Norway – NORFSA Mutual Funds, UCITS

Norway – NORFSA Mutual Funds, UCITS

On 20 December, NORFSA issued amended rules on UCITS mutual funds.

  • Ministry of Finance made changes to Securities Funds Act under UCITS V directive.

Amendments

  • Changes concerned the remuneration scheme for senior executives in mutual fund
    management companies, depository receivers, calculation of penalties, for breach.
  • Rules currently do not contain provisions implementing Reg (EU) 2016/438 on the
    custodian's duties, since it has not yet been incorporated into the EEA Agreement.
  • UCITS V Directive changes rules for mutual funds in 3 areas, applies to custodians,
    remuneration schemes for senior executives and others in mutual funds, sanctions.
  • Ministry of Finance will prescribe regulations implementing the rest of the UCITS V.

Effectiveness

  • Amendments effective from 1 January 2018.