9 first clause 3. is granted permission by the SEC to place at least 85 percent of its assets in shares in a second UCITS (recipient fund) established in an EES state. Any remaining funds shall be placed in :

1.	liquidity funds, or

2.	financial derivatives for fuse purposes, after further rules determined by the ministry in regulation.

(2) The Ministry can determine closer rules about the addidfund locations.

Part Article SECTION 6-13. Sikad

(1) The application of permission after Section 6-12 shall be passed :

1.	ordinance, key information and prospectus for both funds,

2.	the agreement between the fund or internal business rules,

3.	the agreement between the fund's depots and the fund's auditors,

4.	information on recleaning to an addision fund and switch to new recipient fund.

(2) If the recipient fund is established in another EES state, the application shall be acknowledged by the government in the appropriate state that the recipient fund meets rules in its homeland equivalent Section 6-15 first clause 2 and 3.

(3) Permission shall be granted within 15 business days after complete application has been received. Permission shall be granted only where the requirements in Section 6-12 to 6-21 to the fund-based and auditor as well as recipient funds are met.

Part Article SECTION 6-14. Conversion to the addision fund and switch of recipient funds

(1) If a value paper fund is converted into a grant fund, or an addi-fund fund, the andelseurs shall have the right to the fee-free approach of their shares. Sen. 30 days prior to the change, the andelseid shall be provided information about :

1.	Government approval of the fund can invest in such recipient funds,

2.	key information for the input and receiving fund,

3.	time of when investments in the receiving fund start, or when investment will exceed the limit specified in Section 6-6 third clause,

4.	the right to the fee-free approach within 30 days.

(2) The information mentioned in the first clause shall be given on the official language of the EDS states where the fund is marketable, or other languages approved by the government in the host country.

(3) The Ministry of Justice can in regulation give closer rules about how the information of the andelseurs shall be given. The Ministry can also provide further regulations for the appreciation and audit as well as decposers tasks in cases where the transfer fund transfers the entire or parts of its portfolio to the recipient fund against the issuance of shares.

Part Article SECTION 6-15. Recipient fund

(1) As the recipient fund is counted UCITS as :

1.	has at least one andelsowner who is the grant fund,

2.	not even is the addision fund, and

3.	do not own shares in an addision fund.

(2) If a recipient fund has at least two land-owned funds, the receiving fund is excluding from the claim in Section 1-2 first clause that the securities fund should receive capital deposits from an indefinite circuit of persons. A recipient fund that has only one or more addision fund that andelsowns in a second EES state is excluding from the claim in Section 9-2 about signing the marketing of securities fund.

(3) The recipient fund cannot claim the drawing or entry fee from the grant fund.

(4) The Receiver Fund shall inform the SEC of which the addision funds invest in the fund.

(5) The Receiver Fund shall note that information that the management fund, its management company, public authorities and the depots and auditor of the grant fund has claimed, is available in the right time.

Part Article SECTION 6-16. Offering fund

(1) The management fund shall monitor the business in the receiving fund based on information received from the management company of the receiving fund, the pit receiver and auditor.

(2) Investors have from the ingestion fund entitled to the no-charge copy of the recipient fund's prospectus, annual report and halspring report.

(3) The transfer fund shall provide its depotted recipient the information on the receiving fund that is necessary for the depotted receiver to meet its obligations.

(4) All allowance received from the receiving fund shall be attributed to the grant fund.

(5) The transfer fund shall overpass the recipient fund's prospectus, key information and year-and halspring report to the SEC when the receiving fund is established in another EES state.

Part Article SECTION 6-17. Prospectus and reports mv. of the transfer fund

(1) The Prospectus of the addision fund shall in addition to information mentioned in Section 8-2, contain information determined by the Ministry of regulation.

(2) In the annual report of the transfer fund, it shall be disclosed on overall costs and allowance in the fund and recipient funds. In the year-and-year-and-half report for the transfer fund, it shall progress where corresponding reports for the receiving fund can be obtained.

