Regulations to the securities trading law (securities regulation) Date-2007-06-29-876 Ministry Ministry of finance published in the 2007 booklet 7 entry into force 01.11.2007, 01.01.2008, the Ministry determines the last edited by-2015-09-01-1017 from 01.10.2015 change the FOR-1996-09-26-948, FOR-1996-09-26-950,-1996-10-14-985,-1997-03-18-1053, FOR-1997-11-07-1149, FOR-2002-12-18-1685, FOR-2003-03-07-289,-2003-07-09-954,-2003-11-07-1322, FOR-2005-07-01-783, FOR-2005-07-01-805,-2005-12-09-1422, FOR-2005-12-09-1423, FOR-2005-12-09-1424, FOR-2005-12-09-1425, FOR-2005-12-22-1672, FOR-2006-12-20-1561, FOR-2007-06-08-602, FOR-2006-12-06-1679, FOR-1997-12-15-1307, FOR-2002-12-18-1613, FOR-2005-10-13-1198,-1994-05-02-326,-1994-12-12-1230, 1996-02-14-359, FOR-1997-06-20-1057, FOR-1997-12-10-1388, FOR-1998-12-16-1240, For-1999-05-28-654, FOR-1999-08-23-957,-2000-06-22-632, FOR-2000-08-07-809, FOR-2001-02-27-188, FOR-2002-06-03-515, FOR-2002-07-08-800, FOR-2003-01-06-9,-2003-02-06-139, FOR-2003-05-21-620, FOR-2006-09-15-1067, FOR-2006-12-14-1506, FOR-2006-12-22-1615, FOR-2006-12-22-1616, FOR-2007-01-31-121 applies to Norway Pursuant LAW-1956-12-07-1-§ 4, LAW-2011-11-25-44-§ 1-4, LAW-2007-06-29-74-§ 24, LAW-2007-06-29-75-section 1-3, LAW-2007-06-29-75-section 1-4, LAW-2007-06-29-75-section 2-2, LAW-2007-06-29-75-section 3-2, LAW-2007-06-29-75-section 3-8, LAW-2007-06-29-75-section 3-10, LAW-2007-06-29-75-section 3-11, LAW-2007-06-29-75-section 4-3, LAW-2007-06-29-75-section 4-4, LAW-2007-06-29-75-section 5-4, LAW-2007-06-29-75-section 5-5, LAW-2007-06-29-75-section 5-6, LAW-2007-06-29-75-section 5-7, LAW-2007-06-29-75-section 5-12, LAW-2007-06-29-75-section 6-1, LAW-2007-06-29-75-section 6-10, LAW-2007-06-29-75-section 6-23, LAW-2007-06-29-75-section 7-4 , LAW-2007-06-29-75-section 7-5, LAW-2007-06-29-75-section 7-6, LAW-2007-06-29-75-section 7-8, LAW-2007-06-29-75-section 7-11, LAW-2007-06-29-75-section 7-12, LAW-2007-06-29-75-section 7-13, LAW-2007-06-29-75-section 7-14, LAW-2007-06-29-75-section 7-19, LAW-2007-06-29-75-section 8-2, LAW-2007-06-29-75-section 9-10, LAW-2007-06-29-75-section 9-11, LAW-2007-06-29-75-section 9-12, LAW-2007-06-29-75-section 9-13, LAW-2007-06-29-75-section 9-15a, LAW-2007-06-29-75-section 10-10, LAW-2007-06-29-75-section 10-11, LAW-2007-06-29-75-section 10-12, LAW-2007-06-29-75-section 10-13, LAW-2007-06-29-75-section 10-14, LAW-2007-06-29-75-section 10-16, LAW-2007-06-29-75-section 10-17, LAW-2007-06-29-75-section 10-18, LAW-2007-06-29-75-section 10-19, LAW-2007-06-29-75-section 10-20, LAW-2007-06-29-75-section 11-3, LAW-2007-06-29-75-section 11-4, LAW-2007-06-29-75-section 13-3, LAW-2007-06-29-75-section 15-1, LAW-2007-06-29-75-section 15-2, LAW-2007-06-29-75-section 15-3, LAW-2007-06-29-75-section 15-8 , LAW-2007-06-29-75-section 16-1, LAW-2007-06-29-75-section 17-1, LAW-2014-06-20-28-section 2-2 Announced short title 13.07.2007 Securities Regulation Chapter overview: part 1. Scope and definitions (§ § 1-1-2-1) part 2. General provisions (§ § 3-1-8-2) part 3. Investment firms (§ § 9-1-11-1) part 4. Security statement (section 12-1) part 5. Supervision, sanctions etc. (sections 13-1-15-1)
Part 6. Effective date and changes to other regulations (sections 16-1-17-1) Title: set by the Ministry of finance 29. June 2007 with the legal authority of the Act 7. December 1956 No. 1 about the supervision of financial institutions, etc. (financial supervision) section 4, the Act 25. November 2011 No. 44 about mutual funds (mutual funds Act) § 1-4, law 29. June 2007 No. 74 on regulated markets (Stock Exchange Act) section 24 and law 29. June 2007 No. 75 on securities trading (securities trading Act) § 1-3, section 1-4-2, section 2, section 3-2, section 3-8, section 3-10, section 3-11, § 4-3, section 4-4, section 5-4, section 5-5, section 5-6, section 5-7, section 5-12, section 6-1 fourth paragraph, section 6-10, section 6-23 the second paragraph, section 7-4, § 7-5, 7-6, 7-8, 7-11, 7-12, section 7-13, section 7-14, section 7-19, section 8-2, section 9-10, 9-11, section 9-12, section 9-13, section 9-15a, section 10-10, section 10-11, section 10-12, § 10-13, § 10-14, § 10-16, § 10-17, § 10-18, § 10-19, section 10-20, section 11-3, section 11-4, § 13-3, section 15-1, section 15-2, section 15-3, section 15-8-1, section 16 and section 17-1.
Added legal authority: law 20. June 2014 Nr. 28 on the management of alternative investment fund section 2-2.
EEA EEA referrals: annex IX Nr. 14 (Directive 2006/48/EC), Nr. 29A (Directive 2003/6/EC), Nr. 29ab (Directive 2003/124/EC), Nr. 29ac (Directive 2003/125/EC), Nr. 29b (Directive 2003/71/EC, amended by Directive 2010/73/EC), Nr. 29ba (Regulation (EC) No. 809/2004 as amended by Regulation (EC) no 1787/2006, Regulation (EC) No. 211/2007, Regulation (EC) no 1289/2008, Regulation (EC) No. 311/2012, Regulation (EC) No. 486/2012, Regulation (EC) No. 862/2012 and Regulation (EU) No. 759/2013), Nr. 29f (Directive 2004/72/EC), Nr. 29g (Directive 2004/109/EC), Nr. 30 c (Directive 97/9/EC), Nr. 30ca (Directive 2004/39/EC), Nr. 30cab (Directive 2006/73/EC), Nr. 30cac (Regulation (EC) no 1287/2006), no. 31 (Directive 2006/49/EC), Nr. 31ba (Directive 2004/39/EC, amended by Directive 2006/31/EC and Directive 2007/44/EC), annex XXII No. 10 d (Directive 2004/25/EC).
Changes: modified by regulations 19 Oct 2007 Nr. 1166, 31 Oct 2007 Nr. 1203, 18 Dec 2007 Nr. 1486, 21 Dec 2007 Nr. 1778, 19 Dec 2007 Nr. 1813, 19 Dec 2007 Nr. 1602 jf. 31 Oct 2008 Nr. 1170, March 13, 2009 # 304, 16 March 2009 No. 324, 18 Dec 2009 Nr. 1726, 23 Feb. 2010 No. 235, March 5, 2010 # 309, 29 June 2010 No. 1030, 1 July 2010 No. 1057, June 30, 2010 # 1044, 25 aug 2010 No. 1216, 22 Dec 2010 No. 1817, 16 Dec 2009 Nr. 1556 (as amended by the regulations 9 June 2010 No. 793 and 15 Dec 2010 No. 1692), regulations 19 aug 2011 No. 859, 7 des 2011 No. 1205, 21 Dec 2011 No. 1467, 22 June 2012 No. 634, 20 Feb. 2013 No. 215, May 13, 2013 No. 473, 20 Feb. 2013 No. 215, 14 may 2013 No. 474, 1 July 2013 No. 817, 20 aug 2014 Nr. 1093.22 aug 2014 Nr. 1096, 10 nov 2014 Nr. 1420, 18 des 2014 Nr. 1713, 17 april 2015 Nr. 384, 1 sep 2015 Nr. 1017. Part 1. Scope and definitions Chapter 1. Scope section 1-1. Scope of this regulation provides complementary provisions to the law 29. June 2007 No. 75 on securities trading.

§ 1-2. (Revoked 1 jan 2012 by regulation 21 des 2011 No. 1467.) § 1-3. Securities trading Act apply to investment firms with limited service range (1) investment firms who do not possess the technical means and that solely provides investment advice in relation to corporate acquisitions, business strategy and the like be exempted from the following provisions of the Act and the securities trading regulations given under the legal authority of the following: section 8-4, section 9-14, 9-15, section 9-16, section 9-20, section 10-2 third paragraph No. 1 and 2 and § 10-3.

(2) investment firms referred to in the second paragraph to at the time as mentioned in section 10-10 make a clear statement to potential customers that the company is not subject to the General rules for investment firms. Such companies can not provide services in other EEA Member State under the rules of the securities trading Act section 9-23.

section 1-4. Securities trading Act application for credit institutions (1) investment firm that is the credit institution be exempted from securities trading Act section 9-10 other, fifth and seventh paragraph and this regulation § 9-3 to 9-6.

(2) the investment firm that is the bank, and that only provide investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 1 and no. 5, be exempt from securities trading Act section 9-12 and the regulations laid down pursuant to this provision if the Bank: a) is a member of the banks ' guarantee fund, and b) does not handle clients ' financial instruments or funds, except to convey the settlement.

Chapter 2. Definitions section 2-1. Definition of commodity derivatives, etc.
(1) with the item mentioned in derivatives that the securities trading Act section 2-2 fifth paragraph Nr. 2 refers to: (a) options, futures, swaps, future interest rate agreements and any other derivative contracts with goods as the underlying and that are either to be made up in financial terms or can be made up in financial terms if one of the parties want it.

(b) options, futures, swaps, and any other derivative contracts with goods as the underlying and that can be done up physically, provided that they are traded on a regulated market or a multilateral trading facility.

(c) options, futures, swaps, and any other derivative contracts with goods as the underlying and whose characteristics as other derivative financial instruments, and which can be made up physically, and that do not have commercial purposes, cf. Regulation (EC) No. 1287/2006 article 38 (4). By the assessment of whether or not the contracts has properties that other financial derivatives should among other things be added weight on whether the settlement and clearing is done through recognized clearing houses or are subject to regular margin requirements, cf. Regulation (EC) No. 1287/2006 article 38 (1).

(2) with the items mentioned in the fixed assets refers to Regulation (EC) No. 1287/2006 article 2 (1).

(3) with other instruments as mentioned in the securities trading Act section 2-2 fifth paragraph Nr. 5 means: (a) options, futures, swaps, future interest rate agreements and any other derivative contracts with climate variations, freight rates, emission permits, the inflation rate or other official economic statistics as the underlying and that are either to be done up financially, or can be made up in financial terms if one of the parties want it.

(b) All other derivative contracts with fixed assets, rights, obligations, indices or units of measurement as the underlying and which has properties that other financial derivatives. By the assessment of whether or not the contracts has properties that other financial derivatives should among other things be added weight on whether the contracts are traded on a regulated market or a multilateral trading facility, about the settlement and clearing is done through recognized clearing houses or are subject to regular margin requirements, cf. Regulation (EC) No. 1287/2006 article 38 (3) and (4) 38.

Part 2. General provisions Chapter 3. General behavioural regulations. Market manipulation section 3-1. Scope of the provisions of this paragraph (1) in this paragraph be given closer to the rules on market manipulation and the reporting of suspicious transactions.


(2) section 3-2 applies to financial instruments that are or will be searched listed on a regulated market in Norway. § 3-2 applies to actions undertaken in Norway in relation to the financial instruments that are or will be searched listed on a regulated market in another EEA State.

(3) section 3-4 applies to investment firms and credit institutions, including these enterprises ' employees.

section 3-2. Market manipulation (1) in the assessment of whether the trade orders or transactions constitutes market manipulation after the securities trading Act section 3-8 the second paragraph Nr. 1, to include the following elements be taken into account: (a) if or to what extent trade orders or transactions make up a significant proportion of the daily turnover volume in the relevant financial instrument on the regulated market, in particular where these orders or transactions involves a significant change in the price of the financial instrument, (b) if or to what extent trade orders or transactions undertaken by persons with significant purchase or sales position leads to a significant change in the price of a financial instrument , associated derivatives or underlying assets that are listed on a regulated market, (c) whether transactions does not cause real changed the ownership of a financial instrument that is listed on a regulated market, (d) if or to what extent trade orders or transactions include the reversal of positions within a short span of time and make up a significant proportion of the daily trading volume to the relevant financial instrument on the regulated market , and these orders or transactions may be associated with significant changes in the price of a financial instrument that is listed on a regulated market, (e) if or to what extent trade orders be given or transactions taking place within a short time span in the trading period and involves a course change that at a later time be reversed, (f) if or to what extent trade orders change the best purchase or sales price of a financial instrument that is listed on a regulated market , or more generally changes the order book information available to market participants, and the orders will be canceled before they are carried out, and (g) if or to what extent trade orders must be filed or transactions conducted on or around a specific time when reference prices, settlement prices or value calculations are made and this involves a course change that has an impact on such rates or calculations.

(2) in considering whether the trade orders or transactions constitutes market manipulation after the securities trading Act section 3-8 the second paragraph Nr. 2, among other things, the following elements be taken into account: (a) whether a person or his close associates have widespread incorrect or misleading information about a financial instrument before or after he or she has filed trade orders or conducted transactions in the financial instrument, and (b) whether a person or his close associates have produced or distributed an investment recommendation on a financial instrument before or after he or she has filed trade orders or conducted transactions and (c) investment recommendation is erroneous, tendentious or demonstrably influenced by significant interests.

section 3-3. Accepted market practices in the assessment of what is to be considered as accepted market practice to Finance the authority, among other things, consider the following factors: (a) the extent to which the relevant market practice is known to all market players, (b) the need to ensure the market's function, including well functioning market forces and a proper interaction between supply and demand, (c) the extent to which the relevant market practice has an impact on market liquidity and efficiency , (d) the extent to which the relevant market practice is customized trading mechanisms on the relevant market and enables market participants to react in a suitable and timely manner to the new market conditions that the current market practices, (e) the extent to which the relevant market practice poses a risk to the integrity of, directly or indirectly related markets in the European economic area, (f) the result of the investigation of the relevant market practice that is taken by the competent authorities of the European economic area , particularly with regard to market practice is in violation of the laws or regulations about market abuse or rules of conduct, and (g) the relevant market's structural character, including whether the market is regulated or not, the financial instruments that are traded and which market participants acting in the market.

section 3-4. Requirements for the contents of the message after the securities trading Act section 3-11 (1) message for the securities trading Act section 3-11 shall include: (a) the description of the transaction, including the type of order and the type of trade, (b) information about the background of the reportable suspect insider trading or market manipulation, (c) information about the identity of the person the transaction undertaken on behalf of and any other parties to the transaction, (d) information on the reportable acting for their own or foreign Bill and (e) all other information that may be relevant when evaluating the transaction that the suspicion about insider trading or market manipulation relating to.

(2) if not all the information mentioned in the first paragraph is available on the reporting point, should it in the message at the very least be specified the reasons why he or she has suspected that the transaction could constitute insider trading or market manipulation. All other information mentioned in the first paragraph shall ettersendes the financial audit as soon as they are available.

(3) the Message after the securities trading Act section 3-11 can be given Financial authority by mail, fax, phone, or in any other way as financial authority determines. The financial authority may require that the information given by telephone is followed by a written message.

II. Investment recommendations section 3-5. The scope of the provisions of this paragraph (1) the provisions of this section apply to any person who on the business-like basis working out or provide investment recommendations concerning financial instruments or issuers of such, and that is intended for a distribution channel, or the general public. For investment firms that working out investment recommendations apply in addition the rules in section 9-23 to § 9-28.

(2) the rules in section 3-9 the first and the second paragraph and section 3-11 the first and the second paragraph only applies to the investment recommendations that are developed by people who have as their main business to develop such recommendations.

(3) the rules in section 3-9, third paragraph and section 3-11 third and fourth paragraph concerns only investment recommendations prepared by an investment firm or a credit institution.

(4) the provisions of this paragraph do not apply to investment advice as mentioned in the securities trading Act section 2-4, unless it is likely that this recommendation will be distributed or disclosed to the public and thereby be considered as an investment recommendation after the first paragraph.

(5) the provisions of this paragraph do not apply to the press that is subject to the satisfaction of self regulation.

§ 3-6. Definitions of key concepts in this paragraph (1) with the person meant a physical or legal person.

(2) with the investment recommendation is meant an analysis, report, article or other form of written or oral information that recommend or suggest an investment or investment strategy.

(3) with the information that recommend or suggest an investment or investment strategy means: (a) if the information is prepared by the person who has as its main business to prepare investment recommendations: information that directly or indirectly, expresses a particular investment recommendation concerning one or several financial instruments or the issuers of a such, for example, information that provides instructions on the financial instrument's current or future value or price , (b) if the information is prepared by individuals other than those covered by the letter a: information that directly expresses a particular investment recommendation pertaining to one or more financial instruments, such as a recommendation to buy, sell or keep a financial instrument.

(4) with the person that has as its main business to prepare investment recommendations will mean: (a) the independent analyst, (b) investment firms, (c) the credit institution, (d) any other person that has as its main business to prepare investment recommendations, and (e) the physical person working for the person who mentioned in the letter a to d in the affiliation or otherwise.

(5) with the issuer the issuer of the financial instruments means that an investment recommendation directly or indirectly apply.

(6) with the financial instruments covered by the instruments means securities trading Act section 2-2.

(7) with the distribution channel will mean a channel where the information is or is liable to be known or available for a large number of people.

(8) with related legal person means legal person covered by the securities trading Act section 2-5 No. 3 through 5.

(9) with investment banking will mean investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 6 and associated services as mentioned in the securities trading Act section 2-1 the second paragraph Nr. 3 and 6.

(10) with that of working out an investment recommendation means the natural persons that working out the recommendation, as well as the legal persons that are responsible for the preparation.

(11) with the one that conveys a recommendation refers to the physical and legal persons as at your own risk provides a recommendation prepared by third parties.


