The proposed AIFM Act passed the first reading in the Norwegian Parliament 3 June, and is scheduled for a second and final reading in the Parliament shortly. The Ministry of Finance stated yesterday that the Act will almost certainly come into force 1 July 2014.
The Financial Supervisory Authority of Norway (FSAN) has further stated that managers and others may now file applications for authorisation under the AIFM Act, be it authorisation in Norway to manage an AIF or authorisation to market foreign AIFs in Norway in cases where the AIMFD’s notification procedures are not applicable. Foreign managers of AIFs should particularly note that marketing requires pre-approval from the FSAN for each AIF being marketed, and further that marketing to non-professional investors will be limited to AIFs being managed by AIFM’s with authorisations within the EEA.
The Ministry of Finance (MoF) is in the final stages of drafting transitional rules to the AIFM Act, which will come into force simultaneously with the new Act, 1 July 2014. The MoF will most likely give managers of AIFs a six months’ deadline to apply the FSAN for an authorisation under the new Act. It is still uncertain if the MoF will pass transitional rules for marketing of closed-ended AIFs after 1 July. Transitional rules (if any) will be part of the AIFM Regulation, which will typically be published by the MoF nearer the end of June.
For further information please see Marketing of AIFs in Norway post implementation 1 July 2014.