Marketing of foreign UCITS in Norway
Published: 23 January 2024
Foreign mutual funds domiciled in a state that is a party to the EEA Agreement and covered by the UCITS Directive Directive (Directive 2009/65/EC) may be marketed in Norway by notification to Finanstilsynet pursuant to the Securities Funds Act, Section 9-3.
The term ‘marketing of units in mutual funds’ means inviting or soliciting the acquisition of rights in a mutual fund. Only an invitation or solicitation that is aimed at or is particularly suited to have effect in Norway is deemed to represent marketing.
There are no exceptions for marketing to special categories of investors and no exceptions for special types of UCITS or UCITS unit classes.
Requirements for the notification
UCITS established in another EEA member state may be marketed in Norway after the supervisory authority in the fund's home state has transmitted notification of marketing to Finanstilsynet in accordance with Section 9-3 of the Securities Funds Act. The notification shall contain the latest versions of the following documents:
- Standard notification letter to be completed by the fund/management company (Annex I to Commission Regulation (EU) No 584/2010): Notification letter)
- A UCITS attestation issued by the home state’s supervisory authority (Annex II to Commission Regulation (EU) No 584/2010)
- Fund rules or instruments of incorporation
- Key investor information document (KIID)
- The latest annual report and any half-yearly report
The above documentation shall be prepared in Norwegian, English, Swedish or Danish, with the exception of the key investor information, which shall be prepared in Norwegian. The key investor information may be prepared in English if the fund has a minimum subscription amount equivalent to NOK 5 million, or if the fund will only be marketed to institutional investors on an individual basis and not be advertised etc. In that case, it must be stated in part B of the notification letter that the above conditions have been met and that the fund will not be marketed to private individuals and households in the future.
The supervisory authority in the fund’s home member state shall, within ten days of receipt of the complete documentation, forward this to Finanstilsynet. The supervisory authority in the fund’s home member state shall immediately inform the fund when such documentation has been submitted. The fund may be marketed in Norway when the forwarding of the documentation has been notified by the supervisory authority in the home member state.