(3) In the sales material for the fund of the fund, it should progress that the fund places its funds in a recipient fund.

Part Article SECTION 6-18. The relationship between the input and recipient funds

(1) The recipient fund duties to provide the grant fund documents and information that is necessary for the transfer fund to fulfill the duties following this law with regulations. The assignment fund shall have agreement with the receiving fund that ensures this. The agreement shall apply from the time of the time the fund's investment in the receiving fund will exceed the limit specified in Section 6-6 third clauses.

(2) Where the fountains are the stewards of the same company, the agreement can be replaced by internal routines.

(3) The fund shall through the expediency measures coordinate the time of calculation and the publication of andelsvalue.

(4) The transfer fund may temporarily suspend the entry solution or stop the issuance of shares in the same degree as the recipient fund does this. The terms of the Section 4-12 seventh clause do not apply in such a case.

(5) The Ministry can provide regulation on the agreement, internal business rules, and coordination measures by third clause.

0	Modified by law 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547).

Part Article SECTION 6-19. Accountant

(1) If the fund does not have the same auditor, the auditors will make agreement on exchange of information to ensure that they can both fulfill their obligations, herunder the arrangement of audit statements by other and third clauses. The agreement shall apply from the time the transfer fund is making investments in the receiving fund.

(2) The Accountant shall in the audit account of the ingestion fund take into account the audit account of the recipient fund. If the fund has unlike fiscal year, the recipient fund's auditor will be drafting an ad hoc report on the balance sheet of the grant fund.

(3) The audit account of the grant fund shall be review of the accounting of the audit accounts of the recipient fund, and the fund's auditor shall be pronouns on the meaning of this for the grant fund.

(4) The preservation of the duties auditor is imposed after this chapter shall not be considered as violation of the disclosure of law, regulation, or agreement, and shall not be liable for auditor or anyone acting on the Auditor's behalf.

(5) The Ministry of Justice can in regulation give closer rules about the content of the agreement between the auditors.

Part Article SECTION 6-20. Depotted

(1) If the fund does not have the same depotted receiver, the depotted recipients shall deal with exchange of information to ensure that they both can fulfill their obligations. The agreement shall apply from the time the transfer fund is making investments in the receiving fund.

(2) The recipient of the recipient fund shall provide the recipient fund's home country authority and the management company and the depots for the grant fund information regarding the receiving fund that may have negative consequences for the transfer fund.

(3) Compliance of the duties of the duties of the duties of this chapter shall not be considered as violation of the secrecy by law, regulation or agreement, and shall not be subject to liability for deposers or someone acting on the depots of depots.

(4) The Ministry of Justice can in regulation give closer rules about the content of the agreement between the deciders and what conditions such as the pit receiver in the recipient fund shall inform of the following clause.

Part Article SECTION 6-21. The discrepancy and merger in the receiving fund

(1) If the recipient fund is discontinued, the grant fund shall be discontinued if the SEC approves the investment transfer to another recipient fund or approves that the grant fund is reforming to UCITS that is not an addision fund.

(2) The provisions of the first clause apply to the equivalent of the merger of the receiving fund. In such cases, the SEC can in addition approve that the location is reintroduced in futioned funds.

(3) The discrepancy of the receiving fund can be at the earliest three months after the receiving fund has informed its land-owned and additive fund's home country authority on the deviation decision.

(4) Fusion of the receiving fund can be at the earliest possible 60 days after the receiving fund given the equivalent of information as indicated in Section 5-4 to its andelseowners and the additivity of the fund.

(5) The provisions of the first and fourth clause shall apply to the equivalent if a recipient fund established in another EDS state fentaries. In that case, the SEC can in addition approve that the location is reintroduced in the fission fund.

(6) The Ministry of Health may in regulation give closer rules on the regulatory approval of the regulatory and merger of the receiving fund and potentially fission in foreign recipient funds. The Ministry can also give further rules about the deviation of the grant fund after this paragraph, herunder rules as the absence of Section 5-7.

