AIFM passporting in Norway

1. EEA AIFMs

After clarification of certain constitutional issues, the AIFMD was included in the EEA agreement between the EFTA countries (which includes Norway) and the EU by decision of the EEA joint committee on 30 September 2016, published in the Official Journal on 23 February 2017.

AIFMs authorised in their EEA home State may exercise passport rights for management and marketing in Norway in relation to most types of AIF, on a services and / or branch basis.

Regardless of whether an existing passport to do management business under another single market directive (such as UCITS) is held, EEA AIFMs are required to make a separate notification to their home State competent authority if intending to manage or market an EEA AIF on a passported basis. The home State competent authority will send the management passport notification to the Norwegian Financial Supervisory Authority (“Finanstilsynet“) on behalf of the EEA AIFM.

An EEA AIFM wishing to market a Norwegian AIF or EEA AIF 1 Subject to the Norwegian AIF or EEA AIF not being a feeder AIFM, the master AIFM of which is managed by a Non-EEA AIFM or is a Non-EEA AIFM. to professional investors in Norway may do so if its home State competent authority has submitted a passport notification to Finanstilsynet to market the AIFM. If the EEA AIFM wishes to market a Norwegian AIF or EEA AIF to retail investors in Norway, the EEA AIFM must submit an application to Finanstilsynet documenting that the AIF may be marketed to retail investors in its home State and that applicable Norwegian requirements for such marketing will be complied with, for example, the preparation of a key investor information document and the conduct of a suitability test.

2. Third country AIFMs

AIFMs based in Non-EEA jurisdictions wishing to market AIFs in Norway will be required to comply with the Norwegian private placement regime.

3. Fees

Norway does not charge an application fee for outward or inward AIFMD passport notifications. EEA AIFMs passporting into Norway on a branch basis are required to pay periodic fees on the regulated activities they are conducting in Norway.

Periodic fees will be calculated by Finanstilsynet in accordance with mechanisms decided by the Ministry of Finance. EEA AIFMs will receive a discount to reflect the reduced scope of the Norwegian Regulator’s responsibilities in respect of them.

Finanstilsynet does not require AIFMs that passport into Norway on a services basis to pay periodic fees.