On 8 October 2025, the Ministry of Finance submitted a consultation memo from the Norwegian Financial Supervisory Authority ("NFSA")  on the implementation of Directive (EU) 2024/927 ("AIFMD II") in Norwegian law. AIFMD II amends both the AIFMD and the UCITS Directive, but the bulk of the changes relate to AIFMD.

In a previous newsletter, we outlined the differences between licensed and registered AIFMs. One major advantage of a full licence is the ability to market funds across borders within the EU/EEA ("passporting"). However, for small and medium-sized managers, there is an alternative: registering the fund as a qualifying venture capital fund (VCF) under the EuVECA Regulation, provided the planned fund strategy aligns with the investment restrictions. Below, we explore who might benefit from this option.

We are pleased to announce that Wikborg Rein has assisted Svelland Capital (UK) Ltd and the Edmond de Rothschild Group with the secondary listing on Euronext Oslo Børs of the Euronext Amsterdam listed EdR Certified Origin Physical Gold PLC, which issues gold securities structured as Exchange Traded Certificates (ETCs).

Since 1 November 2021, legal entities have been required to identify and maintain documented, up-to-date information about their ultimate beneficial owners (UBOs). As of 1 October 2024, Norwegian entities must also register their UBOs in the Brønnøysund Register pursuant to the Norwegian Act on the Beneficial Owners Registry. This means that entities must report who ultimately controls and/or owns the entity to the authorities. There is a phase-in period of 10 months, with the final registration deadline being 31 July 2025. After this date, companies that fail to register may be subject to coercive fines.

Anti-Money Laundering

Asset Management

Capital Markets

Company Law

Environment, Climate, and Sustainability

ESG, compliance and risk management

Financial Regulation

Sanctions and Export Controls

ECM/DCM

Financial Institutions

Private Equity and Venture Capital

Senior Associate

Karoline works with financial regulatory issues, securities law and capital markets transactions, with a particular focus on the financial regulatory framework for domestic and international banks, insurance companies, investment firms, funds, payment institutions and other regulated entities. This includes advising on matters related regulation and process for licensing, operation and organization of activities in line with applicable laws and regulations. She also has extensive experience in assisting with establishment, licence applications and compliance related to asset managers, including investment firms and investment managers. 

Karoline also has particular experience with issues related to Anti-Money Laundering regulations, and has experience from the industry through several secondments in regulated entities, including Nordea Bank Abp, Norge.

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Karoline works with financial regulatory issues, securities law and capital markets transactions.

Karoline Angell

Secondment,  Legal Counsel, Regulatory and legal