Part Article

Chapter 7. National fund

SECTION 7-1. National fund that is not special fund

(1) The SEC can give consent to the value of the securities fund, which is not the UCITS fund, the absence of the following of the regulations :

1.	location rules in Chapter 6 with the exception of Section 6-1, 6-4, 6-8, 6-10 and 6-11, and

2.	The provisions of drawing and insolution in Section 4-9 first joints and Section 4-12 first clauses.

(2) It shall advance of the fund's ordinance which the legislature is the absence, and in what way.

(3) The securities fund with the consent of the absence of law enforcement regulations shall be concrete as the securities fund with the special location strategy. The prospectus shall be precision of the deviation that has been made from the law of the law of the law.

(4) Value paper funds that have the consent to issue shares in a limited time period shall be concrete as the securities fund with limited entrance. The securities fund that has the consent to redeem shares in a limited time period shall be beset as the securities fund with limited exit. The securities fund that has the consent of both restrictions shall be beset as the securities fund with limited entrance and exit. In the prospectus, it shall be accounted for the specific arrangement of the arrangement with limited drawing or insolution period. It shall be disclosed about the drawing or insolution period, what is the purpose of the arrangement and what the arrangement involves for the andelseurs.

(5) The securities fund that has ordinance established restrictions with respect to who can draw shares in the fund shall be beset as the securities fund with limited circuit of the insert. In the prospectus, it shall be accounted specifically for the restriction. It shall be disclosed what is the purpose of the constraint and who can draw shares in the fund.

(6) Samfat after this paractment cannot be given to the UCTS granted permission after Section 4-1.

(7) The Ministry of Justice can in regulation give closer rules about and exceptions from the requirements of key information in Section Section 8-3 and 8-4.

Part Article SECTION 7-2. Special fund

(1) Special funds are the securities fund that is beta-suited special fund in stagpinned statutes. Section 4-3 applies to the equivalent of special funds.

(2) Special fund and management of special funds are excluding from the provisions of Section 4-6 third clause, Section 4-8, Section 4-9 first clause, Section 6-2, 6-3, 6-5, 6-6, and 6-10. The Prevalence Company may still not impose the fund's bail or warranty obligations. The SEC can consent to the fact that special fund deikes the determination in Section 6-9.

(3) A special fund funds can only be placed in value paper fund shares if the fund and the management of it are subject to reassuring supervision in the homeland, and it is established a satisfactory cooperation on supervision between the regulatory authorities of the The management company's homeland and Norway.

0	Modified by law 11 apr 2014 # 12 (ikr. 1 July 2014 ifg res. 11 apr 2014 # 547).

Part Article SECTION 7-3. Illumination requirements for special fund

(1) The stakes for special fund shall indicate the fund's investment area, strategy, risk frames and method of management risk of the fund. The Ministry of Justice can in regulation determine closer requirements to the why the ordinance is to be designed to satisfy the requirements in the first period. The Ministry of Justice can in regulation require that further information on risk and management of risk should be conveyed by the ordinance of special funds.

(2) Prevalence Company of Value Paper shall immediately give message of violations in the fund's ordinance as mentioned in the first clause, and shall within reasonable time provide a written statement of the relationship with the SEC.

(3) For special fund management, the Management Company shall calculate and announce the andelsvalue of the Times Fund is open for issuance or the acquisition of shares, and each time the management allowance is calculated in association with final load. Moreover, the Prevalence Company is to calculate and announce the landscape value as often as it is necessary to bring a defensible control with the fund's risk overheld, and at least every six months. If the fund's risk structure dictates it, the SEC may require that calculation and announcement of the andelsvalue should happen more frequent. The Ministry of Justice can in regulation determine further requirements for the calculation and announcement of andelsvalue of special funds.

