Marketing of AIFMs
Published: 24 January 2024
An authorisation to manage AIFs pursuant to Section 2-2 of the AIFM Act does not in itself entail a right to market funds under management. A separate notification must be sent to Finanstilsynet regarding the marketing of AIFs established in an EEA member state (including Norway) to professional investors in Norway.
Section 6-1 of the AIFM Act specifies the information to be included in the notification. The AIF cannot start marketing the fund until the date the manager receives notification from Finanstilsynet. Notification shall be given within 20 working days following receipt of a complete notification. If the fund that is intended to be marketed to professional investors is established outside the EEA, the AIFM must apply for an authorisation pursuant to Section 6-4.
Managers who managed domestic funds at the entry into force of the AIFM Act may, by virtue of their authorisation pursuant to the Securities Funds Act, market the funds in Norway without a separate notification or application. Management companies intending to market national mutual funds established after the entry into force of the AIFM Act to professional investors must ensure that they prepare the information required under Section 6-1. When applying for an authorisation to establish a new fund pursuant to the Securities Funds Act, Finanstilsynet expects managers who are to market the fund to professional investors to also include the information required pursuant to Section 6-1, thus ensuring that the notification requirement is met as part of the application process upon establishment of the fund. When marketing specialised funds to non-professional investors, the provisions on the sale and marketing of specialised funds in the Securities Funds Act and regulations thereto must be complied with.
If a manager authorised pursuant to Section 2-2 intends to market AIFs to professional investors in another EEA member state, notification must be sent to Finanstilsynet pursuant to Section 6-2.
A special authorisation must be applied for in order to market AIFs that are not domestic funds, such as real estate funds and private equity funds, to non-professional investors. Section 7-1 specifies the information to be included in the application.
The sale and marketing of specialised funds to non-professional investors requires an authorisation pursuant to Section 7-4 of the Securities Funds Regulations, or Section 9-4 of the AIFM Act, or pursuant to Section 9-4 of the Securities Funds Regulations if it is a foreign specialised fund. Marketing of other foreign mutual funds that are not UCITS requires an authorisation pursuant to Section 9-4 of the AIFM Act, cf. Section 9-3 of the Securities Funds Regulations.
In order to facilitate the marketing of AIFs established outside the EEA, Finanstilsynet has entered into memorandums of understanding with a number of foreign supervisory authorities. An overview of the cooperation agreements is published on ESMA's website:
Application for authorisation to market AIFs with links to third countries
A manager authorised in Norway or in another EEA member state who manages AIFs established outside the EEA may market the fund to professional investors in Norway after obtaining an authorisation from Finanstilsynet, cf. Section 6-4 of the AIFM Act. An authorisation from Finanstilsynet is also required for managers established outside the EEA who wish to market AIFs to professional investors in Norway, cf. Section 6-5 of the AIFM Act.
Finanstilsynet has prepared two different forms to be used when applying for an authorisation to market AIFs pursuant to Section 6-4 of the AIFM Act (AIFMD art. 36) and Section 6-5 of the AIFM Act (AIFMD art. 42).