§ 3-7. Information about the working out an investment recommendation it as working out an investment recommendation should ensure that the code of practice in a clear and obvious way signify the name and job title to the natural persons who have prepared investment recommendation, as well as the identity of the legal persons that are responsible for the preparation.

section 3-8. General requirements for investment recommendations (1) the working out an investment recommendation shall exercise due care so that: (a) the facts clearly distinguished from interpretations, reviews, opinions and other non-actual information, (b) all sources are considered reliable, and that any doubt about the reliability of a source clearly arising, (c) all projections, course objectives and price estimates clearly be specified as such, and that not-inconsiderable assumptions for these clearly arising and (d) the recommendation appears to be reasonable and justifiable.

(2) the that has prepared an investment recommendation shall at the request of the financial supervision could state that the code of practice is reasonable and justifiable.

§ 3-9. Additional requirements to the investment recommendations prepared by the person who has this as the main business (1) if the working out an investment recommendation is a person that has as its main business to prepare investment recommendations to it, in addition to the requirements imposed by section 3-8, be exercised due care so that the following be described clearly in the investment recommendation: (a) all major sources, including the relevant issuer, as well as whether the recommendation has been made known to the issuer, and whether it was changed after this , (b) the basis and methods for the valuation and pricing of a financial instrument or an issuer, including determination of the course objectives, (c) the importance of the content of the investment recommendations provided, such as buy, sell or hold, including the time horizon of the investment that the recommendation is concerned, (d) risk related to the recommendation, including an analysis of the relevant assumptions that underlie the recommendation, (e) the frequency of any scheduled updates of the recommendation and any major changes to the previously announced guidelines for the coverage of the financial the instrument or the issuer, (f) the date of preparation and the presentation of the recommendation, as well as the date and time of a possibly mentioned courses on a financial instrument, (g) any changes in the investment recommendation in relation to the earlier investment recommendations on the same securities or issuer which has been prepared in the course of the twelve previous months, as well as the date of the earlier recommendation.

(2) if the working out an investment recommendation is a person that has as its main business to prepare investment recommendations, it should in the recommendation clearly referred to any relevant industry standards or other self regulation.

(3) investment firms and credit institutions shall be by the preparation of investment recommendations ensure that it clearly arising of the recommendation the supervisory authority that oversees the enterprise.

section 3-10. General requirements for information on conflicts of interest (1) Whoever prepares a investment recommendation shall clearly state whether the recommendation in any relationship as with reasonable cause can be expected to influence its objectivity.

(2) it shall always be given information in accordance with the first paragraph if any of the following conditions are true: (a) that the draft investment code of practice has a non-negligible share ownership or other financial interest in one or more of the financial instruments that this recommendation is, (b) that there exists a non-trivial conflict of interest between the working out investment recommendation and issue of one or more of the financial instruments that this recommendation is.

(3) If a legal person is responsible for the preparation of an investment recommendation to it in accordance with the first paragraph always be informed: (a) own and related legal people's interests or conflicts of interest as with reasonable cause can be expected to be known for the natural persons who take part in the preparation of the investment recommendation, and (b) own and related legal people's interests or conflicts of interest that are known for the natural persons who have not participated in the preparation of the investment recommendation , provided that these people with reasonable cause can be expected to have had access to the recommendation before it was distributed or widely known.

(4) the provision here involves no obligation to break the effective informasjonssperrer that are established to avoid conflicts of interest between company departments.

section 3-11. Additional requirements for information about conflicts of interest for the person whose main business preparing investment recommendations (1) if the working out an investment recommendation is a person that has as its main business to prepare investment recommendations, should at the very least the following described clearly in an investment recommendation in addition to what follows from section 3-10: (a) own and related legal person's ownership of shares in the issuer , if ownership exceeds 1/20 of the share capital, or with reasonable grounds can be expected to affect the objectivity, anbefalingens (b) the issuer's ownership of shares in it as working out investment recommendation or in related legal persons, if ownership exceeds 1/20 of the share capital, or with reasonable grounds can be expected to affect the objectivity, anbefalingens (c) other non-insignificant financial interest as that working out investment recommendation or related legal persons in relation to the issuer , (d) if applicable, that the working out investment recommendation or related legal persons is the market maker or liquidity guarantor in the appropriate financial instruments, (e) if applicable, that the working out investment recommendation or related legal persons has been the facilitator or medtilrettelegger in relation to financial instruments issued by the relevant issuer the entity over the last twelve months, (f) if applicable, that the working out investment recommendation or related legal persons have rendered the investment banking service to the issuer of the relevant financial instruments in the course of the last twelve months, as long as such enlightenment will not obvious business or operational secrets, and (g) if applicable, the person or its close associates by agreement to prepare a recommendation for the issuer.

(2) in addition to what follows of the first paragraph, it should be given information about the organizational and administrative measures that are introduced with the purpose to prevent conflicts of interest, including whether established informasjonssperrer. The first paragraph involves no obligation to break the effective informasjonssperrer that are established to avoid conflicts of interest between company departments.

(3) investment firms and credit institutions shall be by the preparation of an investment recommendation ensure that information about how far the pay, free of or bonus schemes to the physical and legal persons who work with the recommendation is linked to the investment banking services rendered by investment firm, credit institution or their related legal persons. If it is that working out an investment recommendation has received or acquired shares of the issuer in advance of a public offer, it should in addition be informed about this, including the date and price for the acquired.

(4) investment firms and credit institutions to quarterly the proportion of publicizing made investment recommendations that belong to the category buy, sell, hold, or equivalent, as well as the proportion of issuers corresponding to each of these categories as the investment firm or the credit institution has supplied non-negligible investment banking services to over the course of the last twelve months.

§ 3-12. Investment recommendations of limited scope to the extent that fulfilment of the requirements of § 3-9 to § 3-11 not in a reasonable relation to the proposed investment anbefalingens length, it is sufficient that the recommendation clearly refers to a place where the public easy and direct can get access to the necessary information, for example, to the home page of the person responsible for the preparation of the investment recommendation.

section 3-13. Investment recommendations that will be given if an oral investment recommendation is given orally, it is sufficient to meet the requirements in section 3-7 of section 3-11 that in connection with the production of the recommendation clearly referred to a place where the public easy and direct can get access to the necessary information, for example, to the home page of the person responsible for the preparation of the investment recommendation.

section 3-14. General requirements for dissemination of investment recommendations (1) the one that conveys an investment recommendation through the distribution channel or to the general public, to make sure that the name and job title, if any, clearly stated in the recommendation.

(2) the one that conveys an investment recommendation and that changes the recommendation on a non-immaterial manner, shall clearly specify what changes are made. If a change referred to in the first sentence consists in a change of investment anbefalingens direction, such as the change of a purchase recommendation to a sales-or hold recommendation or vice versa, the forskriftens section 3-7 of section 3-10 equivalent.


(3) legal persons that conveys an investment recommendation changed on the not-inconsiderable points, to have written guidelines to ensure that the recipient of the recommendation can make themselves familiar with the identity of the that has prepared the recommendation, the original recommendation and information about your interests and conflicts of interest at the who prepared the recommendation, provided that this information is publicly available.

(4) the one that conveys the summary of an investment recommendation, shall ensure that the summary is clear and not misleading. The summary should indicate where the recommendation is available, as well as where there is information about the interests and conflicts of interest at the who prepared the recommendation, so long as these are not stated in the recommendation and that this information is publicly available.

section 3-15. Additional requirements for investment firms, credit institutions and people working for such companies as well as that which follows from section 3-14, to investment firms and credit institutions, and natural persons who, according to the agreement, working for such companies, at least make sure that: (a) the name of the relevant supervisory authority stated in the investment recommendation, (b) the requirements of section 3-11 are met, unless the that has prepared investment recommendation has already submitted it through a distribution channel or to the general public and (c) the requirements of section 3-7 of section 3-10 are met, if the investment recommendation has been changed on the not-inconsiderable points.

Chapter 4. Flag duty section 4-1. Requirements for the message (1) message as mentioned in the securities trading Act § 4-3 first paragraph should include information on: (a) the name of the issuer of the shares, (b) the date when the percentage reached up to, exceeded or fallen below the limits set out in the securities trading Act § 4-3 first paragraph, (c) the name of the flag, including a mandatory name for the shareholder, (d) the number of shares the message includes, (e) the subsequent situation in terms of voting rights , including the percentage of the shares and votes in the company he or she holds, (f) the percentage of the shares and votes in the company he or she holds in the form of rights to the shares, (g) omstendigheten that triggered flag duty, and whether this applied to the person themselves or close associates as mentioned in the securities trading Act section 2-5, (h) the chain of controlled undertakings the shares or rights are owned through, and (i) if the message is about rights to shares as mentioned in the securities trading Act § 4-3 fourth paragraph In addition, the message shall contain a description of the rights, including information about at what point the rights will or can be exercised and the time they are due.

(2) if the obligation to notify under this section is incumbent on multiple people, it sent a private message. The use of private message does not exempt the individual person from responsibility for the securities trading Act § 4-3 and this provision.

(3) granting and back Flagging call of powers can be done in a message as long as the authorization only applies for the first upcoming general Assembly and this is specified in the message.

§ 4-2. Voting rights of the shares of foreign issuers with Norway as home state just as with shares and rights to shares as mentioned in the securities trading Act § 4-3 the first paragraph is considered in addition to the voting rights of the shares as stated in the securities trading Act § 4-3 the second paragraph, voting rights that can be exercised by other forms of voting rights attached to the transfers shares of foreign issuers with Norway as home State.

section 4-3. Another circumstance that other circumstances for the securities trading Act § 4-3 the first paragraph is considered (a) the entering into or termination of the agreement for financial security, (b) the assignment or revocation of power of Attorney, (c) the making of the agreement after the public limited companies Act § 4-2 second paragraph, (d) the establishment or dissolution of the corporate relationship after the securities trading Act section 2-5 No. 3, (e) the making or the dissolution of committed relationship after the securities trading Act section 2-5 No. 5, (f) corporate events that change the voting rights distribution, (g) the conclusion or termination of the agreement for the transfer of voting rights as mentioned in section 4-2.

§ 4-4. Exception for cash acquired for certain purposes (1) securities trading Act § 4-3 will not apply to: (a) shares and rights to shares that solely be acquired to ensure the liquidation of settlement within a period of three business days after the trade is made, or (b) shares or rights to shares acquired or disposed of by the price set, if the shares or rights when up to exceeds or falls below 5% limit, provided that the cost does not affect management of the proposing company or performer of pressure on the company to get this to acquire the shares or rights or under the support heading.

(2) the shares or rights to shares in the trading portfolio to an investment firm or credit institution shall not be included in the institution's inventory as long as this is not athlete voice or otherwise the dishes using these to influence the management of the company, and the shares or rights to shares in the trading portfolio separately does not exceed the 5% limit.

(3) price set that is all shares or rights to shares of an issuer with Norway as the home State shall without undue delay notify the Financial authority if he or she would like to take exception to in the first paragraph, LITRA b. Price controller to educate people on what issuers this applies. Corresponding message will be given upon termination of the price the job task.

§ 4-5. Exception from consolidation requirements for foreign management company and the investment firms (1) the obligation of consolidation by the securities trading Act § 4-3 fifth paragraph jf. § 2-5 No. 3, does not apply to the stock to investment firms and the management company from another EEA country than Norway, which dealt with in Directive 2004/109/EC art. 12 (4) the first paragraph and art. 12 (5) first paragraph, on the terms and conditions that placed in the said directive art. 12 (4) and (5), as well as Directive 2007/14/EC art. 10. (2) For cash to the investment firm and management company who are from countries outside the EEA, the exception in the first paragraph accordingly if the entity meets the requirements of Directive 2004/109/EC art. 23 (6), as well as Directive 2007/14/EC art. 23. section 4-6. Manages registered shares in foreign issuers with Norway as the home State (1) anyone who on behalf of others in the own name possesses shares issued by foreign corporations with Norway as home State, to deal with flag provisions of the securities trading Act Chapter 4 and the regulations here as if that person was the owner of the shares. The first sentence does not change the stock owner's duty to flag their own charge.

(2) the first paragraph first and second sentence, does not apply to shares that be possessed as part of Manager registration, provided that the Manager can only exercise voting rights for further instructions from the shareholders, and this is in writing or electronically.

section 4-7. Equity provisions of evidence chapter here also applies to equity and rights to evidence because the Fund evidence.

Chapter 5. Ongoing and periodic information duty, publication, etc.

In the Ongoing information section. duty 5-1. Deferred deferred publication the publication after the securities trading Act section 5-3 to the relevant regulated market unsolicited and immediately given the message about the relationship, including whether the reason for the postponement.

II. Periodic information duty section 5-2. Statement by responsible persons For the Norwegian authorities to the Board's members and the General Manager make the Declaration after the securities trading Act section 5-5 the second paragraph Nr. 3 and § 5-6 second paragraph Nr. 3. section 5-3. Information about transactions with close associates (1) the second paragraph applies to stock issuer that is required to produce the consolidated financial statements for the accounting Act § 3-9 the first and the second paragraph, after national legislation implementing Regulation (EC) No. 1606/2002 or equivalent rules in countries outside the EEA.

(2) If significant transactions with related parties, as defined in the international accounting standards pursuant to the accounting Act § 3-9, it should in the half-year report for the securities trading Act section 5-6 fourth paragraph at least be informed: (a) close to the stand ' transactions carried out in the first six months of the current fiscal year, and which have had significant impact on the company's financial position or results of the period, and (b) any changes in the near stand ' transactions described in last year's report that may have a material impact on the company's financial position or results in the period.

(3) For share issuers which are not required to prepare consolidated accounts, the annual report shall at least half contain information about the transactions as referred to in Directive 78/660/EC art. 43 (1) (7b) to close associates as defined in the international accounting standard for information on related parties.

§ 5-4. Half-year accounts for the issuer that are not obliged to prepare consolidated financial statements (1) half-year accounts for the issuer that are not obliged to prepare consolidated accounts, shall meet the requirements of the provision here.

(2) The summarized balance sheet and income statement to show the individual headings and subtotals that are included in the most recent annual financial statements of the issuer. Additional records will be included if the omission of these causes the half-year financial statements do not give a true and fair view of the assets, liabilities, financial position and earnings of the issuer. In addition, it should be given comparable information on balance sheet and profit and loss statements for the same period the previous fiscal year.


(3) The explanatory notes should contain sufficient information to that half-year financial statements are comparable with the annual accounts. The sheet music to further ensure that a user gets a correct understanding of the essentials of the beløpsmessige changes and developments in the current period, which is reflected in the balance sheet and income statement.

(4) half-year accounts will contain information about the operating revenues and operating profit distributed on the areas and for the same periods of the previous year. The numbers should, if necessary, reworked to be comparable.

(5) half-year accounts to contain information that is of significant importance for a review of the company's financial situation. The company shall state whether all the special factors that have had an impact on the business and the results in the current period, including seasonal and what effect these have on the half-year result.

section 5-5. Quarterly report for share issuers (1) the issuer of the shares shall pay quarterly report in accordance with the requirements for interim financial reporting in the international accounting standards as these are conducted in Norwegian right according to the accounting Act § 3-9 for the four quarters of the fiscal year. Quarterly report for the second quarter make up too, with the additional requirements arising from the securities trading Act section 5-6, issued half-year report.

(2) the issuer is obliged to prepare consolidated financial statements for the accounting Act § 3-9 the first and the second paragraph, after national legislation implementing Regulation (EC) No. 1606/2002 or equivalent rules in countries outside the EEA, shall be by application development quarterly report use the international accounting standard for interim financial reporting.

(3) if the issuer is not obliged to prepare consolidated financial statements, quarterly report shall at least contain summarized balance sheet and summarized income statement with explanatory notes. By the preparation of the quarterly report to issue requirements to utilize the same principle apply to recognition and measurement that in preparing the financial statements. § 5-4 also applies to quarterly report to issuers that are not obliged to prepare consolidated financial statements.

(4) it is the responsibility the audit report or statement about the limited revision to the quarterly report, should this be made public along with the quarterly report. It is not the responsibility audit report or statement about the limited revision to the quarterly report, it should clearly be disclosed in the quarterly report.

(5) the quarterly report shall be made public after the securities trading Act section 5-12 as quickly as possible and no later than two months after the quarterly period's output. The securities trading Act section 5-12 the second paragraph also applies to quarterly report. The issuer shall ensure that the quarterly report will remain public in at least five years.

section 5-6. Exception to the half-year reporting (1) Issuers founded before 1. July 2005 (the effective time of the Directive 2003/71/EC) that only have debt instruments guaranteed by the Norwegian State listed on the regulated market, are exempt from the securities trading Act section 5-6.

(2) the financial supervision can make exceptions to the securities trading Act section 5-6 for issuers founded before the effective time of the prospectus directive that only have debt instruments guaranteed by the Norwegian municipality or County Council listed on a regulated market.

section 5-7. Issuers from countries outside the EUROPEAN ECONOMIC AREA with Norway as the home State (1) the financial supervision can by individual decisions determine that issuers from countries outside the EEA, with Norway as the home State shall be deemed to meet the requirements mentioned in the securities trading act: a) section 5-5 the second paragraph Nr. 2 If the issuer according to tredjelandets legislation must meet similar requirements as specified in the Directive 2007/14/EC art. 13, b) § 5-6 fourth paragraph if the issuer according to tredjelandets legislation must meet similar requirements as specified in the Commission Directive 2007/14/EC art. 14, c) section 5-5 the second paragraph Nr. 3 and § 5-6 second paragraph Nr. 3 If the issuer according to tredjelandets legislation must meet similar requirements as specified in the Directive 2007/14/EC art. 15, d) section 5-5, third paragraph, first and second sentence if the issuer according to tredjelandets legislation must meet similar requirements as specified in the Directive 2007/14/EC art. 17, e) section 5-5, third paragraph, third sentence if the issuer according to tredjelandets legislation must meet similar requirements as specified in the Directive 2007/14/EC art. 18. (2) the securities trading Act section 5-8a also applies to issuers from countries outside the EUROPEAN ECONOMIC AREA with Norway as home State. Financial audit can by individual decisions determine that such authorities shall be deemed to meet the requirements mentioned in the securities law section 5-8a if the issuer according to tredjelandets legislation must meet similar requirements as specified in the Directive 2004/25/EC article 10.

