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.
Haavind contributes to the "Brexit Cross-Border Mergers" Global Guide 2019
The Guide provides a Q&A considering the potential impact of the UK's departure from the European Union on the use of cross-border mergers.