As of 1 January 2019, a new investment screening mechanism is in effect covering investments in certain companies whose activities are essential to national security interests, including, national financial stability and autonomy. The screening mechanism applies to direct or indirect acquisitions of one-third or more of the share capital, assets or voting rights or transactions that otherwise enable the acquirer to exercise significant control over the company. Investments that impose a “not insignificant” risk to national security interests may be blocked or subjected to further conditions. The mechanism applies to both domestic and foreign investors.
"§ 1-3. Decision that the law shall apply to other businesses
A ministry shall, within its area of ​​responsibility, make a decision that the Act shall apply in whole or in part to enterprises which
a) processes security-graded information
b) has information, information systems, objects or infrastructure that are crucial for basic national functions
c) conducts activities that are crucial to basic national functions.
The enterprises shall be notified in advance of decisions pursuant to the first paragraph.
The safety authority may, on its own initiative, submit a proposal to a ministry to make a decision pursuant to the first paragraph. If the Ministry does not make a decision in accordance with the security authority's recommendation, the security authority may bring the matter before a final decision to the ministry that has overall responsibility for preventive security work in the civil sector or the ministry that has overall responsibility for preventive security work in the defense sector.
The safety authority shall make decisions pursuant to the first paragraph to undertakings that are not covered by any ministry's area of ​​responsibility. The Ministry is the appellate body.
[...]
§ 10-1. Obligation to notify when acquiring a business
Anyone who wants to acquire a qualified ownership interest in a business that is subject to the law, cf. § 1-3 , must send a notification to the Ministry of this. In cases where the activity is not covered by any ministry's area of ​​responsibility, the notification shall be sent to the safety authority.
A qualified ownership interest means that the acquisition directly or indirectly together will lead to the acquirer achieving
a) at least one third of the share capital, shares or votes in the business,
b) right to own at least one third of the share capital or units or
c) significant influence over the management of the company in other ways.
Equally with the shareholder's own shares, the shares that are owned or taken over by the shareholder's related parties are considered, cf. the Securities Trading Act § 2-5 . The same applies to units that are owned or taken over by the unit holder's close relatives.
[...]
§ 10-3. Decision to suspend acquisition of business
If an acquisition pursuant to § 10-1 may entail a not insignificant risk that national security interests are threatened, the King may in a Council of Ministers make a decision that the acquisition cannot be completed, or that conditions be set for its implementation. This also applies if an agreement on the acquisition has already been entered into. If no decision is made pursuant to the first sentence, the Ministry shall inform the acquirer of this. [...]" (National Security Act (LOV-2018-06-01-24), §§ 1-3, 10-1 and 10-3 [google translation])
National Security Act (LOV-2018-06-01-24), §§ 1-3, 10-1 and 10-3
[<a href="https://lovdata.no/dokument/NL/lov/2018-06-01-24">Act</a>],[<a href="https://one.oecd.org/document/DAF/INV/RD(2020)2/en/pdf">Other</a>]