(3) Fiscal law § 3-3b also applies to issuers outside the EUROPEAN ECONOMIC AREA with Norway as home State. A regulated market can exempt issuers from countries outside the EUROPEAN ECONOMIC AREA with Norway as home State from the obligation after the first sentence, if the issuer is covered by an equal requirements for home country's law or according to the listing criteria to an authorized market place outside the EEA where the issuer's securities are also listed. The annual report shall, in the case contain information about where the review are publicly available. A foreign claim is not considered in any case for the equal with the accounting Act § 3-3b if it does not include a consistency check corresponding accountant law § 5-1 the first paragraph.

section 5-8. Equity provisions of evidence chapter here also applies to equity evidence.

section 5-9. Requirements for disclosure of information for the securities trading Act (1) disclosure of information after the securities trading Act section 5-12 shall as far as possible take place at the same time in Norway and other EEA countries.

(2) the Information referred to in the first paragraph shall be made public through the media that can reasonably be expected to ensure that the information reaches out to the public in the whole of the EEA.

(3) annual and interim reports, as mentioned in the securities trading Act section 5-5 and § 5-6 and in the regulations laid down pursuant to these provisions, can be made public through the media by the message on the internet site the information is available. It must be specified in the message a different Web page than the website of the relevant regulated market where information for the securities trading Act section 5-12 the first paragraph should be sent for storage.

(4) the issuer shall ensure that the information referred to in the first paragraph are sent to the media in a way that ensures communications security, minimizes the risk of data interference and unauthorized access, and providing certainty in relation to the source of the information.

(5) the information mentioned in the first paragraph shall be sent to the media in a way that clearly identifies the issuer, what information is concerned, as well as the time and date of transmission. Moreover, it clearly specified that the information is information obliged after the securities trading Act section 5-12.

(6) the issuer shall at the request of the financial supervision could provide the following information: (a) the names of the people who sent the information to the media, (b) confirmation that the security requirements in the fourth paragraph is taken care of, (c) the time and date the information was sent to the media, (d) the media information was sent through and (e) any restrictions as the issuer has submitted on the information.

section 5-10. The publication of the choice of home State in cases where the issuer has chosen Norway as home State, cf. the securities trading Act section 5-4 fourth paragraph, will the choice be made public in the same way as mentioned in the securities trading Act section 5-12.

section 5-11. Other recognized accounting principles corresponding IFRS (1) the following accounting standards are considered to be in accordance with international accounting standards adopted in accordance with Regulation (EC) No. 1606/2002, for the preparation of the annual report, half-year financial statements and quarterly financial statements: a) IFRS, if the notes to the financial statements contain an explicit and unreserved statement that they meet the international accounting standards in accordance with IAS 1 "presentation of financial statements", or b) Japan's accepted accounting principles (GAAP), or c) the U.S. accepted accounting principles (GAAP).

d) China's accepted accounting principles (GAAP), e) Canada's accepted accounting principles (GAAP), f) South Korea accepted accounting principles (GAAP).

(2) the EEA Agreement annex IX Nr. 29e (Regulation (EC) no 1569/2007 and Regulation (EU) No. 310/2012) on the introduction of a scheme for the determination of equivalence of accounting standards applied by the issuers of securities in terms of third States that regulations with the customizations that follow from the annex, Protocol 1 to the agreement and the agreement by the way.

Chapter 6. Request for duty and volunteer offers by acquisition. Requirements for security at the fremsettelse of compulsory quotations section 6-1. Requirements to the guarantor the guarantee for the settlement in connection with the mandatory offer can only be set by the financial institution who is given access to doing business in Norway. The guarantor may not be company in the same group as a provider.

§ 6-2. Even debtor warranty (1) warranty shall be a debtor even guarantee, or a guarantee which provides equivalent or better security for the settlement. Warranty shall be for the benefit of the shareholders who accept the offer will be obliged and posed as security for proper settlement.

(2) a shareholder who has accepted in whole or part settlement in other than cash, to be able to claim the cash settlement under warranty based on the cash option offers a duty to give, if the agreed settlement does not take place.

(3) Security policy can be cast on the Norwegian, Danish, Swedish or English. If English is used, the statement nevertheless contain the Norwegian the phrase "even debtor warranty".

section 6-3. Guarantee amount

(1) the amount of the minimum Guarantee should be equal to the amount obtained by multiplying the total number of shares in the company covered by the offer with the quoted price. To the amount then arising, added an amount equal to interest on arrears in the four weeks of the amount, cf. law 17. December 1976 No. 100 payment will be late, and more With the quoted price is meant in those cases where it also be given offers of settlement in other than money, the cash option offers is obliged to provide.

(2) if the company is considering to apply for down the writing of the guarantee when the quotation period expires, it should be stated about this in the warranty statement.

section 6-4. Norwegian right warranty shall be governed by Norwegian law, and this shall be disclosed in the warranty statement.

section 6-5. More guarantors Total guarantee amount can be divided in one or more financial institutions. Requirements shall in such case could be brought against optional guarantor with fristavbrytende effect to all guarantors, which should be disclosed in the offer document and the security policy. In the guarantee statement or quotation document may still be requested that claims directed to a certain of the underwriters who will conduct the practical coordination of incoming claims.

section 6-6. Deadlines and warranty period warranty shall be given no later than at the same time with the fremsettelse of the offer and be current in the offer period, the assessment period and for a period of four weeks from the settlement deadline. Requirements to be able to be made the current under the warranty for four weeks from the settlement deadline. In cases where the offer period after the quotation document can be extended by offers, it shall be disclosed in the warranty statement that the deadline for making of claims under the warranty will automatically be extended accordingly.

section 6-7. Authentication Security text to be approved by the supply authority and must contain a precise statement of the guarantor, offers, name of the company that has issued shares, dated quotation document, the terms and conditions in order to claim the current under warranty and the requirements, if any, are set to documentation, input location for claims under warranty stating the mail and visiting address, deadline for notification of claims under the warranty stating the date and time. If the claims under warranty must be made in writing or in the case of other formkrav, these must be specified explicitly.

section 6-8. Publishing in quotation document copy of the guarantee statement shall be taken in the quotation document.

section 6-9. Transmittal of the security declaration to quotation authority Original warranty statement or confirmation from the guarantor to be sent promotional authority prior to the issue of the quotation document.

section 6-10. Down the writing of warranty (1) the supply authority after application can accept the reduction of the guarantee with the following amounts: (a) the amount finally paid for shares purchased under the offer, including a similar share of the amounts allocated for delay interest, based on information about how many stocks that are accepted under the offer handed over (b) the amount finally paid for shares purchased in the offer documented outside of the offer period, including a similar share of the amounts allocated for delay interest and (c) the amount equal to the number of shares the absence of acceptance of , including a similar share of the amounts allocated for delay interest, yet so that it remains a margin for any disputed or unclear accept for approximately 10% of this amount. In particular cases the margin can be set lower. Request for writing down for that part of the warranty which includes shares there is no acceptance, can be submitted no earlier than two days after the acceptance period.

(2) Reduction assumes that the quotation can be found satisfactory the authority information documented and that the remaining amount of guarantee will give satisfactory security.

(3) of the application at least the following must be stated: a) the number of acceptances received b) any shares purchased outside the offer c) the amount the guarantee sought recorded for, calculated according to the first paragraph of the letter a) to c) d) a statement showing the total accepted stocks e) delay interest for 4 weeks calculated on the total outstanding on the warranty after the writing down and f) a specification of any rejected or contested accept.

In addition, it lodged copy of screen printing from the Norwegian central securities depository showing the status of the number of shares accepted per the date down writing to be effective. The information will be confirmed by the financial institution that supervises the settlement under the offer.

(4) original security statement is returned by the supply authority against the disclosure of the new declaration based on the written down amount of guarantee.

(5) the quotation with authorization in the authority can the securities trading Act section 6-15 require fee of offers to cover expenses when processing of application for writing down of the guarantee amount.

II. Request for duty by the acquisition of rights or other interests related to the shares section 6-11. Request for duty by real acquisition (1) if the acquisition of the right to become the owner of the shares must be considered real acquisition of the shares, the stock exchange impose the quotation the duty that through such an acquisition gets the right to become the owner of shares that together with his or her remaining shares represent more than 1/3 of the votes in a publicly traded company.

III. Takeover bids with relation to the several States section 6-12. Introductory provisions (1) in this regulation be given closer to the rules on takeover bids, as mentioned in the securities trading Act section 6-23.

(2) with "quotation" means the authority here quote the authority as defined in the securities trading Act section 6-4.

(3) with the "quote" is meant here offers that fall under the securities trading Law Chapter 6.

section 6-13. Scope and quote the Authority (1) if the company with registered office in Norway are listed on the regulated market in Norway, supervision of the offer of the Norwegian authority for quotation. Securities trading Act applicable to such offers.

(2) if the company with registered office in Norway are not listed on the regulated market in Norway, but is listed on the regulated market in another EEA State, supervision of the provision of promotional authority of the State in which the regulated market as the company is listed on the lies, unless otherwise follows from § 6-14 the first paragraph.

(3) the first paragraph applies, unless otherwise follows from § 6-14 the second paragraph, the equivalent for offers of acquisition of: 1. company with registered office in the EEA State other than Norway, if stocks or other securities that can be set with the page shares are not listed on the regulated market of the EEA State where the company has business office, if a) the company's shares or other securities that can be set only with page shares are listed on the Norwegian market , b) the company's shares or other securities that can be set with the page shares are listed on the regulated market in several EEA States, if the public offering occurred in Norway first, c) the company's shares or other securities that can be set with the page shares are recorded at the same time on the Norwegian market and on one or more regulated market in other EU/EEA States, if the company reports quote relevant Norwegian authority and regulated market on the first trading day that it has selected Norwegian request for authority , or d) the company's shares or other securities that can be set per page with stocks 20. May 2006 was already listed on the more regulated markets and quotes was happened at the same time, if the company reports quote relevant Norwegian authority and regulated market on the first trading day that it has selected Norwegian quotation authority, unless the appropriate competent authorities through the agreement before 20. June 2006 has determined that the other competent authority should be responsible in relation to the offer.

2. company with registered office in the State outside the European economic area, if the shares are listed on the Norwegian regulated market, unless the quotation authority has given a dispensation after vphl. section 6-23 third paragraph.

section 6-14. Choice of law by offering with relation to the several EU/EEA States (1) For offers mentioned in section 6-13 the second paragraph the following applies: 1. questions of legal nature related to information to employees of the company and corporate legal issues, including questions about the limit for when the quotation obligation is triggered, any exemption from the obligation to make an offer, and exceptions from the quotation obligation, are treated by Norwegian law, 2. questions of legal character attached to the quotation process , including questions about the remuneration that is offered in connection with the offer, and then especially the offer price, the procedure by the offer, information about the service offerer's decision to make an offer, the contents of the offer document and the disclosure of the offer, are processed according to the rules in the EU/EEA State in which the regulated market, where the company's shares or other securities that can be set with the page shares are listed, are the property of, and are monitored by the State authority in this quotation.

(2) For offers that are covered by section 6-13, third paragraph, the following applies: 1. questions of legal character attached to the quotation process, including questions about the remuneration that is offered in connection with the offer, and then especially the offer price, the procedure by the offer, information about the service offerer's decision to make an offer, the contents of the offer document and the disclosure of the offer, are handled after Norwegian right, 2. questions of legal nature related to information to employees of the company and corporate legal issues , including questions about the limit for when the quotation obligation is triggered, any exemption from the obligation to make an offer, and exceptions from the quotation obligation, are treated according to the rules in the EU/EEA-State company has business offices, and are monitored by the State authority in this quotation.

Chapter 7. Prospectus requirements by public offer and admission to trading in the exceptions to the duty of prospect.


section 7-1. Professional investors the exception to the prospect that is fixed by offer duty to professional investors, jf. the securities trading Act section 7-4 No. 8, comes to offer directed to investors who are considered as professional customers after the Regulation section 10-2 to § 10-5.

section 7-2. Securities listed on another regulated market provisions of the securities trading Act section 7-3 will not apply at the admission to listing of securities already admitted to trading on another regulated market if the following conditions are met: (a) the securities, or securities of the same class, have been listed for more than 18 months, (b) for securities which was first admitted to listing on a regulated market after 1. July 2005 (entry into force of Directive 2003/71/EC), in relation to the admission to listing on the second market be prepared an approved prospectus that was put forward at the disposal of the public in accordance with Directive 2003/71/EC, article 14 (c) of the securities that are not subject to the provision of the letter b, and which was first admitted to listing after 30. June 1983, it should be prepared a prospect that was approved in compliance with the requirements of Directive 80/390/EEC or Directive 2001/34/EC, (d) the current obligations in connection with the listing on that other regulated market shall be met, (e) the person requesting the admission of securities to trading on a regulated market under reference to this exception provision , to work out a summary that is provided to the public in a language as mentioned in the securities trading Act section 7-17, (f) the summary as mentioned in the letter e to be set at the disposal of the public in Norway under the rules of the securities trading Act section 7-19, and (g) the summary as mentioned in the letter e has a content which is in accordance with article 5 of the directive no. 2. In the summary to be information where the latest prospectus is available, and where financial information the issuer publishes according to provisions on current obligations is available.

section 7-2a. Certificates the securities trading Act section 7-3 will not apply at the admission to listing on the regulated market of the Norwegian bonds and money market instruments with maturities of under 12 months and face value of at least 100 000 euros.

section 7-2b. Bonds issued by counties or municipalities the securities trading Act section 7-3 will not apply at the admission to listing on the regulated market of the Norwegian bonds issued by the County Council or municipality.

II. Implementation of the prospectus section 7 control-3. Toppings, etc. As part of prospect control can Finance the authority: (a) impose disclosure for the issuer, offers or individuals seeking admission to listing, and people who have a controlling interest in these or is under the controlling interest, (b) order the disclosure of the auditor and the management of the issuer, offers or individuals seeking admission to listing, as well as financial intermediaries, (c) impose a temporary ban on issuing the implementation of an offer for up to 10 working days if there are reasonable grounds to believe that the prospectus rules are infringed or (d) prohibit advertising in up to 10 working days if there are reasonable grounds to assume that the prospectus rules are infringed.

section 7-4. Disclosure, etc. A list of prospects that have been approved over the last 12 months should be disclosed in the financial authority's Web page. The list should contain information on how the prospect is made available to the public and where it can be collected.

section 7-5-7-12. (Repealed may 1 2010 by regulation 5 March 2010 No. 309.) III. Information in the prospects section 7-13. The design of the EEA prospect etc. -implementation of Regulation (EC) No. 809/2004 (1) the EEA Agreement annex IX Nr. 29ba (Regulation (EC) No. 809/2004 on the implementation of European Parliament and Council Directive 2003/71/EC with regard to the information in the prospects and their format, integration by reference and publication of such prospects as well as advertising, as amended by Regulation (EC) no 1787/2006, Regulation (EC) No. 211/2007, Regulation (EC) no 1289/2008, Regulation (EC) No. 311/2012, Regulation (EC) No. 486/2012 , Regulation (EU) No. 862/2012 and Regulation (EU) No. 759/2013) applies to that regulation with the customizations that follows from annex IX, Protocol 1 to the agreement and the agreement by the way.

(2) the EEA should contain information that prospect is required by Regulation (EC) No. 809/2004, cf. the first paragraph.

section 7-14. Information in the registration prospectus (1) Prospect to be registered by the securities trading Act section 7-10 (registration prospectus) will contain information on the procedure for determining the price and number of securities offered or a maximum price. Such information may be omitted if the investors are granted the right to withdraw any accept within a prescribed time limit after the publication of the price. The time limit cannot be set less than two days.

(2) the registration shall contain the following prospect information at least: (a) the information about who has prepared a prospectus.

It should be entered the name, registration number, or date of birth, and any position on those who are responsible for the prospect.

(b) information about the offers, including: 1) name, registered office and registration number 2) judicial organization and Foundation date 3) purpose and main business 4) equity 5) policies for conversion, Exchange or subscription of convertible bonds, interchangeable, bonds and bonds with the purchase right 6) powers to the capital increase or repurchase of its own shares 7) last annual report and interim financial statements made public after the conclusion of the previous fiscal year 8) pro forma figures for the most part-year avlagte last fiscal year if offers are merged , fisjonert, has acquired the business of similar size as a provider or disposed of or discontinued the most essential part of its activities after the conclusion of the previous fiscal year, and such information is essential for the understanding of the future business 9) essential conditions of importance to the service offerer business that takes place after the conclusion of the previous fiscal year 10) from the author opened the Administration, management and control organ (indicated by the name, address and job title) if it offered shares issued by offers or applied for listing of such.

(c) information about the offer/securities, including: 1) the nature and number of 2) rights related to the securities 3) withholding tax on dividends 4) the date from which the securities giving right to dividend 5) acceptance deadline 6) guarantors 7) limitations in verdipapirenes MERCHANTABILITY, including which markets they can be traded in 8) clearing house (bank) 9) settlement deadline 10) if the securities are to be registered in a register and who will be the Registrar for the issuer.

(3) when the offer of drawing or buy securities guaranteed by one or more legal persons, the information referred to in the second paragraph letter b is also given when it comes to underwriters. The same applies to the issuer the issuer of shares or when bonds are different from the provider of the bonds or purchase dishes.

(4) by offer of drawing or the purchase of convertible bonds, interchangeable, bonds, bonds with the purchase right, or purchase dishes, it shall be given information about which stock or bond type they give right to, as well as the criteria for conversion, Exchange or drawing.

(5) on the front page is set to prospektets the prospect of notoritetshensyn is registered with the Company registry, but that prospect authority or other public authorities do not have any form of control by the prospect.

IV. Because prospects section 7-15. Prospect designed as the base prospectus (1) prospect who should be worked out by the securities trading Act section 7-7, cf. section 7-2 and section 7-3, can be designed as the base prospectus if the offer or the application for listing applies a) non-equity securities issued as part of a program that defined the issue in more detail in the second paragraph or b) non-equity securities issued continuously or repeatedly by credit institutions in which 1) it follows from the laws that the proceeds from the issuance of the securities to be placed in assets which provide sufficient coverage for the commitments that are related to the securities until maturity day , 2) capital by the insolvency of the issuer can cover principal and overdue interest, jf. yet regulations 23. April 2003 No. 549 of notification and announcement on the reorganization and winding up of credit institutions.

(2) with the issue will mean that application plan allows issuance of non-equity securities, including the purchase or subscription rights (warrants), which is of similar type and/or class, if such issues going on an ongoing basis or repeatedly within a specified issuing period.

(3) with securities issued continuously or repeatedly refers to extensions of the mutual series or at least two separate issues of securities of a similar type and/or class within a period of 12 months.

(4) Because prospects are subject to the rules for prospects in the securities trading Act Chapter 7 and regulations laid down in pursuance of these provisions as far as not otherwise provided by this section.

section 7-16. The contents of the base prospectus shall contain the prospect Because all the relevant information about the issuer and the securities offered or sought noted, jf. vphl. § 7-13, as well as meet the content requirements for the basic prospects as set out in this section 7, forskriftens-13, jf. Regulation (EC) No. 809/2004. Because the prospect can also include the addition after section 7-17 and the final terms pursuant to section 7-18.

section 7-17. Addition to basic prospectus the securities trading Act section 7-15 also applies.

section 7-18. Final terms

(1) Final terms in connection with the offer or recording to listing can be disclosed in a prospectus, because of the addition to the basic prospectus or distributed separately.