(4) Special funds that can limit the issuance of shares shall be beset as special funds with limited entrance. Special funds that can limit the acquisition of shares during periods should be beset as special funds with limited exit. Special fund that can limit both issuance and redemption of shares during periods shall be concrete as special funds with limited entrance and exit. Special funds that have statute-determined limitations with respect to who can draw shares should be beset as special funds with limited circuit of the insert.

(5) The Ministry of Justice can in regulation give closer rules about and exceptions from the requirements of key information in Section Section 8-3 and 8-4.

Part Article SECTION 7-4. Management of risk in special fund

(1) The system of management of risk as mentioned in Section 2-12 should make it possible with accurate and independent assessment of the value of the fund's assets.

(2) The Prevalence Company of Special Foundation shall at least every six months to work out a report describing the relationship between the fund's risk profile, jf. Section 7-3 first joints, and the risk fund actually has incurred in the reporting period. The report should be submitted all of the landseers, the depots and the SEC.

(3) The Ministry of Justice may in regulation give closer rules about the requirements of system for risk management and report as mentioned.

Part Article SECTION 7-5. Insolution of shares in special fund

(1) Special fund can in the fund's ordinance limit the redemption court out over what follows by Section 4-12. The fund must be open to solution at least once every calendar year. The SEC can give consent to the special fund's absence of the determination in other periods.

Part Article SECTION 7-6. Shonest regulations on the depots of special fund

(1) The power receiver shall control the management company's estimation of management allowance.

(2) The Ministry of Justice can in regulation give closer rules about the deposers of tasks after this paragrafen.

Part Article SECTION 7-7. Sales and marketing of special fund

(1) By marketing of special fund and corresponding foreign (foreign special fund) to non-professional investors, it should be clear that there is a speech on special funds.

(2) The SEC can in very frank cases ban the trustee to market and sell special fund to non-professional investors. The Ministry of Justice can give closer rules about such a ban in regulation.

(3) The Ministry of Justice may in regulation give closer rules on sales and marketing of special funds, herunder whom special fund can be offered.

0	Modified by law 20 June 2014 # 28 (ikr. 1 July 2014 ifg res. 20 June 2014 # 785).

Part Article

Chapter 8. Plikable information to investor

SECTION 8-1. Anniversary, anniversaries and halspring report

(1) The Prevalence Company shall for each value paper fund public :

1.	annual report of anniversaries and anniversaries within four months from the fiscal year's exit,

2.	one halspring report within two months after the expiration of the report period.

(2) If a value paper fund is divided into different landsclasses, the content of the reports is adapted to this.

(3) The Halspring report should at least contain the details of :

1.	The fund's financial instruments with the indication of issuer, the number, the accruing, value of each item, they stock or markets the financial instruments are replaced on, as well as the indication of costly price on purchased financial instruments,

2.	bank deposits,

3.	debt that incurred the fund,

4.	the number of issued shares,

5.	the value of a share with the deductions of the acquisition fee,

6.	the time that the tasks under the points 1 to 5 relates to,

7.	overall obligations as follows of the value paper fund's transactions made in the reporting period,

8.	The return of the reporting period, as well as yield each of the last five years,

9.	other conditions that must be assumed to be of interest to the andelseurs, and which are necessary to judge the securities fund's development and status.

10.	the management allowance,

(4) Anniversary report and halspring report shall at the request of investor be available no-charge free as determined in prospectus and key information. Investor may ask for no-charge copy of the documents.

(5) The Ministry of Justice can in regulation give closer rules about the requirements of further information in the year report and halspring report.

Part Article SECTION 8-2. Prospectus

(1) The Prevalence Company shall announce the prospectus of each value paper fund it trustee. The prospectus shall contain the information required in order to conduct a well-being judgment of the fund and the risk associated with investment in the fund. The prospectus shall contain a clear and understandable explanation of the fund's risk profile. The value paper fund's ordinance shall be passed the prospectus.

(2) The prospectus shall be granted investor payment freely at the request. The prospectus can be given investor on a lasting medium or through a website. Investor has the right to the no-charge copy of the prospectus.

(3) The prospectus shall be updated on changes of meaning.

