Registration requirement for AIFMs

AIFMs whose assets under management do not exceed certain thresholds are exempt from the authorisation requirement but shall be registered in a register maintained by Finanstilsynet prior to commencing their activities.

Registered AIFMs are exempt from the provisions of the AIFM Act, with the exception of section 1‑4 concerning reporting and Chapter 9 concerning supervision.

The authorisation thresholds are based on total assets under management of::

  • EUR 500 million where the portfolio consists of AIFs that are not leveraged and do not grant investors redemption rights for a period of five years from the date of the initial investment in each fund; or
  • EUR 100 million for other types of AIFs.

Funds managed by registered AIFMs may only be marketed to professional investors, as defined in section 10‑6 of the Securities Trading Act.

Marketing to non‑professional investors, or the use of the cross‑border notification regimes, requires authorisation regardless of the volume of assets under management. Registered AIFMs may, however, apply for authorisation on a voluntary basis (opt-in).

Registration with Finanstilsynet

AIFMs with total assets under management below the thresholds must be registered with Finanstilsynet prior to commencing operations. New AIFMs can be registered by submitting the form "Registration of AIFM and registration/termination of AIF" (KRT-1162) via Altinn.

AIFMs are obliged to notify Finanstilsynet of any material changes to their business. This includes the registration of new AIFs under management, the termination or winding-up of funds, or the transfer of a fund to another manager. Notifications regarding such changes must be submitted using form KRT-1162 via Altinn. In the event that a fund is transferred to a new manager, both the previous and the new manager must complete and submit their respective forms. The new manager is also required to register the fund as a new fund under management.

If the notification concerns several AIFs, a separate form must be completed for each fund.

Guidance on completion and submission of forms via Altinn

After logging into Altinn, you must select whom you are representing using the drop‑down menu.
When registering as a manager, information on the manager’s auditor must be provided, and the contact person within the undertaking whom Finanstilsynet may contact regarding the reported information must be specified.

In the form, you must indicate the purpose of the submission by selecting one of the following alternatives: (1) registration as an AIFM and registration of the AIF under management, (2) notification of a new AIF under management, (3) notification of termination/winding-up/transfer of an AIF under management, and (4) notification of termination/winding-up/transfer of an AIF under management and deregistration of the AIFM. 

The option selected determines which information must be completed in the form.

When registering a fund, you must provide information about the estimated assets under management. You must also include a comprehensive description of the fund’s investment strategy and any financial leverage.

The manager must confirm that the information provided in the form is correct and that the funds under management will not be marketed to non‑professional investors.

Attachments to form KRT‑1162

The following attachments may be submitted together with form KRT‑1162:

  • Registration as an AIFM or notification of a new fund under management:
    One or more documents providing information on the fund’s investment strategy.
  • Termination, liquidation or transfer of a fund:
    One or more documents describing the background for the termination, liquidation or transfer of the fund.
  • Conversion of a fund:
    The minutes of the general meeting approving the conversion must be attached.

Requirement to apply for authorisation where thresholds are exceeded

If the total assets under management in the funds exceed the applicable thresholds, the AIF manager must immediately notify Finanstilsynet. The manager must submit an application for authorisation within 30 days from the date on which the thresholds were exceeded.

For undertakings applying for authorisation to manage alternative investment funds, reference is made to Finanstilsynet’s guidance for applying for authorisation as an AIFM.

Reporting obligation

Registered AIFMs are subject to an annual reporting obligation to Finanstilsynet (Annex IV reporting). The report must include information on investment strategies, the main categories of instruments traded, and the principal exposures and concentrations of AIFs under management.

Anti-money laundering

Registered AIFMs are subject to the Act relating to measures to combat money laundering and terrorist financing, etc. (the Anti-Money Laundering Act). This entails, inter alia, an obligation to carry out customer due diligence when establishing a customer relationship, and to establish sound internal control procedures.

Audit requirement

Registered AIFMs are subject to accounting obligations pursuant to section 1-2 (1) no. 5 of the Accounting Act. They are also subject to the statutory audit requirement under section 2-1 (2) (d) of the Auditors Act. An AIF with a registered AIFM is subject to the ordinary audit requirements in the Auditors Act section 2-1 and the Limited Liability Companies Act section 7-6.

Altinn help and contact 

If you have any technical problems, contact Altinn.  

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