Acquisitions that lead to the acquirer becoming the owner of a significant ownership interest in a market operator for a stock exchange, or in the stock exchange itself, require permission from the Ministry. The provision does not distinguish between foreign and domestic acquirers. There are no longer restrictions on foreign ownership and voting rights in financial services infrastructure institutions.
"Chapter 2. Definitions […]
§ 2-7. Definitions related to companies, trading places, etc. […]
(3) Market operator means the person who organizes or operates a regulated market and may be the regulated market itself.
(4) A regulated market means a multilateral system that regularly facilitates the connection in the system of several third parties' buying and selling interests in financial instruments that are admitted to trading on the market, in accordance with objective trading rules established by the market itself and the requirements laid down. in this law with regulations, so that binding trade can be entered into.
[...]
Part 3. Investment firms
Chapter 9. Application for and conditions for permission [...]
II. Terms of permission
§ 9-9. Organizational form
(1) Permission to provide investment services or conduct investment activities may be granted to a limited liability company or public limited company.
(2) The company shall have its business office and head office in Norway.
[...]
§ 9-21. Branch
(1) An investment firm shall notify Finanstilsynet before establishing a branch in Norway. The branch shall have a manager who meets the requirements in § 9-10 first paragraph.
[...]
§ 9-34. Business in Norway from companies headquartered in another EEA state
(1) Investment firms and credit institutions having their head office in another EEA State (the home state) may provide investment services and conduct investment activities in Norway in the following ways:
1. directly from the place of business of the home State, including through the use of an affiliated agent established in the home state, or
2. through the establishment of a branch or the use of an affiliated agent established in Norway.
[...]
WE. Companies with headquarters outside the EEA
§ 9-36. Establishment of a branch of companies with headquarters outside the EEA
(1) Third-state enterprises may be granted permission by Finanstilsynet to provide investment services and conduct investment activities in Norway through the establishment of a Norwegian branch. For the purposes of this provision, third-party enterprises mean enterprises with their head office outside the EEA that would have been regarded as investment firms or credit institutions that provide investment services or conduct investment activities if they had their head office in the EEA.
[...]
Part 4. Regulated markets
Chapter 11. Application and conditions for authorization for a regulated market [...]
II. Terms of permission
§ 11-6. Organizational form
(1) A market operator for a regulated market shall be organized as a public limited company.
[...]
§ 13-3. Ownership control in the stock exchange
(1) Acquisitions that result in the acquirer becoming the owner of a significant share in a market operator for a stock exchange, or in the stock exchange itself, require permission from the ministry. By significant ownership is meant a direct or indirect ownership which represents at least 10 per cent of the share capital or the votes, or which otherwise makes it possible to exercise significant influence over the management of the company. Similar to the acquirer's own shares, shares owned or acquired by shareholders are considered as mentioned in section 2-5 . The acquisition of the right to become the owner of shares is considered equivalent to ownership of shares according to the first to third sentence, when this must be considered real share ownership.
(2) Any acquisition that increases the shareholding so that it directly or indirectly exceeds 20, 30 or 50 per cent of the share capital or votes in a stock exchange requires permission from the ministry. First paragraph third and fourth sentence apply accordingly.
[...]
Chapter 17. OTC derivatives, central counterparties and transaction registers [...]
§ 17-4. Organization of central counterparty
(1) A central counterparty shall be organized as a public limited company. [...]" (Securities Trading Act (LOV-2007-06-29-75), last amended 01.07.2021, § 2-7, § 9-9, § 9-21, § 9-34, § 9-36, § 11-6, § 13-3 and § 17-4 [google translation])
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"NORWAY
*List A, I/A Direct investment:
– In the country concerned by non-residents.
Remark: The reservation applies only to: [...]
iii) establishment of branches of securities brokerage firms or management companies for collective investment funds; [...]" (OECD (2021), OECD Code of Liberalisation of Capital Movements, Paris)
Securities Trading Act (LOV-2007-06-29-75), last amended 01.07.2021, § 2-7, § 9-9, § 9-21, § 9-34, § 9-36, § 11-6, § 13-3 and § 17-4
OECD (2021), OECD Code of Liberalisation of Capital Movements, Paris
[<a href="https://lovdata.no/dokument/NL/lov/2007-06-29-75">Act</a>],[<a href="www.oecd.org/investment/codes.htm">Code</a>]