Regulatory Alerts2016-05-30
Legal Framework for the Activities of Registered AIF Managers
The Norwegian Financial Supervisory Authority issued Circular 11/2016 to clarify the legal restrictions prohibiting registered AIF managers from marketing alternative investment funds to non-professional investors. The document defines marketing broadly, outlines strict criteria for classifying investors as professional, and mandates robust internal procedures for customer classification and documentation. Violations of these marketing prohibitions are treated seriously and may result in the cessation of business activities, removal from the register, and the mandatory liquidation or re-management of affected funds.
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