Regulatory Alerts2012-10-15
Finanstilsynet's Practice Under the New Securities Funds Act and Regulations, Particularly Regarding Securities Fund Articles of Association
The Norwegian Financial Supervisory Authority (Finanstilsynet) issues this circular to clarify its supervisory practice under the new Securities Funds Act and Regulations, with a primary focus on the content and amendment procedures for fund articles of association. The document mandates that fund articles must accurately reflect the fund's key characteristics and investment mandate, while amendments require shareholder approval and information regarding the right to fee-free redemption. Additionally, the authority outlines requirements for depositary agreements, the necessity of physical shareholder meetings, and the submission of key information documents prior to fundraising.
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