Cross border management and services
AIFMs authorised in Norway or another EEA state to manage AIFs may manage AIFs established in another EEA state under the AIFMD notification regime (“passport”). Such management may be carried out either on a cross‑border basis from the AIFM’s home memberstate or through the establishment of a branch.
Cross‑border activities by Norwegian AIFMs (AIFM Act section 8‑1)
A Norwegian AIFM authorised pursuant to section 2‑2 of the AIFM Act that intends to manage an AIF established in another EEA state, either directly from Norway or through the establishment of a branch, must submit a notification to Finanstilsynet in accordance with section 8‑1 of the Act.
The notification must include the information required under section 8‑1. The AIFM may commence its activities from the date on which it receives confirmation from Finanstilsynet that the notification has been transmitted to the competent authorities of the host member state.
Corresponding rules apply where a Norwegian AIFM intends to provide the service of individual portfolio management and ancillary services, as referred to in section 2‑2 subsections (3) and (4) of the AIFM Act, in another EEA state, either on a cross‑border basis or through the establishment of a branch.
AIFMs must use the notification letter in Annex III to Commission Implementing Regulation (EU) 2024/913. The same form must also be used to notify material changes to information previously submitted.
Cross‑border activities by AIFMs established in another EEA state (AIFM Act section 8‑2)
AIFMs established in an EEA state other than Norway that are authorised to manage alternative investment funds, or authorised to provide individual portfolio management and ancillary services as referred to in section 2‑2 subsections (3) and (4) of the AIFM Act (AIFMD article 33(2)), may manage AIFs established in Norway or provide such services in Norway from the date on which the competent authorities of the AIFM’s home member state have notified the AIFM that a notification concerning activities in Norway has been transmitted to Finanstilsynet, cf. section 8‑2 of the AIFM Act.
AIFMs must use the notification letter in Annex III to Commission Implementing Regulation (EU) 2024/913. The same form must also be used to notify material changes to information previously submitted.