(4) The Prospectus of the Value Paper Foundation established here in the realm shall be submitted the SEC before the city of drawing. Similarly, changes apply to the prospectus.

(5) The Prevalence Company's board is responsible for the prospectus to fill the requirements that follow the law and regulation. The board is to make a statement that the information in the prospectus, so far the Board of Directed, is in accordance with the actual conditions and that it does not occur suppression of such a species that they can change the prospectus of the prospectus.

(6) The Ministry of Justice can in regulation determine further rules about content and the prospectus of prospectus.

Part Article SECTION 8-3. Contents of key information

(1) Prevalence Company shall devise key information for each fund it trustee. Key information should enable investor to make an investment decision on informed basis.

(2) The key information shall contain the following :

1.	identification of the fund,

2.	short description of investment mandate,

3.	presentation of historical return or assumed return,

4.	information on costs and associated fees,

5.	risk and return profile, herunder guidance and warnings of risk related to investment in the fund,

6.	The indication of where and how the prospectus, annual report and halspring report is available, on what language the documents are designed and that these documents are cost-free available,

7.	enlightenment that key information not alone provides the basis for liability, if not the information is misleading, inaccurate or inconsistent in relation to information in prospectus.

(3) Vesreal relationships in the information should be kept up to date. An updated version of the key information shall be available on the Management Company's website.

(4) The Ministry of Justice can in regulation give closer rules about content in key information, format and representation.

Part Article SECTION 8-4. Pliked to provide key information

(1) Prevalence company and the one performing on the company's behalf and under the company's liability shall give investors key information before drawing shares. Key information can be provided on a lasting medium or through a website. Investor has the right to no-charge copy of the information.

(2) Key information of the value paper fund established here in the realm shall be submitted the SEC before that of the city of drawing. Similarly, changes apply to the information.

(3) Also others as with home in this law or other law have the right to sell or advise investors regarding investments in securities funds, duties to provide key information to their customers. Prevalence company duties on request to provide key information to others who sell or provide advice regarding the securities fund, and to suppliers of products where the securities fund is part.

(4) The Ministry of Justice can in regulation give closer rules about the terms of providing key information on other durable media than paper or through a website that is not a lasting medium.

Part Article SECTION 8-5. Language

(1) Information and information to be given to investors or authorities after regulations in or in co-law shall be given on Norwegian unless the ministry of regulation or the SEC by individual ordinance determines something else.

Part Article SECTION 8-6. Reporting-liked to central database

(1) The Ministry of Law may in regulation determine rules on the management of the Company's duty to provide information on the securities fund to the information arrangement of financial services.

Part Article SECTION 8-7. Information on landsinventory m.v.

(1) The Andelowners shall period obtain information about their inventory of shares in the fund. The Ministry of Justice can in regulation give closer rules about such information.

Part Article

Chapter 9. Sales and Marketing of Value Paper fund

SECTION 9-1. Sales and redemption of value paper fund shares

(1) In addition to management companies, sales of newly issued shares and redemption of shares can be held by credit institutions, insurance companies and securities companies with permission to provide services as mentioned in the value paper Trade Act Section 2-1 clause 2.

Part Article SECTION 9-2. Marketing of Norwegian UCITS in Other EDS State

(1) Prevalence company that seeks to market Norwegian UCITS in other EDS state shall provide the SEC's message about this. As an attachment to the message, according to the latest version of the fund's ordinance, prospectus and key information, as well as the fund's last year report and any half-spring report. The attachments should be worked out in a language allowed in the host country.

(2) The SEC shall be at the latest 10 business days after complete message has been received, overpassing this and a confirmation that the fund is a UCIS to the person in the host country. The SEC shall immediately inform the management company on the transfer of the Senate. The Prevalence company can start the marketing from this point of time.

(3) The Prevalence Company shall keep up-to-date and translated documents as mentioned in the first clause electronically available.