(2) if the final terms of an offer not stated because the prospect or an addition to this, information about the terms and conditions for each offer are distributed to the investors and sent prospect authority as soon as possible, and if possible before the offer period begins.

(3) if the offer price and the number of offered securities not stated because the prospect, an addition to this or final terms, criteria and/or the conditions for the determination of these elements be disclosed in because the prospect, an addition to this or final terms. For the quoted price can alternatively a maximum price is set.

section 7-19. The validity of the base prospectus (1) Because prospects prepared in connection with issuance programs, cf. section 7-15 first paragraph, LITRA a, can be used for up to 12 months.

(2) due in connection with the prepared prospects non-equity securities issued continuously or repeatedly by credit institutions, jf. section 7-15 first paragraph, LITRA b, can be used for the period for the issuance of the securities is expired.

V. Simplistic claims section 7-20. Drawing the legal issues for the drawing requirements Simplified legal issues of section 7-13 the first paragraph jf. Commission Regulation (EC) No. 809/2004 Article 26a jf. Article 2 No. 13. section 7-21. Companies with low market value (1) Simplified requirements for companies with low market value follows from § 7-13 the first paragraph jf. Commission Regulation (EC) No. 809/2004 article 26b.

(2) with companies with low market value after the first paragraph refers to issuers that are listed on a regulated market and had an average market value of under 100 0000 0000 euro calculated on the basis of the Annual closing rates last three calendar years.

section 7-22. Small and medium-sized enterprises (1) Simplified requirements for small and medium-sized enterprises provided by § 7-13 the first paragraph jf. Commission Regulation (EC) No. 809/2004 article 26b.

(2) with small and medium-sized businesses after the first paragraph refers to issuers that after the last approved financial statements meet at least two of the following requirements: (a) the average number of employees during the 250 (b) accounting balance sheet under 43 0000 0000 euro (c) annual net turnover under 50 0000 0000 euro.

section 7-23. Credit institutions Simplified requirements for credit institutions, jf. the securities trading Act section 2-3 second paragraph, follow by section 7-13 jf. Commission Regulation (EC) No. 809/2004 article 26 c.

Chapter 8. Own-account trading section 8-1. The exception from the trade ban in derivatives, and more. The ban on issuing or shop at their own expense with financial instruments as mentioned in the securities trading Act section 8-2 the first paragraph first sentence does not include: a) the disposal of warrants to shares and equity certificates on the basis of a prior right, jf. the companies Act § 10-4, the public limited companies Act section 10-4 and financing Act § 2b-24, b) disposal of warrants that referred to in the companies Act section 11-12 and the public limited companies Act section 11-12, provided that the warrants are acquired on the basis of a prior right, and c) options on stocks and EC in different company in the same group as the employer entity and rights to the shares and equity certificates in the employer company or another company in the same group as the employer entity, when the options and rights are issued by this entity.

section 8-2. Exceptions to the ban on to dispose of financial instruments earlier than 12 months after acquired Provision about the lock-in period of 12 months in the securities trading Act section 8-2 the first paragraph third period does not apply to: a) a disposal of shares as a result of an offer for the purchase of all shares in a company set forth to all shareholders on the same terms, provided that the shares were acquired before the offer was made known , b) for employees and elected officials in the securities companies that only provide investment services in respect of financial instruments as mentioned in the securities trading Act section 2-2 fifth paragraph Nr. 2, and c) disposal of shares and equity certificates in the employer company or another company in the same group as the employer entity, which shares and equity the evidence obtained as a result of the exercise of the option or drawing law programs for the employees, under the assumption that the shares and equity the evidence disposed of within 30 days after the employee has received them.

Part 3. Investment firms Chapter 9. Permission, terms, and cross-border business, etc.

In the Definitions etc..

section 9-1. Definitions in this regulation part 3 is meant by: a) distribution channels: distribution channels as defined in § 3-6 7th paragraph.

b) lasting medium: a facility that the customer can store personal information, addressed so that the information is available in the same form as long as it is appropriate.

c) associated with the person: 1) Board Member, participant, or the equivalent, a member of the management or associated with the agent to the investment firm, 2) Board Member, participant, or equivalent, or a member of the management team of an associated agent to the investment firm, 3) worker in the investment firm or affiliated agent to the investment firm, as well as any other natural person if the services provided to you for and controlled by the investment firm or an associated agent to the investment firm and who participates in the securities the company's performance of investment services , or 4) a physical person who is directly involved in the performance of services to the investment firm or affiliated agent to the investment firm in accordance with an agreement on utkontraktering of the entity's investment services.

d) financial analyst: associated with the person who prepares the contents of investment analysis.

e) Enterprise Group: a group of undertakings which form part of the investment firm and which consists of the parent company, subsidiaries and units where the parent company or subsidiary companies have ownership interests, as well as devices that are associated with each other as mentioned in Directive 83/349/EC, article 12 (1).

f) utkontraktering: an arrangement in which a service provider performs tasks that would otherwise have been conducted by the investment firm itself.

g) securities financing: lending or borrowing of financial instruments, repurchase transaction or reverse repurchase transaction, the purchase-/tilbakesalgstransaksjon or sales/purchase transaction back, so this is more closely defined in the Regulation (EC) No. 1287/2006 article 2 (10).

h) top management: the person or persons who actually leads the company's securities business, jf. the securities trading Act section 9-9 the first paragraph.

in) active management: the investment service that is mentioned in the securities trading Act section 2-1 the first paragraph Nr. 4. section 9-2. Requirements for the medium for the provision of information to customers (1) when the part 3 of the regulations require that the information to the customer shall be given in writing, to the information provided on paper unless the customer gives consent to that information be given in another durable medium.

(2) investment firms can provide information as mentioned in section 10-10 to section 10-15 and section 10-27 the second paragraph at one site if the information is not directed to the customer personally, and: (a) the customer has entered the e-mail address of the investment firm, (b) the customer expressly agree that the information can be given on one site, (c) the customer be informed electronically about the Web page's address, as well as where on the website the information can be found, and (d) the information is up to date , and continuously available on the website as long as the customer can reasonably be expected to have the need for the information.

II. Erververs duty to give notice of the company's share owners section 9-3. Scope of the provisions of this paragraph This paragraph applies to investment firms that are not credit institutions.

section 9-4. Purpose of the provisions in this chapter 9 section II to put supervisory authority able to assess whether the shareholders are considered suitable to ensure a good and sensible management of the investment firm, as stated in the securities trading Act section 9-10. The supervisory authority shall be given the opportunity to have control with large shareholders in the company to prevent that an owner is abusing his position and influence over the company's business.

section 9-5. Definitions (1) with significant holdings in this sense refers to the chapter 9 section II direct or indirect holdings in an investment firm who (a) represents at least 10 percent of the share capital or votes, or (b) otherwise make it possible to exercise a significant influence over the management of the company.

(2) same with the competent stock owner's own shares is considered in this context, the shares owned by individuals or companies with ties to the concerned shareholder, as mentioned in the securities trading Act section 2-5.

section 9-6. Report by changes in the shareholder structure (1) acquisition of a significant stake in the investment firm that is not a credit institution, may only be carried out after the message about this in advance is sent to the financial audit of the transferee.

(2) the first paragraph also applies at the increase of significant ownership interests that require the transferee's share of the share capital or votes in the company when up to or exceeds 20 percent, 33 percent or 50 percent of the share capital or if the investment firm on the other way is to count as their daughter companies.

(3) the provisions of the first and second paragraph shall apply the corresponding disposal of interests which means that andelens size comes under the limits as mentioned.

(4) the acquisition of rights to the shares are not covered by the provision, unless the privilege gives significant influence over the company.

(5) upon notification under this section shall acquire provide the following: (a) where the stock owner is a natural person;

1) name, identity number and address, 2) share the owner's work activities and served the last three years, 3)

about the stock owner is egnethetsvurdert in Norway or other EEA Member State in the course of the last year, as well as confirmation of this, 4) share the owner's share of the shares and votes in the company, expressed as a percentage.

(b) where the stock owner is a legal person: 1) name, registration number and address, 2) name of the shareholder who directly or indirectly owns 10 per cent or more of the legal person, 3) Board members ' and management's name and address, 4) proportion of the shares and votes of the investment firm, expressed as a percentage, 5) about the stock owner is under supervision in Norway or other EEA Member State, as well as confirmation of this.

(6) Financial Audit can in any event, request additional information and documentation than what is mentioned in the fifth paragraph, LITRA a and b.

(7) investment firms shall without undue delay notify the Financial supervision if it is aware that some of the acquisition or disposal of holdings in the company exceeds or goes under the limits as stated in the second paragraph.

(8) investment firms shall annually inform the financial audit of the stockholders with significant stakes in the company, including whether the size of the assets.

III. General requirements to the Organization of the business section 9-7. General organisational requirements (1) investment firms shall at all times ensure that it: (a) have documented the decision making procedures and an organization that prepares functions and responsibilities, (b) does the company's associated persons familiar with procedures that apply within the individual's area of responsibility, (c) have internal control procedures to ensure that decisions and the company's internal routines are observed at all levels of the enterprise, (d) employ staff who have the necessary expertise and knowledge , (e) has an effective system for reporting and dissemination of relevant information within the enterprise, and (f) ensure that persons that perform several tasks for the investment firm, performs each of these in accordance with good business practices.

(2) the investment firm to have procedures and systems for the management of information that ensures the necessary security and confidentiality.

(3) investment firms should have an appropriate plan for business continuity as a aims to secure or recover important data and functions and the provision of investment services in the case of system failure.

(4) investment firms shall monitor and regularly assess the entity's systems, internal control functions and arrangements established in accordance with the first to the third paragraph, and take action to remedy any shortcomings.

section 9-8. Control of compliance (compliance) (1) investment firms should have policies and procedures in order to uncover the risk that the entity does not meet its obligations under the securities trading law and regulations laid down pursuant to the securities trading act. Entity shall implement preventive measures and procedures to limit such a risk and make it possible for Financial authority to oversee the company.

(2) investment firms to have an effective and independent control function, to be: (a) ensure that the company meets its obligations under the first paragraph, (b) regularly assess whether the aforementioned policies, procedures and measures are sufficiently effective, (c) consider any measures be taken to remedy the lack of compliance of the regulations, and (d) provide advice and guidance on the mutual entity's obligations under the securities trading law to the entity's management , employees and others who provide investment services on behalf of the entity.

(3) to ensure that the control function can protect their work tasks in an efficient and independent manner to ensure that the investment firm: (a) control function has the necessary authority, expertise, resources and access to relevant information, (b) it is designated an employee with the main responsibility for the entity's control function and for reporting to the entity's management, as mentioned in section 9-12, second paragraph, (c) people who are involved in the company's control function is not involved in the conduct of the services or functions to control the and (d) people who are involved in the company's control function will not set out their remuneration in a way that affects, or is likely to affect, their objectivity.

section 9-9. Risk management (1) investment firms shall ensure that it: (a) have appropriate policies and procedures for risk management to identify the risks associated with its activities, systems and processes, (b) sets out the relevant limits on risk exposure, (c) has effective routines to manage risks in light of the company's limits on risk exposure, (d) monitor that the entity's policies and procedures for risk management be followed, and (e) monitor that the measures the company has set out to remedy any deficiencies in its policies and procedures are sufficient and that these be met.

(2) investment firms should have an independent risk management function with the following tasks: (a) ensure compliance with the policies and procedures as mentioned in the first paragraph, and (b) provide advice and report on the entity's risk management, as mentioned in section 9-12 the second paragraph.

section 9-10. Internal audit investment firms should have an independent internal audit. Internal audit shall: (a) have an audit plan to be able to assess whether the entity's systems, internal controls and procedures are effective enough and, (b) give tilrådninger on the basis of the assessments made pursuant to letter a), (c) make sure that the tilrådningene be followed, and (d) report on the results of the internal review's control actions as mentioned in section 9-12 the second paragraph.

section 9-11. Adaptation and exceptions for the sake of nature, scope, and complexity (1) the company will customize the requirements imposed by section 9-7 first paragraph and section 9-8 the first paragraph to the nature, scope and complexity.

(2) the company may fail to meet the requirements of section 9-8, third paragraph, LITRA c) and d), section 9-9 the second paragraph and section 9-10 if the entity can demonstrate that the requirements are not commensurate to the nature, scope and complexity. In addition, the following terms and conditions: (a) For exceptions from the requirement of section 9-8, third paragraph, LITRA c) and d) required that the control function remains effective.

(b) For exceptions from the requirement of section 9-9 the second paragraph is required in addition that the policies and procedures for risk management is adequate and effective.

section 9-12. Management's responsibility (1) responsible for that entity to comply with their obligations under the securities trading law and regulations laid down pursuant to the securities trading act the company's top management is incumbent securities. The management shall assess and regularly review the arrangements and procedures implemented to fulfill the company's obligations, as well as take measures to remedy any shortcomings. If it is appropriate, to provide for the investment firm that the Board imposed on similar commitments.

(2) the top management and the Board should receive written reports on the securities the company's compliance with laws and regulations, risk management and internal audit on a regular basis, cf. section 9-8, third paragraph, letter b, section 9-9 the second paragraph letter b and section 9-10 letter d. Such reports shall specify whether it is implemented preventive measures to remedy any shortcomings. The lead should receive such reports at least once annually.

section 9-13. The complaint proceedings (1) investment firms should have clear and available procedures to process complaints from non-professional customers in a safe and quick way.

(2) investment firms should be able to document such complaints and how the complaint is processed.

IV. Utkontraktering section 9-14. Terms of utkontraktering (1) investment firms as utkontrakterer important operational functions or performance of investment services retains full responsibility for the business. Investment firm shall including ensure that utkontrakteringen: (a) does not cause that the responsibility that is incumbent security the company's top management be delegated, (b) does not cause that the mutual entity's obligations to the customers change, and (c) do not change the essential assumptions that the mutual entity's permission.

(2) investment firms to exercise due care by the conclusion or termination of an agreement on utkontraktering. By utkontrakteringen the duties of the investment firm in particular to: (a) meet adequate measures if the contractor does not perform the mission sufficiently effective or that the mission by the way is not done in accordance with the law and regulations, (b) have the knowledge required to effectively supervise and manage the risks associated with the outsourced business, (c) ensure that the agreement may be terminated by utkontraktering investment firm without that it is to the detriment of the continuity and the quality of the services provided to customers , (d) ensure that the contractor has the necessary skills, capacity and the permissions that are required to perform the appropriate tasks, (e) ensure that the contractor carries out the Mission in an effective manner and that the investment firm have suitable routines to be able to assess the mission execution, (f) ensure that the contractor oversees the outsourced functions and manages the risk that comes with the mission , (g) ensure that the contractor under the investment firm dishes of changes or events that significantly could affect oppdragstakers opportunity to perform the outsourced tasks, (h) ensure that the contractor is obligated to cooperate with the relevant regulatory authorities, (i) ensure that the investment firm, its auditors and the financial authority has in fact access to information related to the outsourced business and to the oppdragstakers premises, and financial authority has the ability to supervise , (j) ensure that the contractor handles confidential information concerning the investment firm or its clients on the familiar manner, and (k)

ensure that the investment firm and the contractor have a contingency plan for continued operations in case of any unforeseen events and conducts regular testing of oppdragstakers routines for backup (back-up), if this is relevant to the outsourced business.

(3) Mutual oppdragstakers and the company's rights and duties shall be governed in written agreement.

section 9-15. Additional terms for utkontraktering when the contractor is located in third countries (1) Utkontraktering of the investment service active management for non-professional customers to the contractor domiciled in the State outside the EEA can be made only after notice to the Financial Audit. Utkontrakteringen can be carried out on the financial audit not within a reasonable time after the message is received makes objections or down adds ban on utkontrakteringen.

(2) the Message after the first paragraph is not necessary where the investment firm ensures that: (a) the contractor has permission or is registered to perform the relevant service and is subject to reasonable supervision, and (b) it is established satisfactory cooperation on Financial supervision between the authority and the contractor's supervisory authority.

V. measures for the protection of clients ' assets section 9-16. Protection of customers ' financial instruments and funds investment firm that holds financial instruments and assets on behalf of customers should: (a) have up-to-date records and accounts that at any given time differs between different clients ' assets, and between company and customer assets and the company's own assets, (b) regularly reconcile the internal registers and accounts with similar records and accounts with third party that holds customers ' assets, (c) ensure that financial instruments held with third parties are separate from the company's own or the financial instruments and that this is documented by third party accounts and registers, (d) ensure that the mutual entity's funds not on the client account, and (e) have internal procedures to limit the risk that the customer's fixed assets will be lost or reduced as a result of the abuse, deficient management, insufficient registration or neglect.

section 9-17. Storage of customers ' financial instruments (1) investment firms can deposit financial instruments held on behalf of customers on account with third parties. Investment firm to exercise sufficient care by the selection of such third party, and regularly assess tredjemannen and the arrangements for the storage and protection of customers ' financial instruments. Investment firm shall especially look to the qualifications and reputation, as well as rules and market practices that will be able to affect the client's rights.

(2) when depositing in States where the disposal of financial instruments are subject to the particular regulation or supervision, to ensure that the investment firm the instruments deposited with a third party that are subject to such regulation or supervision.

(3) the disposal of customers ' financial instruments at a third party domiciled in the State outside the EEA that do not have rules about the disposal can only be made if: (a) the financial instrument or investment service associated with the financial instrument requires the disposal in the State concerned, or (b) the financial instruments are stored on behalf of a Professional client in writing requesting that the investment firm shall deposit the instruments in the appropriate State.

section 9-18. Storage of clients ' funds (1) the investment firm which receives client funds to be immediately put them on the client account in: (a) the Central Bank, (b) the credit institution with the permission according to Directive 2006/48/EC, (c) the bank with the permission of the State outside the EEA, or (d) the approved money market funds, unless the customer has booked against this.

(2) with the approved money market funds will mean mutual funds who have permission under national rules implementing directive 2009/65/EC (UCITS directive), or that are subject to supervision and is supplied permission under national rules in a State within the EUROPEAN ECONOMIC AREA, and that meets the following conditions: (a) the Fund's primary investment objective is to preserve the net value of its fixed assets, (b) the Fund will exclusively invest in money market instruments of high quality with a run time or the remaining run time of up to 397 days, or with regular interest rate adjustment that match How to run time and with a weighted average maturity of up to 60 days. The Fund can also invest in deposits in credit institutions in order to achieve the Fund's objective, and (c) the redemption of shares of the Fund will provide payment of funds on the same day or the day after that the claim for redemption is promoted.

