Information and forms for the marketing of AIFs in Norway
Norwegian AIFMs marketing AIFs in Norway (AIFM Act section 6‑1)
An authorisation to manage alternative investment funds pursuant to section 2‑2 of the AIFM Act does not confer a right to market AIFs. A separate notification must be submitted to Finanstilsynet in order to market AIFs established in an EEA state (including Norway) to professional investors in Norway.
The notification must contain the information required under section 6‑1 of the AIFM Act. This includes a programme of operations identifying the AIF, information made available to investors in the fund, including the information specified in section 4‑2 of the Act, and a description of any arrangements established to prevent the AIF from being marketed to non‑professional investors.
The AIFM may commence marketing of the AIF from the date on which it receives confirmation from Finanstilsynet that the fund may be marketed in Norway. Such confirmation shall be given within 20 working days following receipt by Finanstilsynet of a complete notification.
Where the AIF to be marketed to professional investors is established outside the EEA, authorisation pursuant to section 6‑4 of the AIFM Act is required. The same applies where the AIF is established in an EEA state but operates as a feeder fund to an AIF established outside the EEA.
AIFMs establishing a new domestic securities fund under the Securities Funds Act that is to be marketed to professional investors are encouraged to include the information required under section 6‑1 of the AIFM Act in the application for authorisation of the fund, so that the notification requirement can be satisfied as part of the fund authorisation process.
AIFMs must use the notification letter in Annex I to Commission Implementing Regulation (EU) 2024/913. The same form must be used to notify material changes to information previously submitted.
Marketing in Norway of EEA AIFs by AIFMs established in an EEA state other than Norway (AIFM Act section 6‑3)
An AIFM established in an EEA state other than Norway that intends to market an EEA AIF to professional investors in Norway must submit a notification to the competent authorities of its home memberstate, cf. section 6‑3 of the AIFM Act.
The notification must be submitted in English and include the information and documentation required pursuant to Article 32 of the AIFMD, cf. Annex IV to the AIFMD.
The competent authority of the home member state of the AIFM shall submit the complete notification to Finanstilsynet. The AIFM may start marketing the AIF in Norway as of the date it receives a notification from the competent authorities of the home member state of the AIFM informing that the notification has been transmitted to Finanstilsynet.
AIFMs must use the notification letter in Annex II to Commission Implementing Regulation (EU) 2024/913. The same form must be used to notify material changes to information previously submitted.
Cessation of marketing in Norway of EEA AIFs managed by AIFMs established in another EEA state (AIFM Act section 6-8)
An AIFM established in another EEA state may de-notify arrangements made for marketing as regards units or shares of some or all of its AIFs in Norway in respect of which it has made a notification in accordance with Article 32, where all the conditions in section 6-8 of the AIFMD Act are fulfilled (AIFMD article 32a). The AIFM shall submit a de-notification letter to the competent authorities of its home memberstate containing the information required.
Marketing in Norway to non‑professional investors (AIFM Act section 7‑1)
A separate authorisation is required to market AIFs to non‑professional investors. Section 7‑1 of the AIFM Act specifies the information that must be included in such an application. This provision does not apply to the marketing of AIFs that constitute domestic securities funds and are governed by the Securities Funds Act and associated regulations.
The sale and marketing of specialised funds to non‑professional investors require authorisation pursuant to section 7‑4 of the Securities Funds Regulations, or alternatively section 9‑4 of the Securities Funds Act, cf. section 9‑4 of the Regulations, where the fund is a foreign specialised fund. The marketing of other foreign securities funds that are not UCITS requires authorisation pursuant to section 9‑4 of the Securities Funds Act, cf. section 9‑3 of the Regulations.
There is no standardised application form for authorisation to market AIFs to non‑professional investors.