Other services – Norway
Securities lending and borrowing
All Norwegian debt securities eligible in CBL qualify for CBL’s securities lending and borrowing programme.
Equities are not eligible for CBL's securities lending and borrowing programme.
Multi-Market securities service
Norwegian domestic securities can be listed on foreign exchanges. These multi-market equities are traded on more than one stock exchange and are eligible for deposit and settlement in more than one CSD.
As there are an additional number of intermediaries in the settlement chain, cross-border transfers and realignments may take several days to settle. Consequently, Clearstream Banking cannot guarantee timely settlement of cross-border instructions which means that CSDR SDR cash penalties might occur if there is late or failed settlement.
Clients are therefore strongly recommended to send their cross-border settlement instructions to Clearstream Banking as early as possible to avoid settlement delays.
For further information, please refer to the Multi-Market Securities Guide.
Disclosure requirements
For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.
Holding restrictions
CBL may not hold, through its Norwegian domestic link, any equities that are beneficially owned by Norwegian individual residents or by legal entities that are incorporated in Norway. Consequently, clients are not allowed to hold such financial instruments in CBL.
Provided that special conditions are fulfilled, CBL may hold debt instruments and fund units that are beneficially owned by Norwegian individual residents or by legal entities that are incorporated in Norway.
For further information, please refer to the Investment regulation section of the Market Profile (Norway).
Clients cannot hold Norwegian bonds via CBL, in the following circumstances:
- Clients and the ultimate beneficial owner are "related parties".
A related party is defined as:- An entity owned or controlled, directly or indirectly, by 50% or more by the payor;
- An entity that owns or controls, directly or indirectly, the payor by 50% or more;
- An entity owned or controlled, directly or indirectly, by 50% or more by another related party; and
- The ultimate beneficial owner of the income is resident in a Blacklist Country (the list may not be exhaustive, and clients are requested to seek independent tax advice):
- Andorra
- Anguilla
- Antigua and Barbuda
- Bahamas
- Bahrain, except for companies liable to tax on activities in the oil sector
- Belize
- Bermuda
- BES Islands (Bonaire, St. Eustatius and Saba)
- Cayman Islands
- Channel Islands (Jersey, Guernsey, Lihou, Jethou, Herm, Alderney, Great Sark, Little Sark and Brecqhou)
- Isle of Man
- Kosovo
- Liberia
- Macau
- Marshall Islands
- Maldives
- Mauritius
- Moldova
- Monaco
- Montenegro
- North Macedonia
- Paraguay
- Palau (Belau)
- Qatar, except for companies liable to tax on activities in the oil sector
- San Barthélemy (Saint Barts, Saint Barth)
- St. Kitts and Nevis
- St. Vincent and the Grenadines
- Turks and Caicos Islands
- United Arab Emirates
- Uzbekistan
- Virgin Islands (US)
- Virgin Islands (British)
Important note:
CBL applies 0% withholding tax on Norwegian interest distributions. Withholding tax may however apply to the above cases (section 10-80 and 10-82 in the Norwegian tax code), for which reason it is the client's responsibility to ensure compliance with the above holding restriction. If there is a breach of the holding restriction, the client shall fully indemnify CBL for any resulting damages, including but not limited to any penalty, fine, expense, claim, or any loss suffered by CBL in relation thereto.
Clients are reminded to make all relevant assessments and to seek relevant professional tax advice in particular as regards to the interpretation of the Norwegian tax rules.
Foreign exchange
Foreign exchange services for NOK are available to customers on a case-by-case basis, upon request. To complete foreign exchange conversions for NOK, customers should contact CBL's Treasury Desk directly by authenticated communications medium.