On 1 September 2022, Norway will implement ESMA's TDA regulation for substantial shareholding.

Most notable:

• unissued shares are no longer included
• cash settled instruments are included

Norway will maintain its substantial shareholding thresholds and share capital test. The new rules clarify that equity certificates should be treated as shares of any other issuer and therefore both capital and voting rights tests should be considered for savings bank issuers.

The ESMA form has not been adopted and there is no national form required for submission.