(3) A money market instrument is of high quality, jf. the second paragraph Nr. 2, when it has the highest credit rating from any approved ratingbyråer who have considered the instrument. A money market instrument which has not been kredittvurdert, shall not be deemed to be of high quality. With the approved ratingbyrå is meant agency that regularly and on a professional basis considering the money market funds and is an approved ratingbyrå in accordance with the rules in regulation 14. December 2006 Nr. 1506 of capital requirements for commercial banks, savings banks, financing companies, holding companies in the financial group, investment firms and management companies for mutual funds, etc. (capital claim Regulation).

(4) investment firms that are not depositing customers ' funds in a Central Bank to exercise sufficient care by the selection of the credit institution, bank or money market funds. Investment firm shall regularly assess the credit institution, Bank or money market fund and arrangements for the retention of the funds. Investment firm to a particular look to the qualifications, reputation, in addition to the rules and market practices that will be able to affect clients ' rights.

section 9-19. Application of the customer's financial instruments (1) investment firms cannot enter into agreements on mutual funding related to the financial instruments the company store on the client's behalf or otherwise make use of customers ' financial instruments for the entity's own expense or other customers ' expense, unless the customer in advance has given express consent to this and that it agreed terms for such use in more detail. A non-professional customer must give prior consent in writing or through the corresponding mechanism.

(2) investment firms cannot enter into agreements about mutual funding related to the financial instruments the company store on the customers ' behalf on the summary account of the third party, or otherwise use the customer's financial instruments held on such an account, for the company's own or other customers ' expense, unless at least one of the following conditions is fulfilled in addition to the terms of the first paragraph: (a) all of the customers who have financial instruments that is kept on the summary account , has given express consent in accordance with the first paragraph, or (b) the investment firm has systems and control procedures which ensure that only financial instruments belonging to clients who have given express consent in accordance with the first paragraph, be applied in this way.

(3) to ensure that any loss can be allocated correctly, to the securities the company's registers contain information about customers who have given consent in accordance with the first paragraph and the number of financial instruments used belonging to each of these customers.

section 9-20. Statement from the independent auditor the company's external auditor at least once each year, report to the Financial authority about whether the mutual entity's practices regarding the protection of clients ' assets are in accordance with the securities trading Act section 9-11 third and fourth paragraph, and the provisions of these regulations section 9-16 to section 9-19.

Vi. Storage of documentation section 9-21. Requirements for the retention time (1) investment firms shall keep the documentation required for the securities trading act and regulations laid down pursuant to the securities trading act for at least 5 years.

(2) documents showing the company's securities and the client's respective obligations and rights in relation to the agreement on the services or the terms of this, should still be kept as long as the customer relationship lasts. To the extent that Financial authority finds it necessary to protect its supervisory functions, Financial supervision in particular cases give the investment firm order to keep documentation as mentioned in a longer period of time.

(3) by the revocation of a security company permission to provide investment services to documentation under subsection kept up to the five-year period has expired.

section 9-22. Requirements for the medium for storage of information the information in section 9-21 first paragraph should be kept on a medium that allows: (a) Financial Audit at any time can get access to the data and reconstruct the main phases in the securities the company's treatment of any transaction, (b) any corrections or other changes in the data arising, including opplysningenes content before any corrections or changes, and (c) it is not possible to manipulate or modify the information in an illegitimate way.

VII. Conflicts of interest section 9-23. Conflicts of interest that may be to the detriment of the customer investment firms to identify possible conflicts of interest that may arise in the business and that could be to the disadvantage of the customer. Investment firm shall at a minimum, consider whether the enterprise, associated with the person or person who is associated with the entity through direct or indirect ownership: (a) will be able to achieve financial gain or to avoid financial losses at the expense of the customer, (b) has a different interest than customer when it comes to the result of the performance of the investment service or the implementation of the transaction, (c)

have the financial or other reasons to prioritize a different customer's or other groups of clients ' interests in front of the customer's interests, (d) operates the same type of business as the customer, or (e) will receive remuneration for the performance of the investment service to the customer from the person other than the customer in the form of money, goods or services beyond the standard Commission for the service.

section 9-24. Guidelines for conflicts of interest (1) investment firms should have written guidelines for dealing with conflicts of interest. The guidelines should be adapted to the company's size and organization as well as the nature, scope and complexity. It should be taken into consideration to the relationship the entity is or should be familiar with and which may give rise to conflicts of interest related to other companies in the business group.

(2) the guidelines shall as a minimum include: (a) the specification of the circumstances that could lead to conflicts of interest related to the individual investment services and ancillary services carried out by or on behalf of the enterprise and which can imply a real risk that the customer's interests be impaired, and (b) specifying the procedures to be followed and measures to be taken to deal with such conflicts of interest.

(3) procedures and measures as mentioned in the second paragraph, LITRA b should be suitable to ensure that the associated people's participation in activities that involve a conflict of interest after the second paragraph letter a is performed with a necessary degree of independence. Routines and measures should take into account the company's, including the Enterprise Group's, size and business, as well as the degree of risk for damage to the customer's interests. To ensure the necessary independence to investment firms assess the need for, among other things: (a) procedures for the proper exchange of information between different parts of the business, (b) specific control of associated people who essentially performs the business for or provides services to customers who may have conflicting interests, or customers who may have interests in conflict with the entity's own interests, (c) to remove the direct link between the pay of associated persons that perform different types of business , if there may be conflicts of interest between these businesses, (d) measures to prevent or limit the possibility that it may be exercised undue influence of an associated person's execution of the investment services or ancillary services, and (e) measures to prevent or control a associated with the person's simultaneous or subsequent participation in specific investment services or ancillary services if such participation is liable to weaken the handling of conflicts of interest.

(4) if the introduction and implementation of procedures and measures after the third paragraph does not ensure an adequate level of independence, the investment firm shall implement additional or alternative measures that are necessary and appropriate in order to achieve such independence.

section 9-25. Information to customers if the implementation of the measures in accordance with section 9-24 and the securities trading Act section 9-11 the first paragraph Nr. 2 is not sufficient to safeguard customers ' interests in a reassuring way, should the company inform the customer about possible conflicts of interest, jf. securities trading Act § 10-10 the second paragraph. Information to be given in writing and be sufficiently detailed that the customer can make a reasoned choice with regard to the investment service or the associated service conflict of interest relates to. The information should take into account the client's professionalism.

section 9-26. Documentation of services and business that gives rise to harmful conflicts of interest investment firms will be documenting what investment services and ancillary services that are performed or executed by or on behalf of the enterprise, where a conflict has occurred or may occur, and that entails a real risk for damage to one or more customers ' interests.

section 9-27. Investment analysis (1) with investment analysis refers to the recommendation as stated in the section 3-6 second paragraph which is prepared by the investment firm, and which: (a) is named or described as investment analysis or equivalent designation, or which otherwise is presented as an objective or independent explanation of the circumstances covered by the recommendation, and (b) not be considered investment advice for the securities trading Act section 2-4 the first paragraph.

(2) when the investment firm working out investment recommendations that are not covered by the first paragraph, the recommendation is referred to as marketing material and contain a clear statement that the recommendation is not prepared in accordance with the regulations for investment analysis. By oral presentation of such marketing materials will be given the corresponding explanation.

(3) For the rules on investment recommendations in section 3-6 to section 3-15.

section 9-28. Closer to the organizational requirements for investment firms that prepares and distributes investment analysis (1) this provision applies to investment firms that are working out or getting prepared investment analysis as mentioned in section 9-27 first paragraph, if the analysis would be conveyed the company's customers or to the general public, or there are reasonable grounds to assume that such disclosure will take place. The provision does not apply to investment firms that only conveys other people's investment analysis to customers or the general public, and the following conditions are met: (a) the investment analysis is not prepared by the company in the same group as the investment firm, (b) the investment firm does not substantially alter the recommendations in the investment analysis, (c) investment recommendation is not presented as if it were prepared by the investment firm, and (d) the investment firm verifies that the who has prepared the analysis is subject to similar requirements imposed by this regulation regarding investment analysis, or have set out guidelines which contains such claims.

(2) investment firms shall ensure that the measures set out in accordance with section 9-24 carried facing financial analysts participating in the preparation of the investment analysis as well as other associated individuals with responsibilities or business interests may conflict with the interests of those persons investment analysis conveyed to.

(3) investment firms shall in addition have the routines and procedures to ensure: (a) that financial analysts and associated people with knowledge of the 1) the probable time of the publication of investment analysis, 2) contents of the investment analysis that is not available to customers or the public, or 3) content of the investment analysis that not easy can be derived from publicly available information, cannot act for their own or others ' expense (including mutual entity's expense) in the financial instruments covered by the investment analysis or in any derived financial instrument before the recipients of investment analysis has had a reasonable opportunity to act on the basis of it. This does not apply to regular price position business made in good faith or execution of an unsolicited customer order.

(b) that the financial analysts, and associated persons involved in the preparation of the investment analysis be made familiar with the rules on own-account trading in the securities trading Act Chapter 8, (c) that the investment firm, financial analysts and other associated persons who are involved in the preparation of the content of the investment analyses do not receive remuneration from the people who have a particular interest in the main content of the assay, (d) that the investment firm, financial analysts and relevant persons involved in the preparation of investment analysis does not offer issuers favourable investment analysis and (e) other than financial analysts are not allowed to review draft investment analysis to verify factual information in the analysis prior to the disclosure of it, with the exception of the review that are made to ensure compliance with the company's legal obligations. This applies only if the investment analysis includes a recommendation or course goals.

(4) with the derived financial instrument in the third paragraph refers to financial instrument with a price closely tied to changes in the price of another financial instrument dealt with in an investment analysis, and includes a derivative item which is based on this other financial instrument.

VIII. Mutual enterprises ' guarantee fund section 9-29. The following members shall be a member in the securities enterprises ' guarantee fund: (a) the investment firm with permission under the securities trading Act section 9-1 to provide investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 1 to 7, (b) management company for mutual funds with permission by law 25. November 2011 No. 44 about mutual funds (mutual funds Act) § 2-1 the second paragraph, cf.. the first paragraph, to provide investment service that is mentioned in the securities trading Act section 2-1 the first paragraph Nr. 4, (c) managers of alternative investment funds with permission by law 20. June 2014 Nr. 28 on the management of alternative investment fund section 2-2 third and fourth paragraph, cf.. sixth paragraph.

section 9-30. Foreign enterprises with branch in Norway (1) investment firms established with branch in Norway according to the securities trading Act section 9-24 duties not to be a member of the Fund to cover for the branch's business in Norway. Such companies can, for the branch's business in Norway, joining the Fund as a supplement to the protection scheme in the branch's home State, if the latter scheme cannot be considered to give branch's customers as good coverage as the Norwegian scheme. If so, apply the principles in annex II to Directive 97/9/EC. The same applies management companies for mutual funds as mentioned in the mutual funds law § 3-3 established with branch in Norway and with permission from the home State's authorities to provide investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 4.


(2) investment firms established with branch in Norway according to the securities trading Act section 9-25 should be a member of the mutual enterprises ' guarantee fund to cover for the branch's business. Financial audit can consent to that branch is not obliged to be a member of the Fund, if the branch's business in Norway is covered by satisfying the replacement scheme. section 9-44 apply without regard to whether the branch be exempted for the requirement to provide security. The same applies management companies for mutual funds as mentioned in the mutual funds law § 3-4 established with branch in Norway and with permission from the home State's authorities to provide investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 4. section 9-31. The Fund's purpose, organization, Bylaws etc.
(1) Protection Fund should in case of financial capability at the members, cf. section 9-37, provide coverage for claims that are due to the members ' treatment of customers ' funds and financial instruments, jf. section 9-32.

(2) the Fund is a private entity. None of the members have ownership rights to any part of the Fund. Bankruptcy or chord cannot be opened negotiations in the Fund.

(3) the Fund's Supreme authority is the general Assembly, jf. section 9-45. The Fund is managed by a Board of Directors, cf. section 9-46. The Fund shall have articles of Association approved by the Ministry of finance. Changes of the statutes shall also be approved by the Ministry of finance.

(4) the Fund may impose the reporting duty and members to provide documents and information that is needed for the Fund's calculation of the fee, expenses for warranty or for coverage of the requirements, or that the Fund otherwise considers necessary for their business. The financial authority's duty of confidentiality does not preclude that the Financial audit provides information as mentioned to the Fund.

section 9-32. Coverage from the Fund to the Fund to cover requirements that are caused by members ' failure to pay back the money or return the financial instruments as mentioned in the securities trading Act section 2-2 the first paragraph, and held, administered or managed by the Member on the customers ' behalf in connection with investment and additional services.

section 9-33. The Fund's size, the Fund's overall capital charge should at least amount to 50 million.

section 9-34. Fee from the members (1) members shall each year pay a fee to the Fund, unless the Fund's equity after the last financial statements exceeds the minimum requirements in section 9-33. Members to pay a fee to cover the Fund's annual expenses, unless minimum requirements in section 9-33 is reached and the Fund's Returns or fee from new members under section 9-36 at least covers such annual expenses.

(2) each Member pays an annual fee that amounts to 0.8 per cent of the Member's total income from investment and additional services from the previous year, a minimum of 25 000 and 500 000 $ maximum ENOUGH. With total earnings from investment and additional services is meant for investment firms post total revenues from 4.1.30 investment services and ancillary services in the quarterly job for investment firms and management companies for mutual funds record income from active management 2.1.04 and record Revenue from the additional 2.1.05 services as stated in the quarterly the task for the management company for mutual funds. Time for payment of the fee shall be determined in the Fund's articles of Association.

(3) Finance Authority may decide that members as mentioned in section 9-29 letter a) with permission to provide investment services in accordance with the securities trading Act section 2-1 the first paragraph Nr. 4 and members as mentioned in section 9-29 letter b) pays a lower fee than that stated in the second paragraph, as to funds managed on behalf of professional customers.

(4) the Fund's Board of Directors may fix a lower fee for each year, if it is clear that payments for such a fee would be sufficient to that the Fund's minimum requirements under section 9-33 is achieved.

(5) For the branch as mentioned in section 9-30 the first paragraph, second sentence to it each year is paid a fee to the Fund calculated according to the principles in annex II to Directive 97/9/EC.

(6) if the Fund's capital is not sufficient in case the promoted claims against the Fund, are the members committed to cover the excess so that the responsibility primarily sought is proratarisk, the second joint and several responsibility. The individual Member proratariske liability is calculated according to the method and calculation key that is described in the second paragraph.

section 9-35. Guarantee completion (1) if the Fund's equity is lower than 50 million, to Fund make sure the difference is covered by a debtor even guarantee.

(2) Expenses to the said warranty are offset annually on the members and is calculated according to the method and calculation the key as described in section 9-34 on the basis of the Member's share of the total income from investment and additional services from the previous year.

(3) Guarantee after this provision can only be set by: (a) undertaking as stated in the law 10. June 1988 No. 40 about financing business and financial institutions section 1-4 first paragraph Nr. 1 to 3, (b) the corresponding undertaking which has headquarters in, is given permission to operate business in and is subject to regulatory supervision in another EEA State, (c) the corresponding company that is headquartered in, is given permission to operate business in and is subject to regulatory supervision in the State outside the European economic area, if the settlement under guarantee is secured in accordance with that which will apply to the guarantee provided by the undertakings referred to in a) and b).

section 9-36. Changes in membership (1) a new Member shall answer fee under section 9-34 in his four first year of operation, even if the Fund has achieved the least responsible capital pursuant to section 9-33.

(2) a member pays the full fee for the year of operation the membership expires. Paid tax is not paid back to out prominent member.

section 9-37. Lack of financial capability (1) lack of financial capability should be considered occurred when forced chord or bankruptcy is opened with the Member. The same applies if the credit institution has a license as investment firms will be put under public administration, cf. Bank guarantee law Chapter 4.

(2) For the members as mentioned in section 9-30 the first paragraph, to the lack of financial capability is considered occurred when the Fund has received information from the home State's competent authorities about konstateringen or the decision as mentioned in Directive 97/9/EC, article 2 No. 2. (3) For the members as mentioned in section 9-30 second paragraph, to the lack of financial capability is considered processes that occurred when the equivalent of obsessive-compulsive chord or bankruptcy is opened in the securities the company's home State. The Fund has unlimited right to make sure that the above mentioned requirements are fulfilled and by the way check a customer's rights in accordance with the plan their own norms and procedures before it pays out compensation.

section 9-38. Coverage of the requirements and exceptions for some customers (1) the Fund shall, when a member has a lack of financial capability, as described in section 9-37, provide coverage for claims as mentioned in section 9-32 occurred in connection with the exercise of investment services as mentioned in section 9-29, and or additional services as mentioned in the securities trading Act section 2-1 the second paragraph Nr. 1 or mutual funds law § 2-1 third paragraph No. 2. Even if a member has returned or been revoked the permission, the Fund's responsibilities include the requirements as mentioned in section 9-32 occurred prior to such return delivery/recall.

(2) For Norwegian members to fund also cover requirements that relate to the business that is exercised pursuant to the securities trading Act section 9-23 or mutual funds law § 3-1 and § 3-2, as well as the business operated by the branch outside the European economic area, unless otherwise determined by the Financial Audit.

(3) the Fund does not cover claims originating from the transactions covered by the legally enforceable criminal judgment about money laundering.

(4) the claims of the following customers are not covered: (a) financial institutions, credit institutions, insurance companies and investment firms (b) mutual funds and other companies for the collective management (c) pension funds and pension funds (d) companies in the same group as member institution (s) customers who have responsibility for or have benefited from the relationship that pertains to the Member, when such conditions have caused the Member's financial difficulties or contributed to a worsening of the Member's financial situation.

section 9-39. Dekningens size (1) Coverage provided with up to 200 000 dollars per customer per case of missing financial ability, as mentioned in section 9-37.

(2) where several customers using the Member's services together, should each be covered in accordance with the first paragraph. Shareholders in legal entities referred to in section 9-38 fourth paragraph b) shall not be considered as more customers using the Member's services together.

section 9-40. Announcement and deadline to report claims Fund will appropriately inform the customers that a member has a lack of financial capability, as described in section 9-37. The claims of the customer shall be filed for the Fund within five months from the announcement as mentioned. The customer has not put forward his claim within this time, is the right to coverage lost. If the customer has been prevented for making the claim within the time limit, the time limit begins to run instead when the obstacle is ceased.

section 9-41. Settlement (1) the Fund shall pay the claims from each customer as soon as possible and no later than three months after the nature of the justification and size is determined. In special cases, the financial audit extend the deadline by up to three months.

