Registration requirement for AIFMs
Published: 24 January 2024
AIFMs whose assets under management do not exceed certain thresholds are exempt from the authorisation requirement but shall be included in a register maintained by Finanstilsynet.
Registered AIFMs are exempt from the provisions of the AIFM Act, with the exception of Section 1-4 of the Act and Chapter 9 of the Act relating to supervision.
The thresholds are set at an amount equivalent in Norwegian kroner to:
- EUR 500 million when the portfolio consists of AIFs that are unleveraged and have no redemption rights for a period of five years from the date of the initial investment in each AIF, or
- EUR 100 million for types of AIFs other than those mentioned above.
Funds managed by registered managers can only be marketed to professional investors. A definition of who are regarded as professional investors can be found in Section 10-6 of the Securities Trading Act.
In order to market the funds to non-professional investors, the manager must be authorised to manage AIFs. This applies regardless of the volume of assets under management. An authorisation is also required to market or manage AIFs in other EEA member states in accordance with the notification procedures set out in the AIFM Act (passport).
AIFMs who manage alternative investment funds with assets under management below the thresholds may opt to apply for an authorisation and will then be subject to the other provisions of the AIFM Act. In such case, the AIFMs may avail themselves of the rights set out in the AIFM Act, including the right to market and manage AIFs throughout the EEA.
Registration with Finanstilsynet
AIFMs must submit information for registration with Finanstilsynet before starting operations. AIFMS must use Altinn when submitting information and follow the procedure described below.
Finanstilsynet has prepared a form to be used in connection with notifications of registration as AIFMs. The form ‘Registration as a new manager of AIFs, new AIF fund, termination/liquidation or transfer of funds to a new AIF manager’ (KRT-1162) must be submitted via Altinn. The form specifies the information that must be submitted to Finanstilsynet.
Managers shall inform Finanstilsynet of substantial changes in their operations. When registering new AIFs under management and upon termination/liquidation or transfer of AIFs under management, information shall be provided by submitting the above form through Altinn. If the notification concerns the transfer of funds, the manager transferring and the manager receiving the fund must each complete a form. The manager receiving the fund will thus register a new fund under management.
If the notification concerns a number of AIFs, one form must be completed per fund.
The form shall not be used for deregistration of AIMFs from Finanstilsynet's register. When deregistering the manager, a notification shall be submitted to email@example.com. The AIFM must also document that it no longer has funds under management or that it has no other remaining investments and that there are no investors left in the fund.
Requirement to apply for an authorisation if funds exceed the thresholds
If the funds’ assets under management exceed the above-mentioned thresholds, the manager shall immediately notify Finanstilsynet. The manager shall apply for an authorisation within 30 days of the date on which the assets under management exceeded the thresholds. For undertakings that are applying for an authorisation to manage AIFs, reference is made to Finanstilsynet's guidelines for applications for an authorisation to manage AIFs (in Norwegian only).
Registered managers are under an obligation to submit annual reports to Finanstilsynet (Annex IV reporting). The investment strategies of the managed funds, the main categories of instruments traded and the largest exposures and concentrations of the funds shall be reported.