Securities Markets – Potential impacts of Norway’s implementation of CSDR from 1 January 2020

On 6 December 2019, the Norwegian Ministry of Finance announced that the new Act on Central Securities Depositories and Securities Settlement of 15 March 2019 No. 6 (verdipapirsentralloven) (the “CSD Act”) will be applied from 1 January 2020. The CSD Act implements Regulation (EU) No 909/2014 (“CSDR”) into Norwegian law and repeals the current Act on Registration of Financial Instruments of 5 July 2002 No. 64 (the “Securities Register Act”) (verdipapirregisterloven). This means that the CSDR will apply directly in Norway from 1 January 2020.

In our newsletter we discuss selected areas of the CSD Act which we believe will affect issuers, arrangers, investors and account operators dealing in securities registered in Norway.