(2) the coverage for loss of financial instruments to be determined in relation to the instrument market value at the entry of the lack of financial capability, as described in section 9-37. Coverage for cash funds shall include any interest until the entry of the lack of financial capability, as described in section 9-37.

(3) If a customer with stake in the Member, is charged with offenses in connection with the laundering of money, to the replacement scheme, no matter the deadline over, adjust all payments in anticipation of an enforceable court order.


(4) dispute about the Fund's decisions can be appealed to the financial authority for administrative law chapter VI. Dispute about a claim covered by the scheme and about the right to coverage under this, can be tried by the courts.

section 9-42. Lack of fulfillment of the members ' duties (1) If a member does not fulfill their duties according to the securities trading Act section 9-12, the provisions given in this paragraph and pursuant to these provisions, should the Fund inform the Financial Audit. The Fund and the financial authority to work together to meet all appropriate measures to ensure that the Member fulfills its duties. With the financial authority's consent can a member with a time limit of at least 12 months warned that it may be excluded from the Fund. If a member, at the end of the said deadline still does not fulfill his duties and there is a express consent from the financial audit, the Fund can determine that the relevant Member shall be excluded from the Fund. The Fund's responsibilities will include the requirements as mentioned in section 9-32 occurred prior to the time for closing.

(2) If a branch established in pursuance of section 9-30 the first paragraph do not meet their obligations as mentioned in the first paragraph, to the authorities of the host State under the corrected. It should meet the corresponding measures which, after the first paragraph, or, the branch corresponding to be excluded from the Fund. Customers will be under the correct supplementary coverage has lapsed and the date from which. The Fund's responsibilities will include the requirements as mentioned in section 9-32 occurred prior to the time for closing.

section 9-43. The Fund's right to enter into the customers ' rights when the Fund pays out compensation, should the Fund have the right to enter into the customers ' rights in relation to the bankruptcy estate, claims in a forced chord or claims in relation to a credit institution which has made decisions on public administration, to the extent that the customer has been given full coverage for its claim against the Member.

section 9-44. Disclosure to customers, before the Member to do business with the customer, inform this about Mutual enterprises ' guarantee fund, including the amount, coverage and scope. For enterprises that are established by branch in Norway will be given the corresponding information on the Norwegian and in an easily comprehensible way about the protection scheme the branch is covered by this provision. The information as can be provided by the use of electronic communications if the client wants it.

section 9-45. General Assembly (1) at the general meeting, each Member of the Fund one representative and one vote. A decision by the general assembly requires the majority of the voting, if nothing else is stated by the Statute. Decision on the determination and change of the statute requires the endorsement from at least two-thirds of those voting.

(2) the General Meeting adopts the articles of Association of the Fund, select the members and deputy members of the Board and sets out the mandate for the Board.

(3) the annual report and accounts are to be treated by the general Assembly. Annual report and accounts shall be subject to revision.

section 9-46. Board of Directors (1) the Fund shall have a Board of five members. Four members and four deputy members elected by the general Assembly. Financial audit shall appoint one member with Deputy Board member.

(2) The elected members and deputy members are elected for two years. The Board chooses the leader and deputy leader for one year at a time.

(3) by the composition of the Board to the emphasis on the consideration of a balanced representation from members of different size and character.

(4) the Board shall prepare articles of Association of the Fund, and any changes to the bylaws that will be presented to the general Assembly for adoption.

(5) For valid decision of the Board required that at least three members voting for the proposal.

(6) It should be control protocol. Financial audit may require the Fund's control protocols submitted.

IX. capital ratio etc.

section 9-47. Exceptions from the requirements for start-up capital (1) investment firms with permission to provide the investment services listed in the securities trading Act section 2-1 the first paragraph Nr. 1, 2, 4, 5 and 7 shall have an initial capital of an amount in NOK which at least corresponds to the 125 000 euros.

(2) Notwithstanding the first paragraph can investment firms that can only provide investment services mentioned in the securities trading Act section 2-1 the first paragraph Nr. 1 and 5, and that can not handle clients ' financial instruments or funds, have a starting capital of an amount in NOK which at least corresponds to 50 000 euros. The requirement to start-up capital in such cases can be met by the fact that liability insurance is being drawn. Liability insurance to cover any amount in NOK which at least corresponds to the 1 million euro per damage case. The total coverage for liability insurance in the course of a year can still be limited upwards to an amount in NOK which at least corresponds to 1.5 million euro. Financial audit can regulate the guarantee amounts based on the evolution of the consumer price index.

section 9-48. The composition of the initial capital As start-up capital is considered paid up share capital, share premium and other equity.

section 9-49. Capital requirements rules on capital requirements imposed by regulations 1. June 1990 No. 435 on calculation of primary capital for financial institutions, clearing houses and investment firms, regulation 22. October 1990 No. 875 on the minimum requirements for capital in financial institutions and investment firms, regulation 22. June 2000 Nr. 632 about minimum capital coverage for market risk, etc. for credit institutions and investment firms and regulation 14. December 2006 Nr. 1506 of capital requirements for commercial banks, savings banks, financing companies, holding companies in the financial group, investment firms and management companies for mutual funds, etc. (capital claim Regulation).
Investment firms is exempt from the provision of the securities trading Act section 9-15a.

section 9-50. Major engagements For large engagements applies regulations 10. December 1997 Nr. 1388 about reporting of credit institutions ' and investment business major engagements and regulations 22. December 2006 Nr. 1615 of the credit institutions ' and investment business major engagements.

section 9-51. Consolidation rules on consolidation of the regulation follows the 31. January 2007 Nr. 121 on the application of soliditetsregler on the consolidated basis etc.

Chapter 10. Mutual enterprise business etc.

In a classification of customers. section 10-1. Customer categories (1) investment firms should categorize their customers as respectively: (a) non-professional customers, (b) professional customers, cf. § 10-2, or (c) qualified counterparts, jf. the securities trading Act section 10-14 the second paragraph.

(2) investment firms shall inform customers in writing about which category they belong to, about the access to request a different categorisation and about what impact the categorization has for the degree of investor protection.

(3) investment firms may on its own initiative or at the request of a customer, in general or in the individual case, treat a professional customer, or a qualified counterpart as a non-professional client or an eligible counterparty as a professional customer.

(4) if the professional customer or eligible counterparty requests treatment as non-professional customer, and investment firm agrees that, should the investment firm and the client enter into written agreement about this. The agreement shall specify whether it applies in general or in connection with one or more specified transactions, investment services or product types.

(5) investment firms should have written internal guidelines and practices for categorization of the customers. Professional customers are responsible for the investment firm is kept running apprised of any change that could affect their classification. Investment firm will be familiar with the client no longer meets the criteria in order to be categorized as a professional customer, the investment firm shall take appropriate precautions.

section 10-2. Professional customers the following customers are considered as professionals in relation to all investment services and financial instruments: (a) qualified to the parties mentioned in the securities trading Act section 10-14 the second paragraph, (b) legal person that meets at least two of the following three requirements to the size of the business: 1) accounting balance of an amount in u.s. dollars as at least corresponding to the 20 0000 0000 euro, 2) annual net revenue of an amount in NOK which at least corresponds to the 40 0000 0000 euro , 3) equity on an amount in NOK which at least corresponds to the 2,000,000 euros, and (c) other institutional investors whose main business to invest in financial instruments, including special firms for securitization.

§ 10-3. Eligible counterparties (1) in addition to the eligible counterparties as referred to in the securities trading Act section 10-14 the second paragraph to professional customers as mentioned in this regulation § 10-2 letter b is considered to be qualified against the party.

(2) legal persons that meet at least two of three criteria as mentioned in section 10-4 can ask to be treated as eligible counterparty in relation to the investment services or transactions that the person is categorized as a professional in relation to.

(3) investment firms to obtain the express confirmation from the customer where the person agrees to be treated as qualified counterpart. The confirmation can be obtained in a general agreement or in respect of individual transactions.

§ 10-4. Non-professional customers may request to be treated as professional a non-professional customer can ask to be treated as a Professional client if at least two of the following three criteria are met: (a) the customer has made transactions of significant size, on the relevant market average ten times per quarter in the preceding four quarters, (b) the size of the client's financial portfolio (cash and financial instruments) exceeds an amount in NOK which corresponds to 500 000 euro , (c) the customer works or has worked in the financial sector for at least one year in the position, which requires knowledge of the relevant transactions or investment services.


§ 10-5. Requirements to the procedure by waiver of protection as non-professional (1) at the request as mentioned in § 10-4 shall: (a) the customer in writing communicate investment firm that they wish to be treated as a professional, generally or only in relation to a particular investment service or transaction or a particular transaction or type of product, (b) the investment firm in writing provide the customer with a clear warning about the investor protection and the rights the customer relinquishes and (c) the customer in writing, in a document other than the customer agreement, declare to understand the implications of giving up on this investor protection.

(2) the investment firm shall take all reasonable measures to ensure that the client requesting to be treated as a professional customer, meet the requirements of § 10-4 before it decides to meet the request.

(3) the investment firm can only comply with the request as mentioned in § 10-4 about the company with reasonable security can determine that the customer has the necessary experience, knowledge and expertise to make investment decisions regarding the relevant investment services, financial instruments or transactions, and understand the risks associated with these.

§ 10-6. Classification of existing customers (1) investment firms shall no later than at the first contact with established customers after this regulation is in force inform customers whether or not they are classified as non-professional clients, professional clients or eligible counterparties.

(2) the investment firm as at the entry into force of this regulation have categorized their existing customers in accordance with the regulations, do not have the obligation to make the new categorization. Customers will still be stated about the terms for the categorization.

§ 10-7. Effects of the distinction peers professional qualified//non-professional customers (1) the following provisions shall not apply to professional customers: (a) § 10-9, § 10-10, section 10-12 the first paragraph, section 10-13 other and fourth paragraph, section 10-14 the first to the third paragraph and sixth paragraph, section 10-15, (b) § 10-20, (c) § 10-21 first paragraph Nr. 2, § 10-21 second, fifth, sixth, seventh and eighth paragraph, section 10-22 different to the sixth paragraph, section 10-23, (d) § 10-27 other and third paragraph, (f) § 10-28, first paragraph, LITRA c.

(2) by the assessment of whether performance of investment advice and active management to a professional customer is suitable, jf. § 10-16, investment firm add reason that professional customers have sufficient experience and knowledge as mentioned in section 10-16 first paragraph, LITRA c in relation to the products, services, and transactions that the customer is classified as a professional in relation to and that the customer is financially able to handle the risk as mentioned in the first paragraph, LITRA b.

(3) by the assessment of whether performance of investment services other than investment advice and active management to a professional customer is appropriate, see. § 10-17, investment firm add reason that professional customers have the necessary experience and knowledge as mentioned in section 10-17 related to the investment services, transactions or products the customer is classified as a professional in relation to.

(4) For eligible counterparties applies the provisions set aside in the first paragraph, neither: (a) § 10-11, section 10-13 first, third and fifth paragraph, section 10-14 fourth and fifth paragraph, (b) § 10-17 to 10-19 section, (c) § 10-21 first paragraph Nr. 1 and the third paragraph and section 10-24, (d) § 10-25, § 10-26 and section 10-27 first paragraph, (e) § 10-28 first paragraph, LITRA a and b, other and third paragraph, section 10-29 and section 10-30, by the performance of investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 1 to 3, unless the qualified counterpart asking for it.

II. Remuneration from other than the entity's customers section 10-8. Remuneration from other than the entity's customers (1) investment firms can in connection with that they provide investment services or ancillary services only receive compensation from or provide consideration to other than the customer if: (a) the customer before the performance of the service be given written information about the nature and value, the remuneration or method of calculation if the value cannot be determined, and (b) the consideration is likely to improve the quality of service to the customer and will not impair the company's duty to protect the customer's interests in the best way.

(2) the first paragraph does not apply to real expenses that enable or are necessary to carry out the investment service, including costs to the depot bank, market place, safety paper registers, clearing houses and legal assistance. Such expenses must by its nature does not give rise to conflict with the entity's obligation to act honestly, fairly and professionally in accordance with the customer's interests.

(3) investment firms can provide information as mentioned in the first paragraph of the letter a in the form of a summary, if the investment firm is committed to providing supplementary information on request from the customer.

III. Mutual entity's information duties to the clients section 10-9. Marketing materials, etc.
(1) all forms of information, including marketing information, aimed at the company's existing or potential customers will be: (a) contain the mutual entity's name, (b) do not emphasize the potential benefits of an investment service or financial instrument without also providing balanced information about relevant risks, (c) be adapted to the level of knowledge to the relevant customer circuit and (d) be designed so that important statements, warnings, etc. appears in a clear and obvious way.

(2) contains the information a comparison of investment services or ancillary services, financial instruments, or persons providing investment services or ancillary services shall: (a) the comparison be relevant and lodged at a reasonable and balanced way, (b) the sources of information in comparison is specified, and (c) they spent key data and assumptions are described.

(3) if it is given information that gives hint on a historical return of a financial instrument, a financial index or an investment service, the investment firm shall ensure that: (a) such information is not the most prominent in the information material, (b) information includes relevant information about the return for the preceding five years or the shorter period of time as the financial instrument has been offered, the financial index has been established, or the investment service has been offered. The return is to be set for the entire twelve month periods, (c) the reference period and the source of the information is clearly specified, (d) there is a clear warning that the historical rate of return is not a reliable indicator of future returns, (e) if the information is based on the amount in a currency other than the one applied in the country the customer is resident, the currency is specified along with the warning that the return can vary as a result of fluctuations in the exchange rates and (f) if the information is based on the gross return, should the effect of fees, commissions or other costs must be specified.

(4) contains the information mentioned in the first paragraph of information about or references to simulated historical returns, to relate information to a financial instrument or a financial index and the following shall be met: (a) the simulated historical return on investment should be based on the actual historical return to one or more financial instruments or one or more financial indexes, which corresponds to or is the underlying to the appropriate financial instrument , (b) the terms of the third paragraph, LITRA a, b, c, e and f shall be met for the actual historical return in letter a, and (c) it should be given a clear warning that the figures refer to simulated historical returns and that the historical rate of return is not a reliable indicator of future returns.

(5) contains the information mentioned in the first paragraph of information about future return, the following applies: (a) the information must not be based on or refer to simulated historical rate of return, (b) the information should be based on reasonable assumptions supported by objective data, (c) if the information is based on gross return, it shall be stated whether the effects of fees, commissions or other costs, and (d) it should be given a clear warning that such forecasts do not can be used as a reliable indicator of future returns.

(6) If reference is made to a particular tax effect, it should clearly be stated that the tax impact depends on the individual customer's individual situation and may change.

(7) a competent authority name must not be applied in a way that indicates that the authority to recommend or endorse the mutual entity's products or services.

(8) information in the securities the company's marketing materials to match the information to customers that is provided in connection with the performance of investment services or ancillary services.

(9) the information mentioned in section 10-12 to section 10-15 should be taken in the marketing material that contains offers from investment firms to enter into an agreement on a financial instrument or to provide investment services or ancillary services, when it along with the offer of the customer to follow a reply form or a specification for how the offer to be answered. This does not apply if the customer, to be able to respond to the offer or request, please refer to other documents that contain the information that follows from § 10-12 to 10-15 section.

§ 10-10. Information to customers prior to the agreement entering into

(1) in good time before the investment firm enters into an agreement for the performance of the investment service or associated service, or before the actual performance of such services if this happens prior to the deal making, investment firm to educate existing and potential customers about the terms of the agreement. The customer should at the same time get information as mentioned in section 10-12. The information to be given in writing or on a Web page if the terms of the § 9-2 the second paragraph is met.

(2) the information referred to in the first paragraph may be given immediately after it is entered into an agreement where: (a) the agreement after the wishes of the customer was entered into by the use of remote communication that prevented the company in providing the information earlier, or (b) the entity regardless of whether the law 21. December 2000 No. 105 about disclosure and cancellation etc. by distance selling and sales outside the fixed outlet Section 7a applies, treats non-professional customer as "consumer" under this section.

§ 10-11. Information to customers prior to the performance of the individual investment services, etc.
(1) in good time before the investment firm provides investment services or associated service to existing and potential customers get the information that follows from § 10-12 to 10-15 section. § 10-10 first paragraph last sentence and second paragraph applies accordingly.

(2) the investment firm shall, within a reasonable time disclose material changes in the information provided pursuant to section 10-12 to 10-15 section. Notification of changes will be given in writing, if the information was originally provided in writing.

§ 10-12. Information about the investment firm and its services (1) the investment firm shall provide the following information about the company and its services to clients if there are relevant: (a) the mutual entity's name, address and other relevant contact information, so that customers can communicate effectively with the entity, (b) the language the customer can use in contact with the enterprise, (c) the communication methods that can be used, including by submission and reception of orders , (d) that the company has the necessary permission, as well as the name and address of the authority that has granted the permission (s) if the investment firm plying business through an associated agent, this shall be stated with the indication of the country of the agent is registered in, (f) description of which reports entity shall give the customer after the securities trading Act section 10-11 eighth paragraph and this regulation § 10-21 to section 10-24, as well as how often and when such a report is to be given , (g) a concise description of the measures hit the investment firm in connection with the mutual company's storage of financial instruments and means for the customer, including any membership in security arrangements, and (h) a concise description of the mutual entity's privacy policies regarding conflicts of interest as mentioned in section 9-24. The customer can ask for a more detailed description. The description shall be given in writing.

(2) the investment firm that provides the service active management, to provide information that makes it possible for the customer to evaluate the company's management. The information can be given in the form of an independent goal, such as a reference index, which are adapted to the customer's investment goals and the financial instruments that are included in the customer's portfolio.

(3) in addition to the second paragraph, the duties of the investment firms that offer active management to provide information on: (a) how and how often the value of the financial instruments which are included in the customer's portfolio verdiberegnes, (b) any utkontraktering of the diskresjonære management of all or part of the customer's portfolio, (c) a specification of the target (the reference index or the like) the return of the client portfolio will be compared to , (d) the types of financial instruments that can be included in the customer's portfolio, and the types of transactions that can be conducted with such instruments, including any investment restrictions, and (e) investment goals and the risk level to be reflected in the diskresjonære management, including any specific limitations.

§ 10-13. Information about the appropriate financial instruments and investment strategies (1) Mutual entity shall provide information on the financial instruments and proposed investment strategies, including appropriate guidance and warning about the risks associated with investments in those instruments or the proposed strategies. The description should, when it is relevant in relation to the relevant instrument type and the client's professionalism and level of knowledge, include the following: (a) the risk of the relevant instrument types, including an explanation of the impact of the loan financing, either directly or through the use of financial instruments, as well as the risk of losing the entire investment, (b) price volatility and any limitations on the available market for such instrument types, (c) whether the transaction in the relevant instruments involves actual or potential obligations of the customer , in addition to the expenses to acquire the instruments, and (d) any margin requirements or similar obligations, applicable to instrument type.

