The Ministry of Finance confirmed everybody’s expectation yesterday when it announced that the Norwegian AIFM Act and the AIFM Regulation (implementing AIFMD and Commission Delegated Regulations supplementing AIFMD) comes into force 1 July 2014. As of and after 1 July 2014 the management and marketing of Alternative Investment Funds (“AIFs”) will thus be subject to the AIFM Act and the AIFM Regulations.

As expected, the newly published AIFM Regulation gives no transitional rules for marketing of closed-ended AIFs when marketing is made under a PPM. This means that from 1 July, marketing of closed-ended AIFs to Norwegian investors will require notification to, or pre-approval from, the Financial Supervisory Authority of Norway (the FSAN), depending on the category of investors the AIF will be marketed to and the nationality of the AIF/AIFM (EEA/non-EEA).