What's important to know about the new law on the register of beneficial owners

From 1 November 2021, parts of the Act on the Register of Real Rights Holders will enter into force. The rules apply to most companies that operate in Norway, including public and private limited companies, and require companies to obtain information on who actually owns or controls the company. The purpose is to ensure greater transparency about ownership in Norwegian companies in order to strengthen the fight against money laundering and other crime.

To help you along the way, we have listed some important points in the regulations:

• In short, beneficial owners are the natural persons who are considered to have ultimate ownership or control, typically owning more than 25% of the shares.
• The rules apply in principle to all Norwegian companies, including companies on Euronext Growth Oslo.
• The Company must (i) identify its beneficial owners, (ii) obtain and store information about beneficial owners, and (iii) obtain and store the basis for the identification.
• If there are no real rights holders, this must also be justified and documented.
• The rules apply to each individual company in a group - it is not sufficient to only have information for the group head, even if the information will be identical for wholly owned subsidiaries.
• At present, a central register is not in place - but the work of identifying its real rights holders, obtaining the necessary information and storing it internally must be started.

We at AGP are happy to assist if you have questions about the regulations or the follow-up of them - feel free to contact us!