(2) the investment firm that provides information about a financial instrument that is covered by a public offer for the securities trading Act Chapter 7, shall inform the customer about where and when the prospect is possible.

(3) If a financial instrument is made up of two or more different financial instruments or services, and the overall risk is higher than the risk associated with the individual components, the investment firm shall provide a comprehensive description of the instrument's individual components and how individual components affect the risk.

(4) If a financial instrument is guaranteed by a third party, the information about the guarantee and guarantor be sufficiently detailed that customers may make a reasonable assessment of the guarantee.

(5) key information for mutual funds created in accordance with the national rules implementing directive 2009/65//EC (UCITS directive) article 78 meet the education requirement for first to fourth paragraphs and the securities trading Act section 10-11 second paragraph Nr. 2 for information about the financial instruments.

§ 10-14. Information about the storage of clients ' financial instruments and funds (1) if financial instruments or funds are deposited with third parties on behalf of the securities, the company's investment firm to educate existing and potential customers about this and about the responsibility of the investment firm has, for the acts or omissions, and about the consequences for the customer if the third party is insolvent.

(2) If a customer's financial instruments deposited on the account of third parties, investment firm shall clearly disclose the customer that the financial instruments are contained in such account and about the risks of this.

(3) if the customer's financial instruments are stored by a third party that is not subject to the rules on duty to keep clients ' funds separately from the company's own securities and financial instruments, the investment firm shall clearly disclose the risks this entails.

(4) if the financial instruments or funds be kept so that the rules outside the European economic area comes to application, to investment firm disclose this and that the customer's rights to the funds may differ from that which applies within the EEA.

(5) the customer shall be informed of the investment firm has the right of security or other tilbakeholdsrett, including the offset right, related to the customer's financial instruments or funds, and the terms for this. The same applies any rights for third party that holds the customer's financial instruments or funds on behalf of the entity.

(6) in good time before the investment firm enters into agreement on mutual funding related to the financial instruments the company store for a customer, or otherwise applying the instruments for own or other customer's expense, should the entity provide the customer with written information about the entity's obligations for the purposes of the instruments, including the terms of return delivery and associated risks.

§ 10-15. Information about the costs and fees (1) investment firms should provide existing and potential customers the following information about the costs and fees: (a) the customer shall pay the total cost for the individual financial instrument, investment service or the associated service. The remuneration of the investment firm should be entered separately. If the costs cannot be specified precisely, the basis for the calculation shall be stated so that the customer can check the calculation, (b) if portions of the costs after the letter a is paid in foreign currency, currency, exchange rates and fees are set, (c) that there may be costs, including taxes, by the transactions or investment service that is not paid or charged by the investment firm, and (d) payment terms or conditions for other benefits.

(2) the Simplified Prospectus for mutual funds created in accordance with the national rules implementing Directive 85/611/EEC (UCITS directive) article 28, meet the disclosure obligation under subsection and the securities trading Act section 10-11 second paragraph Nr. 4 about the costs and fees.

IV. Collection of information about the customer's experience, etc.

section 10-16. Egnethetstest (1) to make a egnethetsvurdering by investment advice and active management, cf. the securities trading Act section 10-11 fourth paragraph, to investment firm come up with information from the client or the potential client that puts the company in a position to assess whether the individual transactions covered by the investment counselling or the active management, meets the following criteria: (a) is in accordance with the customer's investment goals, (b) is such that the customer is financially able to handle risks, and (c)

is such that the customer has the necessary experience and knowledge to understand the risks.

(2) when an investment firm in accordance with the first paragraph collect information about a customer's financial position, the customer information, as long as it is relevant, include information about the income ratio, fixed assets, including liquid assets, investments and real estate as well as the customer's normal financial obligations.

(3) when an investment firm in accordance with the first paragraph collect information about a customer's investment goals, should the customer information include information about the investment horizon, risk-taking, risk profile and goal setting with your investment.

(4) If an investment firm by the performance of investment advice or active management are not getting the information required pursuant to the securities trading Act section 10-11 fourth paragraph, to the entity do not provide active management or give advice to the customer about the investment services or financial instruments.

§ 10-17. Hensiktsmessighets test to make a hensikstmessighetsvurdering at the performance of investment services other than investment advice and active management, cf. the securities trading Act section 10-11 the fifth paragraph, the mutual entity decide whether the customer has the necessary experience and knowledge to understand the risks associated with the requested or offered the product or the relevant investment service.

§ 10-18. Information for the use of egnethets-and hensiktmessighetstest (1) when an investment firm pursuant to § 10-16 and section 10-17 collect or ask for information about a customer's knowledge and experience, to the information as far as it is relevant to the customer's classification cover the following conditions: (a) the types of services, transactions and financial instruments the client has knowledge of, (b) the nature, the number and frequency of customer's transactions in financial instruments and the period they have been carried out and (c) the customer's education and work experience.

(2) the investment firm shall not encourage a client to fail to provide the information required under section 10-16 and section 10-17.

(3) the investment firm can add customer information collected to reason unless the entity knows or should know that the information is obviously outdated, inaccurate or incomplete.

§ 10-19. Non-complex financial instruments financial instruments can be considered as non-complex for the securities trading Act section 10-11 sixth paragraph Nr. 1 if it: (a) not covered by the securities trading Act section 2-2 the first paragraph Nr. 4 or the second paragraph Nr. 3, (b) can be disposed of quickly, be redeemed or otherwise be released to a publicly available market rate or rates that are made available or confirmed through the systems of value determination regardless of the issuer, (c) does not involve an actual or potential liability for the client that exceeds the cost of acquiring the instrument, and (d) sufficient information about the instrument's properties is publicly available and can be expected to easily to be understood by an average non-professional customer so that the customer can make a well-informed assessment of whether the transaction to be implemented.

§ 10-20. Deal with customers investment firms that provide investment services other than investment advice to a new customer for the first time after this regulation enters into force, should be included frame agreement with the customer. The agreement shall be entered into in writing or on another durable medium, and contain the mutual entity's and the client's essential rights and obligations. The parties ' obligations can be described by reference to other documents.

V. reporting to clients section 10-21. Order confirmation by disclosure (1) investment firms that have completed an order on behalf of a customer, shall: (a) promptly provide the customer with the essential information related to the execution of the order in writing, and (b) as soon as possible, and no later than the first business day after the execution, send customer written confirmation that the order is carried out. Investment firm will get the confirmation from the third party, it should be communicated to the customer no later than the first business day after the investment firm received the order confirmation/end slip.

(2) the first paragraph does not apply to the letter b on the order confirmation/end slip contains the same information as immediately sent the customer of another undertaking.

(3) First paragraph, LITRA a and b do not apply to customer order related to these customers ' agreements on mortgage loans financed by the issuance of bonds. In this case the transaction report is sent at the same time with the terms of the mortgage, and no later than one month after the order execution.

(4) investment firm shall, first, beyond the requirements of different and third paragraph, give information on order status if the customer requests it.

(5) For order related to the customer's investment in mutual funds that are executed periodically, investment firm shall meet the requirements as stated in the first paragraph, LITRA b, or give the information that follows from the sixth paragraph at least every six months.

(6) the order confirmation that investment firm sends to the customer after the first paragraph, LITRA b should, if possible and relevant, include the following information: (a) identification of the reporting companies, (b) the customer's name or other designation, (c) the trading day, (d) the trading time, order type (s), (f) trading system, (g) identifying information about the financial instrument, (h) the purchase-/salgsindikator, (i) the order's art if other than buy/sell, (j), (k) unit price , (l) the total remuneration, (m) the total size of commissions and fees, etc.., and an itemization of the individual items if the customer requests it, (n) customer's responsibility for the settlement of the transaction, including the deadlines for payment or delivery, as well as account information if such information is not already provided the customer, and (o) if the investment firm itself, a person in the company's enterprise group, or any other customer of investment firm was the customer's counterpart in the trade , the client should be informed that, unless the order was executed through a trading system that facilitates anonymous trading.

(7) the order is performed in parts can investment firm, by fulfillment of education duty in the sixth paragraph of the letter k, choose to inform the customer about the price of the individual part or the average price. Provide the company an average price, to the company when the customer asks for it enter the price for each part.

(8) investment firm can provide the information as mentioned in the sixth paragraph, the use of standard codes, if the entity at the same time explains the codes that are used.

(9) this decision does not apply by active management.

section 10-22. Reporting obligations by the performance of investment service active management (1) by active management investment firm shall give each customer period displaying lists of management on customer's behalf. This does not apply if the customer receives such a list of other companies. The list shall be given in writing.

(2) Periodically as mentioned in the overview the first paragraph should contain the following information: (a) the mutual entity's name, (b) the name or other designation of the client's accounts, (c) account of the portfolio's content and valuation, including details about the individual financial instruments, their real value, cash on hand at the beginning and the end of the reporting period as well as the portfolio's return over the course of the period, (d) the customer's total costs incurred in the reporting period with the specification of management compensation and the total costs of execution of orders , and when it is relevant, information on a more detailed cost allocation can be provided on request, (e) a comparison of the portfolio's return in the reporting period with the reference index investment firm and the client have agreed on, (f) total dividends, interest and other payments to the client's portfolio received during the reporting period, (g) other company events of importance for the rights related to the financial instruments which are included in the customer's portfolio and (h) information provided by section 10-21 6th paragraph, LITRA c to l for each transaction carried out in the reporting period. This does not apply if the customer chooses to receive such information after each individual transaction, jf. fifth paragraph.

(3) the investment firm to give customers information as mentioned in the first paragraph every six months, unless: (a) the customer requests that the overview is given every three months, (b) the customer chooses to receive information about executed transactions for each single transaction. If so, should the list be given at least once a year, or (c) active management agreement between the investment firm and the client opens up a borrowing financed portfolio, either directly or through the use of financial instruments. If so, should the list be given at least once a month.

(4) the investment firm shall inform the customer about its rights after the third paragraph, LITRA a. Exception in the third paragraph, LITRA b shall not apply to transactions in financial instruments covered by the securities trading Act section 2-2 the first paragraph Nr. 4 or other paragraph, LITRA c.

(5) the customer has the right to get information about committed transactions for each single transaction in the portfolio. If so, should investment firm when the transaction is completed, immediately provide the customer with substantive information about the transaction in writing.

(6) is the customer as stated in the fifth paragraph of a non-professional customer, the investment firm no later than the first business day after the execution the customer confirmation send a performance together with the information referred to in section 10-21 6th paragraph. Get investment firm confirmation carried out orders from a third party, such confirmation is sent to the customer no later than the first business day after the company received the confirmation from the third party. This is not, however, about the confirmation contains the same information that will be sent to the customer by another undertaking.


§ 10-23. Requirements for the reporting of losses for the services order execution and active management (1) the investment firm that carries out the order that imposes unfunded positions that may give rise to future obligations, in addition to the requirements provided by § 10-21, also report about the loss that exceeds the set limit.

(2) the investment firm that on behalf of customer performing transactions in connection with active management, in addition to the requirements provided by § 10-22, also report about the potential loss that exceeds the set limit.

(3) Reporting as mentioned in the first and second paragraph must be made at the latest by the end of the business day limit has been exceeded, or if they exceeded them happens on a day that is not a business day, at the latest by the end of the subsequent business day.

§ 10-24. Statement of clients ' financial instruments and funds (1) the investment firm that holds financial instruments or funds on behalf of the customers, at least once each year send each customer a bank statement that shows the financial instruments and funds the company stores on behalf of the customer. This does not apply if such statement is given in a different period of time reporting. Such information shall be given in writing.

(2) the first paragraph shall not apply to credit institutions domiciled in the State within the EUROPEAN ECONOMIC AREA for the deposit on the account in the respective institution.

(3) your statement as mentioned in the first paragraph shall include: (a) information on all financial instruments and funds held by the investment firm on behalf of the customer at the end of the reporting period, (b) the extent to which the customer's financial instruments or funds have been the subject of securities financing, and (c) the extent to which the customer has had income as a result of that person's financial instruments or funds have been the subject of securities financing , and the basis for this earnings.

(4) whether the return of one or more unsettled transactions are included in the value of the client's portfolio, the information to be given after the third paragraph, LITRA a, either based on trade or settlement date provided that the same basis is used consistently for all unsettled transactions in your account statement.

(5) investment firm that holds financial instruments or funds and providing investment service active management on behalf of a customer, can include the account statement to be given after the first part of the period see the list to be given the customer pursuant to section 10-22 the first paragraph.

Vi. Best score from § 10-25. Best score at the execution of orders (1) investment firms shall be by execution of orders put weight on the following criteria to determine the relative weight of the factors mentioned in the securities trading Act section 10-12 first paragraph: (a) the customer's properties, including whether the customer is categorized as non-professional or professional, (b) the order's art, (c) the characteristics of the financial instruments which are included in the order, and (d) the characteristics of the trading systems which the order may be entered.

(2) with the trading system will mean in this clause and § 10-27 regulated market, MTF, systematic internaliserer, price POPs or other liquidity guarantor or entity domiciled in the State outside the EEA which perform similar functions.

(3) If an order or part of an order is carried out according to a specific instruction from the client, considered this as best execution for the securities trading Act section 10-12 the first paragraph.

(4) at the execution of orders on behalf of the non-professional customer is determined the best possible results from the total compensation the customer is going to pay in connection with the order execution. By the calculation of the total consideration should be taken into account the price of the financial instrument and the costs of the execution order that includes the customer's all direct costs in connection with the execution, including the fees for the use of the trading system, clearing houses and value paper records as well as other costs and fees to the third party involved in the execution of the order.

(5) to ensure the best result for the customer when the order can be executed in multiple trading systems and to compare the results that can be achieved for the customer in the various trading systems mentioned in the securities the company's guidelines for order execution, the investment firm shall take into account their own commissions and fees by performing the order in the various trading systems.

(6) Mutual enterprise should not be made to the commissions that they unfairly differentiates between means of some trading systems.

§ 10-26. Best results, active management and reception and dissemination of order (1) investment firms shall carry out the measures listed in the second to the sixth paragraph when: (a) the entity by active management places the order for the execution with other companies, or (b) the entity upon receipt and disclosure of order execution in order to convey different enterprises.

(2) investment firms to carry out any reasonable measures to achieve the best possible result for the customer with reference to the factors mentioned in the securities trading Act section 10-12 the first paragraph. The relative weight of the factors shall be determined in accordance with the criteria referred to in this regulation § 10-25 first and fourth paragraph.

(3) investment firms are considered to fulfill his commitment after the first paragraph to the extent that an order placed or communicated in accordance with the specific instructions from a customer.

(4) investment firms should have guidelines to ensure compliance with the second paragraph. The guidelines shall for each type of financial instruments the company trades with, set the devices the company place or order to convey. Entity shall see to it that the units specified has effective procedures, systems and arrangements to ensure that the company can comply with their obligations under this provision. Investment firms shall provide the appropriate information about the policies to their customers.

(5) investment firms should regularly monitor whether the guidelines set out in accordance with the fourth paragraph are effective, including in particular the results of the order execution to the units specified in the guidelines, and make sure the necessary fixes.

(6) investment firms should consider the guidelines set out in accordance with the fourth paragraph annually, or when there are changes of importance to the company's continued ability to achieve the best result for the customer.

§ 10-27. Guidelines for order execution (1) investment firms shall annually review their guidelines for order execution determined by the securities trading Act section 10-12 other joints, including the company's systems, procedures and arrangements for order execution. Such a review should also be undertaken when a change occurs of importance to the company's continued ability to achieve the best possible results for your customers by using the trading systems as specified in the guidelines.

(2) the investment firm shall, in good time before the performance of the services give customers adequate information about the guidelines for order execution, including: (a) an account of the entity's trade-off of the criteria as mentioned in the securities trading Act section 10-12 the first paragraph, cf.. This regulation § 10-25 first and fourth paragraph, or how the investment firm conducting weighing, (b) a list of the trading systems that the company considers to be suitable to achieve the best results, execution of orders, and (c) ready and clear warning that specific instructions from a customer can consume the investment firm does not meet the guidelines to ensure the customer best score.

(3) the information mentioned in the second paragraph shall be given in writing or by one site if the terms of the § 9-2 the second paragraph is met.

VII. Treatment of customer order section 10-28. Treatment of order (1) investment firms shall be by execution of orders ensure that: (a) the order is recorded and allocated immediately and accurate, (b) comparable client orders be executed immediately and in the time order they are received, unless the order's art or the current market conditions, preclude this or it goes against the customer's interests, and (c) customers be informed of any significant problems with to perform the order as soon as the entity has been aware of this.

(2) the investment firm that has the responsibility to verify or complete settlement of executed order, to take all reasonable measures to ensure that the customer's financial instruments or funds received by the settlement, immediately be transferred to the customer's account.

(3) investment firms shall not misuse information about non-carried out the order, and shall take all reasonable measures to prevent the company's associated persons abusing such information.

(4) Financial Audit can exempt investment firms from the obligation to publish limitordre as mentioned in the securities trading Act section 10-13 the second paragraph.

§ 10-29. The aggregation of order (1) investment firms shall not carry out a customer order with another customer order or a transaction for own account (aggregation), unless: (a) it is unlikely that the aggregation in General will be to the disadvantage of the customer, (b) each customer is given information that the aggregation can be to the disadvantage of them for as far as concerns a specific customer order, and (c) the investment firm has effective guidelines for distribution of performed the aggregated order , and these in a precise manner specifies criteria for a fair allocation of aggregated orders and transactions, including how the volume and price of orders has importance for the allocation and the treatment of partially carried out the order.

(2) investment firms that aggregate a customer order with other customer orders and the aggregated order is only partly performed, to allocate the relevant trades in accordance with the guidelines for order allocation.

§ 10-30. Allocation of trades

(1) by the aggregation of transactions for own account with one or more customer orders, investment firms shall not allocate the appropriate act in a way that harms your customers ' interests.

(2) investment firms that aggregate a customer order with a transaction for own account and the aggregated order is only partly performed, should prioritize the customer's order by the allocation. Whether the investment firm will make the transaction without this aggregation could not be carried out on as good terms, investment firm can still allocate the transaction proportionately according to the guidelines for order allocation, jf. § 10-29 first paragraph, LITRA c.

(3) investment firms shall in the guidelines for order allocation as mentioned in section 10-29 first paragraph, LITRA c, fix routines to prevent transactions for own account which be aggregated with customer order, reallokeres in a way which damages the customer's interests.

