Holding Restrictions – Investment Funds – Norway
Restrictions on customers
Open-ended funds
No general restrictions on customer residency for holdings held through CBL. However, certain funds may impose specific restrictions on investor domicile. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Ultimate beneficial owners who are Norwegian tax residents are not allowed to hold Norwegian investment funds on the register market through CBL. It is the responsibility of the customer to ensure compliance with the restriction.
Restrictions on U.S. persons
According to some nominee agreements signed with the fund managers, customers are advised that units of the funds must not be, directly or indirectly, marketed to, offered to, subscribed for, or purchased on behalf of U.S. Persons. Should customer become aware of any investor having subscribed to the units of the Norwegian funds qualify as U.S. Persons, customer undertakes to inform CBL thereof without any delay.
Customers are advised that the Norwegian fund manager reserves the right to reverse such subscriptions and reserves the right to reclaim from customers any subscription fees and remuneration paid out or credited to the investor in connection with fund units for whom the subscriber is subsequently identified to be a U.S. Person.
Please refer to the List of fund managers for the list of fund managers with an explicit restriction on U.S. persons stated in the nominee agreements, which will be only visible in the Attachments section of the Market Specifications – Investment Funds – Norway page if logged in as a Premium User.
Restrictions on settlement
Customers are advised that internal transfer between two accounts within CBL is not allowed. Customers need to instruct CBL to make the transfer through the fund manager / transfer agent. Certain funds may impose other settlement or transfer restrictions. Customers must refer to and abide by restrictions (if any) contained in the fund prospectus before entering into transactions.
For transfers involving a registration/deregistration, please refer to Market Specifications – Investment Funds – Norway for more information.
Disclaimer
The information contained in the Holding Restrictions is based on the legal opinion obtained by CBL that was issued on 20 August 2018 and the nominee agreements entered into with the fund managers. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Holding Restrictions do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the holding restrictions and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.