(4) The Prevalence Company shall give the person authority in the host country message of changes to the documents and enlighten where the documents are electronically available. Changes in how the fund is marketled or changes regarding land-changing classes cannot be carried out until the authority in the host country has received written message about it from the management company.

(5) The Ministry of Justice can in regulation provide filler rules about message and confirmation as mentioned in this paragrafen. By marketing by this paragraph, Section 8-5 does not apply. The Ministry of Justice can in regulation give closer rules about in which language message and confirmation can be designs.

Part Article SECTION 9-3. Marketing of foreign UCIS in Norway

(1) UCTS established in another EDS state can be marketled in Norway after the authority of the fund's homeland has oversubmitted the SEC's message of marketing. The message is to be acknowledged that the fund is an UCITS, and final version of the fund's ordinance, prospectus, key information, last year report and any half-spring report.

(2) The fund shall give message to the SEC about changes to documents as mentioned in the first clause while to be disclosed in which the documents are electronically available. The fund should in addition give written message to the SEC before it is carried out changes in how the fund is markeled or regarding landsclasses.

(3) The fund shall comply with this law do what is necessary in order to make payments to the landseers, insolving shares and provide such information as required in the fund's homeland when it comes to prospectus, key information, years-and part-time reports and the announcement of the Kurser.

(4) Sales in Norway of shares in the value paper fund must happen directly from the head office of the securities fund, through a representation office in Norway or through Management Company with permission after Section 2-1, 3-3 or 3-4, credit institution with the right to drive funding business in Norway, insurance companies with the right to drive insurance business in Norway or securities companies with the right to provide investment services in Norway.

(5) By marketing by this paragraph, Section 8-5 does not apply. The Ministry of Justice can in regulation give closer rules on what language message, confirmation and other documents with subsequent changes can be designs. In addition, it can be determined closer to rules about information alike beyond what follows of this paragrafen.

Part Article SECTION 9-4. Marketing of foreign value paper funds that are not UCISS

(1) Foreign securities fund that is not reselected by EPS rules that respond to Council Directive 2009 /65/EF, can be marketed to non-professional investors in Norway after permission from the SEC. Such permission can be given if :

1.	The trustee of the securities fund has oversubmitted such information to the regulatory authority that the ministry determines in regulation or as the regulatory authority requires,

2.	it has been established satisfactory cooperation on the supervision of the regulatory authorities in the management of the company's homeland and Norway,

3.	The value paper fund and the management of it are subject to reassuring supervision in the homeland,

4.	The value paper fund and the management of it meet the requirements that apply to running the business in the homeland, and these requirements provide investors in Norway protection at least on line with the protection they have at investment in national funds,

5.	The trustee of the securities fund makes what is necessary for here in the realm to be able to make payments to participants, insolving shares and provide the information that the enterprise should be outperforming in accordance with the rules of the homeland, and

6.

sale in Norway of shares in the securities fund is happening through management company with permission after Section 2-1, 3-3 or 3-4, credit institution with the right to drive financing business in Norway, insurance companies with the right to drive insurance business in Norway, securities companies with the right to provide investment services in Norway or trustee of alternative investment funds that have permission to manage the corresponding fund in the home state.

(2) The SEC may set terms for permission after the first clause to secure the protection of investors in Norway. It can be set terms about duty to provide information to investors and authorities and about how sales of shares in Norway should happen.

(3) The SEC may call back permission after the first clause if

1.	requirements in first clause 4, 5 or 6 no longer are met,

2.	terms of the permit are broken,

3.	rules determined in co-hold of Section 9-5 are not honored, or

4.	requirements in Section 8-5 if languages are not upheld.

0	Modified by law 20 June 2014 # 28 (ikr. 1 July 2014 ifg res. 20 June 2014 # 785).

Part Article SECTION 9-5. Prescription Home

(1) The Ministry of Justice can in regulation give closer rules about what counts as sales and marketing, and about how sales and marketing in Norway should happen.