VIII. Sound recording section 10-31. Documentation (1) investment firms shall make sound recordings of all phone calls in relation to the performance of investment services as mentioned in the securities trading Act section 2-1 the first paragraph Nr. 1 to 6.

(2) investment firms shall establish reasonable procedures for documentation of communication through other communication channels when these are used in relation to the performance of investment services as mentioned in the first paragraph.

§ 10-32. Retrieval of documentation (1) sound recordings shall at least be able to be found for the following search criteria: a) inbound and outbound phone number b) Time for the call and c) employees of the company who made the call.

(2) documentation of communication through other communication channels should at least be able to be found for the following search criteria: a) the customer's identity b) time for communication and c) the employees of the entity that carried out the communication.

§ 10-33. Storage of documentation (1) sound recordings and other documentation referred to in § 10-31 should be kept for at least three years from the day the recording was made or the documentation received.

(2) the financial supervision in particular cases can impose on the investment firm to keep the audio recording and documentation referred to in § 10-31 and § 10-32 out of the time limit referred to in the first paragraph.

(3) the containment shall be made on the reassuring way.

§ 10-34. Information duty (1) the investment firm shall be by the creation of customer relationship in writing inform all customers about: a) that it made the audio recording of all telephone conversations covered by § 10-31 first paragraph, b) that documentation of the communication through other communication channels than phone in relation to the performance of investment services also be kept, (c) that the retention period is at least three years, and (d) that the sound recording can be found after a particular criteria. What are the criteria that can be used for retrieval should be specified separately.

(2) the Information referred to in the first paragraph may be given in the information as mentioned in section 10-10.

§ 10-35. Viewing the right investment firm shall establish internal procedures for employee and selecting view into the trust information that tes mentioned in section 10-31. Routines should at least consist of a specification of which tjenstlige purposes and which procedures to be open to such a view.

IX. Transaction Reporting § 10-36. The scope of the provisions of section 10-37 to section 10-39 applies to the investment firm with permission under the securities trading Act section 9-1 and branch of the foreign investment firms, jf. the securities trading Act section 9-24 the first paragraph. Provisions does not apply for transactions performed by the branch of the Norwegian investment firm in another EEA Member State, cf. the securities trading Act section 9-23.

§ 10-37. Reportable transactions (1) with the transaction to be reported after the securities trading Act section 10-18, refers to any purchase or sale on behalf of the customer, or for rapporteringspliktiges own expense by: a) financial instrument listed on the regulated market, and b) derivative with financial instrument listed on the regulated market as the underlying.

The reporting obligation applies regardless of whether the transaction is carried out on the regulated market.

(2) the financial supervision of the regulations can give further provisions relating to reportable transactions.

§ 10-38. Customer identification Transaction reports should contain the following information about the customer: personal identification number, registration number, D-number or, if the customer does not have such a number, other unique identification code.

§ 10-39. Identification of financial instruments Transaction reports should contain the following information in order to identify and classify the current financial instrument: (a) the International security identification number (ISIN) according to ISO 6166, or (b) alternative instrumentidentifikator (AII) as determined by the authority closer to the Ledger.

X. Systematic internalization § 10-40. Systematic internalization closer to rules about systematic internalization of Regulation (EC) No. 1287/2006, cf. section 15-1.

§ 10-40a. Standard market size Stocks should be divided into categories according to the Regulation (EC) No. 1287/2006. Financial audit disclose which stock category the individual stock, at least once a year.

§ 10-40b. Publication of the rates (1) Mutual entity shall publish the courses running in the Stock Exchange's general opening hours. Publishing is going to happen in a way that is easily accessible to other market participants and on commercial terms.

(2) the investment firm can pull their rates back in the event of extraordinary market conditions.

§ 10-40 c. Execution of orders (1) the investment firm to carry out the order to the rates that are published at the time the orders are received. The orders will be carried out on the most beneficial terms for the customer in accordance with the rules of the securities trading Act section 10-12 and this forskriftens chapter VI.

(2) orders from professional customers can still be performed to better rates for the investment firm if these courses fall within a published range that is close to market conditions, and if the order size is greater than the order which is usually made of non-professional customers.

(3) if the execution of the order from the professional customer comes to transactions where execution in several securities is part of one transaction, or where the order depends on the criteria other than the current market price, the order can be made to other rates than the published regardless of the terms of the second paragraph.

(4) if the investment firm just POPs one course, or if the largest size there is a course for is less than the standard market size, and the entity receives an order that is larger than the size that is set for the course, the company can also carry out the part of the order that exceeds what the company's kursstillelse covers, provided that this part of the order is executed to the published rate , unless otherwise follows from the other and the third paragraph above.

(5) if the investment firm sets prices in several trade sizes, and receives an order of a scope that is located between these courses, and the entity chooses to carry out the order, the company shall carry out the order to one of the published rates in accordance with the rules on the treatment of customer order in the securities trading Act section 10-13 and this chapter VII forskriftens.

§ 10-40 d. Access to the rates (1) investment firm has the right to, on the basis of its business plan and in an objective, non-discriminatory way, to determine which investors will have access to the company's rates, provided that there are clear criteria for access.

(2) the investment firm may on the basis of business reviews refuse to establish or cancel business relations with investors. Such reviews can among other things apply: (a) the investor's credit rating, (b) counterparty risk, (c) Finally, the execution of the transaction.

§ 10-40e. The number of transactions (1) the investment firm has the right to limit the number of transactions that the Company undertakes to enter into on the published criteria from one and the same customer, on a non-discriminatory way.

(2) if the number of or the size of the orders customers want to get performed significantly exceeds the norm, investment firm can limit the total number of transactions from different clients at the same time, if it happens on a non-discriminatory way and in accordance the securities trading Act section 10-13.

XI. Publication of information about committed transactions § 10-41. Disclosure of information about committed transactions closer to rules on disclosure of information about committed transactions provided by Regulation (EC) No. 1287/2006, cf. section 15-1.

XII. associated agents § 10-42. Limitations in the exercise of the associated agents, written agreement requirements, and more.
(1) investment firms cannot enter into affiliate deals that includes more people than the 50 percent of the number of permanent employees in the investment firm. This does not apply where the agent is associated with the credit institution or insurance company.

(2) affiliated to the agent can only offer services on behalf of the investment firm from one place of business. This does not apply where the agent is associated with the credit institution or insurance company.

(3) the agreement between the investment firm and the associated agent shall be in writing and regulate the following conditions: (a) ensure instructional access over the associated agent with respect to the conduct of all business as the agent of the entity's behalf supervises securities, (b) ensure that the agreement may be terminated with immediate effect if the duties of the securities trading Act section 10-16 the second paragraph, the other to the fourth period is not met, (c) the agreement should be able to be terminated by investment firm without that it is to the detriment of the continuity and the quality of the services that provided customers, (d)

ensure that the agent under the investment firm dishes of changes or events that significantly could affect agent's ability to perform operations on the mutual entity's behalf, and (e) ensure that the investment firm, its auditor, and financial authority has in fact access to information related to the business as the agent on behalf of the securities company's xenophobia and to the agent's premises.

(4) the first paragraph does not apply to management company for mutual funds.

§ 10-43. Eligibility requirements to the associated agents and more before an investment firm using associated with agent, to ensure that the investment firm Managing Director or any other person in the agent business that actually leads the business as associated with agent, meets the requirements of the securities trading Act section 9-9 the first paragraph about the relevant qualifications and professional experience, and by the way do not have expelled undue behaviour that gives reason to assume that the position or the task will not be able to be safeguarded in the proper way.

§ 10-44. Employee access to drive other business activities etc. Securities trading Act § 10-3 applies to employees at the securities company affiliated agents.

§ 10-45. Associated affiliates ' access to drive other business activities (1) Associated agents may not operate other business activities without this have natural context of the exercise of investment service business, except the business that is covered by other legislation contained in the EEA Agreement annex IX on financial services.

(2) the securities trading Act section 10-2 third paragraph also applies to associated agents.

§ 10-46. Registration of associated agents (1) registry as mentioned in the securities trading Act section 10-16 third paragraph should specify the information about the associated agent that the financial audit at any time determines.

(2) affiliated to the agent could not conduct business on the mutual entity's behalf before the agent is registered in a registry as mentioned in the first paragraph.

Chapter 11. Operation of multilateral trading facility section 11-1. Operation of multilateral trading facility closer to the rules on the operation of the multilateral trading facility provided by Regulation (EC) No. 1287/2006, cf. section 15-1.

Part 4. Securities settlement Chapter 12. Central counterparties, etc.

section 12-1. Affiliated business Central counterparties with permission under the securities trading Act section 13-1 can guarantee the fulfillment of the agreements in effect trading with financial instruments as mentioned in the securities trading Act section 2-2 and the obligations regarding loans of financial instruments. Finance Act and the Insurance Act does not apply to such business.

Part 5. Supervision, sanctions etc.

Chapter 13. Supervision chapter 13 section 13-1, section 13-2, section 13-3, section 13-4, § 13-5, section 13-6, § 13-7, section 13-8, § 13-9 and section 13-10 in force 1. January 2008. section 13-11 to § 13-14 will take effect from the time the Ministry decides.

In the supervision of running. issuer's information duty section 13-1. Supervision of the observance of the securities trading Act section 5-2 and section 5-3 supervision of observance of the securities trading Act section 5-2 and section 5-3 to be exercised by the regulated market.

II. Control of publicly traded enterprise reporting issuer financial section 13-2. Issues the enterprises (1) the provisions of section II apply to the issuers of transferable securities that are, or will be searched listed on the regulated market in the EUROPEAN ECONOMIC AREA with Norway as home State, cf. the securities trading Act section 5-4.

(2) the provisions of section II does not apply to the State, Norges Bank, municipalities, county municipalities, municipal and County Municipal companies, as well as interkommunale companies.

section 13-3. Financial reporting Regulations apply for financial reporting in the form of: a. the annual report and the annual report b. interim financial statements c. Pro forma numbers and corresponding lineups with additional information in the prospectuses approved of prospect or registered in the Government business enterprises for the securities trading Act Chapter 7.

section 13-4. The control of the financial reporting (1) Financial Audit shall establish arrangements for the selection of undertakings and documents as mentioned in section 13-3, which should be subject to control.

(2) the financial audit to adapt its control to uncover significant reporting discrepancies.

section 13-5. Submission to the financial audit (1) the documents mentioned in section 13-3, as well as the Board's proposal to the annual accounts, the annual report, the statement from the people responsible at the issuer and the audit report will be submitted to the financial supervision as soon as they are available. Also the corporate Assembly and Board's objections to the Chairperson's proposal to be sent to the financial audit as soon as they are available, cf. the securities trading Act section 5-5 seventh paragraph.

(2) Financial Audit sets out the reporting requirements in more detail from the issuers to use for selection under section 13-4 the first paragraph.

(3) the documents to be sent Financial Audit electronically.

section 13-6. Disclosure Financial Audit may require information as mentioned in the securities trading Act section 15-2 seventh paragraph, orally or in writing within a prescribed time limit. Financial audit may require documents, including technical stored information and printing from the storage medium.

section 13-7. Report suspected financial reporting that does not give a true and fair picture message as mentioned in the securities trading Act section 15-2 seventh paragraph, shall be given in writing and include the name and position of the person who gives the message, as well as an account of why he or she considers that the issuing entity's financial reporting does not give a true and fair view in accordance with the relevant regulations for financial reporting.

section 13-8. Measures to ensure correct financial reporting etc. If the financial reporting in documents not in accordance with the law or regulation, the financial audit impose issuer companies to: a) change their future accounting practices, b) correct errors in the next reporting, including note information on the relationship, and c) give the public additional information upon notification to the stock exchange or otherwise.

section 13-9. The presentation of the new annual report and new accounts If the financial reporting in: a) the annual report and/or annual report, b) half-year accounting and/or half-year account, and/or c) quarterly report, differ significantly from that which follows from the Act or the regulations, the financial authority to impose on companies issuing new reports as mentioned in a) to c) within a prescribed time limit.

section 13-10. Coercive supervision Finance § 10 the second paragraph about coercive applies to orders given pursuant to § 13-8 and § 13-9.

section 13-11. Appeals (1) there shall be appointed one appeals to settle complaints about the decision after the securities trading Act section 15-1 third paragraph, cf.. This regulation § 13-8, § 13-9 and section 13-10, the securities trading Act section 15-2 seventh paragraph, cf.. This regulation § 13-5, section 13-6 and 13-7, as well as the securities trading Act section 15-7 fifth paragraph.

(2) Complaint examiners can in a complaint case trial all aspects of the decision that is the subject of the complaint.
In effect from the time the Ministry decides.

section 13-12. Composition of the complaint Examiners (1) Complaint the examiners shall consist of five members with personal deputy members who shall be appointed by the Ministry of a period of four years. On first appointment, appointed three of the members for four years and two of the members for two years, while all the Deputy members appointed for two years. The examiners shall have a Chairman and a Deputy Chairman. The examiners must be set up so that it is secured high Accounting Professional and legal expertise.

(2) if both a member and the person personal Deputy member has maturity, call one of the leader's other Deputy members. Complaint to report me is vedtaksfør if at least four of the big meetings.

(3) upon maturity from the leader is headed the work of complaint the examiners of the Manager, if applicable, by a member.
In effect from the time the Ministry decides.

section 13-13. Case management (1) For the complaint proceedings in the appeal examiners apply the rules of administrative law chapter VI with the following changes and additions: (2) the appeal shall be filed in writing. The complaint shall contain a complete account of the error in law application, facts or proceedings as it is applied that is the decision that is appealed. As long as it is submitted that the financial authority's decision is based on an incorrect or deficient in fact basis, should the complaint contain an overall and complete account of the facts the complainant believes to be added to reason. It is previously given such a statement to Financial Audit, referring to this. Where the financial authority's and complain Committee's decision will depend on a judgment, the complaint should contain the elements the petitioner believes has meaning by ' exercise.

(3) the complaint shall settle the matter the examiners regularly on the basis of the documents available when it receives the complaint. If special reasons, can appeal the examiners decide to keep oral negotiation meeting. Complaint examiners determines which parts of the case to be processed by word of mouth. Complaint examiners can encourage parties and witnesses to explain himself directly for the complaint.

(4) Decisions and decisions that apply to the case preparation in the complaint the examiners get together of the Committee's leader, or after the leaders ' authority, of one of the other members.
In effect from the time the Ministry decides.

section 13-14. Remuneration and coverage of expenses the Ministry determines the remuneration for the complaint Committee's members and hit the provisions on the Committee's secretariat. Financial audit can determine that expenses of remuneration to the complaint Committee's members and the Secretariat as well as other expenses incurred in connection with the complaint proceedings will be borne by the petitioner if the complaint to report me does not give the complainant the complaint accusations.
In effect from the time the Ministry decides.

III. Traffic data Chapter 14. Enterprise reporting


section 14-1. Enterprise reporting investment firm with permission to provide investment services for the securities trading Act section 9-1, as well as companies that drive such business through branch in Norway pursuant to the securities trading Act section 9-24 or section 9-25, shall submit half-year task to Financial Audit.

section 14-2. (Repealed) section 14-3. (Repealed)

Chapter 15. Implementation of Regulation (EC) No. 1287/2006 section 15-1. The implementation of Commission Regulation (EC) No. 1287/2006 the EEA Agreement annex IX Nr. 31bac (Regulation (EC) no 1287/2006) on the implementation of Directive 2004/39/EC with regard to the documentation obligation for investment firms, transaction reporting, market transparency, admission of financial instruments to trading as well as definition of terms for direktivs purposes as mentioned apply to regulations with the customizations that follows from annex IX, Protocol 1 to the agreement and the agreement by the way.

Part 6. Effective date and changes to other regulations Chapter 16. Entry into force section 16-1. Entry into force (1) this chapter forskriftens 1, 2, 3, 7, 9, 10, 14, § 15-1, Chapter 16 and 17 will take effect 1. November 2007. Forskriftens Chapter 4, 5, 6, section 13-1, section 13-2, section 13-3, section 13-4, § 13-5, section 13-6, § 13-7, section 13-8, § 13-9 and section 13-10 come into force 1. January 2008, however, section 5-2 to § 5-8 and § 5-11 is provided with effect for fiscal periods that is started 1. January 2008 or later. The regulations section 13-11 to § 13-14 will take effect from the time the Ministry decides.

(2) from 1. November 2007 repealed the following regulations:-Regulation 26. September 1996 Nr. 948 about mutual enterprise trade at their own expense as part of the company's general investment management, including whether the message of such trade-Regulation 26. September 1996 Nr. 950 about mutual Enterprise duty to lead tasks received and carried out the mission-regulations 14. October 1996 No. 985 on initial capital for investment firms-regulations 18. March 1997 Nr. 1053 of the quarterly task for investment firms-regulations 7. November 1997 Nr. 1149 on the entry into force and transitional provisions to the Act 19. June 1997 No. 79 about security trade-regulations 18. December 2002 No. 1685 on the requirements for the issuance of the securities business trading with the purchase and sales listed dishes dishes without the complicity of a clearinghouse-regulations 7. March 2003 No. 289 about mutual enterprise use of contractors (utkontraktering)-Regulations 9. July 2003 No. 954 about mutual enterprises ' obligation to provide notification of the company's shareholders-regulations 7. November 2003 No. 1322 about mutual Enterprise duty to make audio recordings of received missions and to the storage of documentation regarding the order receipt-regulations 1. July 2005 Nr. 783 on the preparation and dissemination of investment recommendations, etc.

-regulations 1. July 2005 Nr. 785 on market abuse and the reporting of suspicious transactions-regulations 9. December 2005 Nr. 1422 about information in prospects-regulations 9. December 2005 Nr. 1423 on the implementation of the control Regulation-prospect 9. December 2005 Nr. 1424 on exceptions from the prospectus obligation-regulations 9. December 2005 Nr. 1425 about transition rules in connection with changes to the prospectus rules in Chapter 5 securities trading Act-regulations 22. December 2005 Nr. 1672 about Mutual enterprises ' Guarantee Fund-Regulation 20. December 2006 Nr. 1561 about authorized marketplaces for tradable Securities-Regulation 8. June 2007 No. 602 about because prospects.

From the same date of revocation decision 6. December 2006 Nr. 1679 about the delegation of authority to the Securities Commission for the securities trading Act section 8-12 the third paragraph.

(3) From 1. January 2008 is revoked the following regulations:-Regulation 15. December 1997 Nr. 1307 about the requirements for security at the fremsettelse of the compulsory offer-regulations 18. December 2002 No. 1613 on mutual exemption from the obligation of the enterprise to flag the larger stock records-regulations 13. October 2005 Nr. 1198 about control of listed issuer identification financial reporting.

Chapter 17. Changes in other regulations § 17-1. Changes in other regulations From 1. November 2007 following changes are made in other regulations:-