Fund management companies

Licensing requirements for fund management companies

Mutual fund management may only be carried out by private limited companies or public limited companies licensed by Finanstilsynet.

In order to be licensed, the management company is required to have own funds that are in reasonable proportion to the company’s activities. Upon establishment of the company and at all times, the management company shall have own funds in Norwegian kroner equivalent to at least EUR 125,000. Furthermore, the management company's managing director / de-facto manager directors and shareholders with a significant ownership interest must be deemed to be fit and proper.

The management company must meet a number of legal requirements applying to its operations. More detailed requirements for the content of an application are set out in Section 2-2 of the Securities Funds Act.

Application processing

Applications for a licence must be submitted to Finanstilsynet.

Applications for a licence to manage mutual funds shall be decided as soon as possible and no later than six months after the complete application was received.

Licence to engage in mutual fund management in other EEA member states

Management companies intending to carry out cross-border activities to or establish a branch in another EEA member state must notify Finanstilsynet thereof pursuant to Section 3-1 of the Securities Funds Act. If the application is approved, Finanstilsynet will notify the relevant host member state of the activity.

Marketing of Norwegian UCITS abroad

Norwegian mutual funds covered by the UCITS Directive may be marketed in other member states pursuant to the Securities Funds Act. Management companies intending to market Norwegian UCITS in another EEA member state shall notify this to Finanstilsynet.

• More information about marketing of Norwegian UCITS abroad

Marketing of foreign UCITS in Norway

Foreign mutual funds domiciled in a state that is a party to the EEA Agreement and covered by the UCITS Directive may be marketed in Norway by notification to Finanstilsynet pursuant to the Securities Funds Act.

• Marketing of foreign UCITS in Norway