Part Article

Chapter 10. Depotted

SECTION 10-1. Pliked to have despotted receiver

(1) Prevalence Company shall designate a depotted receiver for the fund. The change of the pit receiver requires permission from the SEC.

(2) The value paper fund's funds shall be retained or taken on accounts of a value paper register of one depotted receiver.

(3) The power receiver shall verify that :

1.	dispositions of the fund, herunder trade for the fund, drawing and redemption, are happening in accordance with law, regulation and the fund's ordinance,

2.	The landscape value is calculated in accordance with law, regulation and the fund's ordinance,

3.	transactions for the fund are carried out within ordinary settlement deadlines, and

4.	dividends or other return on the fund's funds are applicable in accordance with law, regulation, and the fund's ordinance.

Part Article SECTION 10-2. Deal with the pit receiver

(1) The relationship between the management company, the securities fund and the depotted receiver shall be regulated by written agreement.

(2) The Ministry of Justice can in regulation give closer rules about the content of the agreement.

Part Article SECTION 10-3. Demands of the dealer

(1) The power recipient shall be the credit institution with the wood-attached home in an EPS state and shall be established in Norway.

(2) The SEC can consent in that a credit institution established in Norway with wood-attached homelocation outside the EES area can be depotted if the institution is subject to reassuring supervision and regulation in the homeland.

(3) The Ministry of Justice may in regulation give closer rules about the requirement of the depots, approval of the management of a depots enterprise and about duty of the enterprise to report changes to the SEC on changes in management. In connection with assessment of the pit receiver for the fund, leading employees will provide ordinary police reference after the police registry law Section 40.

0	Modified by law 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449).

Part Article SECTION 10-4. Instruction from the Management Company

(1) The potter must not comply with instruction from the management company that is in violation of law, regulation or fund's ordinance.

(2) If the pit recipient believes that an instruction from the management company is in violation of law, regulation, or fund's ordinance and the relationship is not fixed within reasonable time, the depotted recipient shall notify the SEC about this.

Part Article

Chapter 11. Replacement, supervision, sentencing regulations

SECTION 11. Replacement

(1) Prevalence Company is responsible for the loss that incurred the fund by neglect in the business prevalence. For the depotted receiver, the equivalent of liability is applicable to the loss that is incurred at neglect in the depotted task.

Part Article SECTION 11-2. Access

(1) The SEC leads supervision of compliance with this law regulations.

Part Article SECTION 11-3. Illumination alike

(1) Prevalence Company shall provide the SEC the information required regarding the company's business. Corresponding applies to the management company associated agents and desporees for as far as the business of this law, the SEC can call together the board of directors of the Management Company and depots and has the right to be represented in election meeting and land-run meeting as mentioned in Section 2-6 and 4-17.

(2) If there is risk management company for value paper funds 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 company shall immediately provide message about this to the SEC.

Part Article SECTION 11-4. Reput on correction

(1) The SEC may provide management company's injunction if the company has not overseen its duties following regulations in law or regulation, or has acted in violation of consession terms. The same is true if the company's organs have not kept the company's or fund ordinance, or own internal guidelines determined by regulations in law or regulation. The arrest can also be provided to prevent future shopping manner that will be in violation of the first and second period.

(2) The SEC can provide management company's injunction if the company's leadership or control does not run meet the requirements of honorable vanes and experience.

(3) First and other clauses apply to the equivalent if the SEC is underdirected by the Regulations of another EDS state that a Norwegian management company has violated rules that apply to the enterprise's business in the person's countries. The SEC should in case inform the authority of the authority of which cuts are issued.

(4) If a stock owner has not issued a message to the SEC after Section 2-5 or has acquired shares in violation of these regulations, the SEC may give the injunction that the voting rights associated with the stock cannot be inunties.

Part Article SECTION 11-5. Recall and the abduction of permission

(1) The election company's permission to drive business falls away if the management company comes under bankruptcy or public chord negotiation.

