The transparency register in the 4th AML directive in Norway

The Norwegian Beneficial Owner Act of 2019 (together with adjoining regulations, the "Act") is the current legal basis for the establishment and operation of a Norwegian Transparency Register.

The Act partially implements the 4th AML Directive and requires all legal entities and other associations as well as administrators of foreign legal arrangements to obtain and hold information on their beneficial ownership, and also register the information in a central register.

However, the requirements under the Act on companies to register information about beneficial owners in a register is currently not in force awaiting a technical solution to be implemented by the Norwegian Central Coordinating Register for Legal Entities. The timing for the implementation of such register is uncertain.

Yes.

Shareholders and UBOs have duty to provide all information that could be relevant to identify UBOs upon request from obliged entities.

Yes. 

Legal entities are obliged to collect and keep adequate, accurate and up to date information on their beneficial owners. When identifying beneficial owners, the legal entity must collect information contained in, among other sources, constitutional documents, articles of association, shareholder register or their equivalents. If relevant, the legal entity must collect information on intermediate legal entities, foundations, or foreign legal arrangements.

Once the register has been established, the legal entity. 

5. Are there exemptions to the filing obligation?

A general exemption applies to legal entities listed on a regulated market in an EEA member state. Listed entities must instead file their name, home country and internet address of the marketplace on which it is listed and where information on ownership is available.

A general exemption will also to legal entities established as branches in Norway, provided that such branch has an obligation to register information on beneficial owners in another EEA state. The exemption for branches has yet to enter into force.

6. What is the due date for the initial filing? Is there an obligation to update the filing?

Legal entities must make filings to the register withing 14 days from they have been registered in a public register.

When new UBOs have been identified, the legal entity must without delay and latest within 14 days enter the details in the register. The same applies if a legal entity acquires new information which implies that the registered information is no longer accurate.

These registration obligations have not yet entered into force.

7. What are the sanctions in case of a breach of the transparency obligation?

Criminal fines or imprisonment for up to one year. 

These sanctions have not yet entered into force.

8. Is the Transparency Register established as a separate register or part of an existing one?

Once established, the register will become a legally separated register, but will be under the administration by the public entity being responsible for, among other registries, the Norwegian Register of Business Enterprises. The technical solution, and whether the register will be linked to, or merged with, an existing register, has not yet been decided.

9. Notable amendments (including through the Directive)

N/A