Att: Erling Lind
Postboks 1400 Vika
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Angela Nygaard 09/4961
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+ 47 22 93 98 28 720
Reference is made to Golar LNG Limited (Golar) application of the 30th April 2009 for certain U.S. laws and provisions relating to periodic financial reporting to be considered equivalent to the requirements contained in Commission Directive 2007/14/EC, articles 13,15 and 17, cf. the Norwegian Securities Regulation § 5-7 and to Finanstilsynet’s (The Financial Supervisory Authority of Norway) letter 15. December 2009.
Golar refers to Frontline Ltd.’s (Frontline) similar application of 26 March 2009, as Golar is in the same legal position as Frontline.
Golar has applied for an exemption pursuant to the Norwegian Securities Trading Regulation (STR) section 5-7 a), c) and d). Golar is a Bermuda-registered shipping company with Norway as its home state in accordance with the Norwegian Securities Trading Act (STA) section 5-4, as it is listed on the Oslo Stock Exchange. Golar is also listed on the NASDAQ, thus the company is obliged to prepare and file an annual report (Form 20-F - Applies to foreign private issuers ) with the Securities Exchange Commission pursuant to section 13 or 15 (d) of the U.S. Securities Exchange Act of 1934.
Finanstilsynet has today concluded that the U.S. periodic reporting requirements, as described in Frontlines application, are “equivalent” to the requirements contained in articles 13, 15 and 17 of Directive 2007/14/EC, cf. article 4 of the Transparency Directive.
According to the above mentioned, Golar is granted an exemption from the following:
- The Norwegian Securities Trading Act (STA) section 5-5 subsection (2) no. 2, cf the Norwegian Securities Trading Regulation (STR) section 5-7 (a) related to the managements report.
- STA 5-5 subsection (2) no. 3, cf the Norwegian Securities Trading Regulation (STR) section 5-7 (c) related to the responsibility statement in the annual report.
- STA 5-5 subsection (3), cf the Norwegian Securities Trading Regulation (STR) section 5-7 (d) related to individual parent company accounts.
However, Finanstilsynet reserves the right to make renewed considerations due to decisions at a European level and in cases of changes in laws and regulations.
Pursuant to the Norwegian Public Administration Act section 28, individual decisions may be appealed to the Ministry of Finance. The time limit for lodging an appeal is three weeks from the date on which Finanstilsynet’s decision has reached the party concerned; see the Public Administration Act section 29. The appeal must be sent directly to Finanstilsynet.
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