(2) The SEC can completely or partially call the permit if the Management Company :

1.	do not make use of the permit within twelve months, explicitly waived the permit or has been opored to run business for more than six months,

2.	has been granted the permit by using incorrect information or other irregularities,

3.	no longer meet the terms that were brought for the permit,

4.	do serious or systematic violations of the ordinance for fund as it trustee, or of the provisions given in or in co-law,

5.	makes himself guilty of migrant conditions that give reason to fear that a continuation of the business can harm public interests, or

6.	not descendant cuts given in co-hold of Section 11-4.

(3) When permission to drive value paper fund management, or is called back, the securities fund company will be able to manage the deviation or be transferred to a different management company.

(4) If the permission of a management company that operates business in another EDS state abduction or is called back, the regulatory authority in the host state shall be underfixed.

Part Article SECTION 11-6. Punishment

(1) With fines or imprisonment until 1 year, it is punished as intentional or negligent :

1.

overcomes Section 2-1 first paragraph, Section 2-7, Section 2-7, Section 2-9, Section 4-6, Section 6-1 to 6-9, Section 8-2, Section 8-3, Section 11-1 second clause, Section 11-3, Section 11-4 first, second or fourth clause, Section 12-1 or Section 12-2, or rules or permissions granted in co-hold of mentioned regulations.

2.	rough or repeatedly overcomes Section 2-15.

0	Modified by law 19 June 2015 # 65 (ikr. 1 oct 2015).

Part Article

Chapter 12. The vision of foreign management company with the main seat of another EEDS state mv.

SECTION 12-1. Illumination alike

(1) The SEC can to statistical use impose foreign management companies that run business according to Section 3-3, to make reports about its business.

(2) The SEC may require the information from foreign management company which are deemed necessary to verify that the rules that apply to the business here in the country are overheld.

Part Article SECTION 12-2. Reput on correction mv.

(1) The SEC can provide management company that operates business in accordance with Section 3-3, the injunction of correction, herding the termination of business here in the country, if the business is driven in violation of law or regulation. The SEC can hit measures to prevent new violations if the cuts do not be descendants.

(2) Prior to the injunction, the regulatory authority of the Management Company is to be notified and given the opportunity to hit measures to bring the legiateral relationship with termination.

(3) If necessary to protect the interests of the andelseurs and others receiving services from the Management Company, the SEC can hit necessary measures without such notice as mentioned in other clauses.

(4) If the permission of a management company established in another EDS state recalled, the SEC is going to hit measures to prevent the company from still running business here in the country.

(5) If the SEC provides the injunction of the termination of the Management of Norwegian securities fund, or the management company's permission of the fourth clause shall be the securities fund company trustee here in the country, dismay, or transfer to another management company.

Part Article SECTION 12-3. Access view on marketing of foreign UCISS

(1) The SEC can provide value paper funds that are marketing in accordance with Section 9-3, the injunction on correction if the marketing athlete is in violation of Section 9-3 third or fifth clause.

(2) The SEC may hit necessary measures to protect investors here in the country, herding to prevent future marketing if rules in the securities fund's homeland are not followed. Before measures meet, the value paper fund's home country is being notified.

Part Article SECTION 12-4. Health cooperation

(1) The person authorities in an EDS state can requesters the SEC to cooperate on the exercise of supervision in Norway if this is necessary for the person's control or enforcement. The SEC can conduct the Authority itself, or allow the other country's government to conduct the SEC.

(2) After the advance notice of the SEC, the person in the management of the Company's homeland, in cooperation with the SEC, conduct site control in the branch established in accordance with Section 3-3.

(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 Ministry can provide further rules on probation cooperation and exchange of information between authorities.

Part Article

Chapter 13 Istrontrecation and transition regulations. Changes in other laws

SECTION 13-1. 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 jan 2012 ifg. res. 25 Nov 2011 # 1128, with the exception of Section 8-3 and Section 8-4 that applies from 1 July 2012.

Part Article SECTION 13-2. Changes in other laws

(1) From the time the law applies, the following changes are made in other laws :---

Part Article