Fund Distribution Alert 2024-13

On 1 October 2024, EU Directive 2019/1160 enters into force in Norway following a notice from the Norwegian Ministry of Finance, announcing that the relevant parts of Act 79 of 22 June 2022 regarding cross-border distribution of funds will apply as of this date.

Below are the main changes in terms of cross-border fund distribution, which go further than the Directive being transposed:

• UCITS facilities are to be provided to Norwegian investors in Norwegian.
• Information regarding the termination of marketing of a UCITS must be in Norwegian.

• AIF retail facilities are to be provided to Norwegian investors in Norwegian.
• Pre-marketing to retail investors is possible for EEA AIFMs, subject to a notification procedure.
• It is specified that pre-marketing by non-EEA AIFMs or of non-EEA AIFs or EEA feeder funds with non-EEA master funds will not be possible.

Act 79 of 22 June 2022 is only available in Norwegian and can be accessed in full here.

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Senior Manager
+352 22 51 51 7417
henrik.olsson@kpmg.lu