Following consultation in 2019, the Norwegian Ministry of Finance has now updated the rules thereby introducing supervisory fees payable to the Norwegian regulator - Finanstilsynet - in respect of cross-border marketing activities into Norway by non-Norwegian AIFMs and UCITS.
Under the new rules, annual levies as well as one off application/registration levies will be introduced in respect of the following:
- UCITS established in another member state marketing cross border into Norway pursuant to the UCITS directive;
- The marketing of an AIF managed by an AIFM authorised or registered in another EEA country; and
- Non-EEA AIFMs applying to market under the AIFMD national private placement regime ("NPPR")
The annual fee will take effect from 1 June 2023 and amount to NOK7,000 (approx. EUR 600) per sub fund (both UCITS and AIF) and will be capped at NOK10,000 (approx., EUR 850).
While the one off application/registration levies are capped at NOK30,000 (approx. EUR 2500), the exact amount of this fee has yet to be confirmed but the minimum has been set at NOK5,000 (approx. EUR 425), The confirmed fee will come into effect from 1 January 2024.
For further details or assistance, please get in touch.
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