News / 05.04.2019

Marketing of funds in Norway in case of a “no-deal Brexit”

Author(s) Peter L. Brechan & Hans-Christian Donjem

On 4 April the Norwegian regulator Finanstilsynet confirmed the status of UK based funds and fund managers following a possible hard Brexit. This applies equally to UCITS and AIFs.

Generally, all UK based funds or funds having a UK-based manager will be regarded as third country AIF funds under applicable UCITS and AIFMD legislation.

As none of these funds will have obtained a third country marketing license in Norway prior to a hard Brexit, and the Norwegian regulator will not consider any applications prior to any hard Brexit, all such funds will need to stop its marketing in Norway pending successful application of third party AIF marketing licenses under AIFMFD art. 36. In the interim period the Norwegian regulator has confirmed that all affected funds will be deleted from its registry of funds permitted to be marketed in Norway.

Read more from Finanstilsynet here.

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  • Peter L. Brechan

    Senior Counsel

    Peter specialises in finance, as well as in corporate and regulatory matters. He has experience from project finance, syndicated loans, leveraged financing, bonds/MTNs/notes, securities, securitisation, leasing, development of financial products, power purchase agreements, derivatives, fund management, agency and regulatory issues for insurance, restructuring of businesses, board work and strategic consulting.

  • Hans-Christian Donjem

    Associate Partner

    Hans- Christian specializes in banking and finance law and has extensive experience in corporate law, commercial contracts and compliance. He assists Norwegian and international clients with acquisition financing, project financing, syndicated loans, bonds, refinancing and restructuring, regulatory issues, and financing of companies, ships and property. Hans-Christian also works with strategic consulting, business development and legal- and operational compliance.