NORWAY Trends and Developments Contributed by: Daniel Nygaard Nyberg, Ole Andenæs, Karoline Ulleland Hoel and Jens Fredrik Bøen, Wikborg Rein Advokatfirma AS
Relevance for AIFs and AIFMs There are currently no regulations prohibiting AIFs from investing in digital assets such as cryptocur - rencies and non-fungible tokens (NFTs). For AIFs and AIFMs, MiCAR is therefore highly relevant from an investment perspective. While AIFs and AIFMs will continue to be governed by the AIFMD framework, MiCAR provides a framework for engaging in crypto- asset activities, but only subject to stricter supervision and regulatory approval. As a result, new compliance obligations under MiCAR must now be integrated with existing structures and processes. MiCAR fundamentals MiCAR sets out clear requirements for issuers and service providers, who must comply with rules regard - ing: • Authorisation and passporting – Crypto-asset service providers (CASPs) must obtain a licence, which then allows them to operate across the EU/ EEA; • Governance and safeguarding – Firms must maintain strong governance, risk management and systems to protect client assets; • Issuer obligations – Stablecoin issuers must meet capital requirements, maintain segregated reserves, and publish detailed white papers; and • Market integrity – MiCAR introduces rules against insider trading, manipulation, and misuse of non- public information, with obligations to prevent and The Norwegian AIF market in 2024 has been char - acterised by a dynamic interplay of various factors, which has led to both growth and shrinkage across various areas in the asset management landscape. The dominance of larger AIFMs continues from 2023, while the emergence of smaller-fund managers has experienced a sudden turnaround, with 2024 figures indicating the lowest number of small-AIF managers since 2019. The unique economic and regulatory landscape in Norway, coupled with broader geopolitical and eco - nomic uncertainties, will continue to shape the indus - try. As we move forward, the Norwegian asset man - monitor abuse. Looking Ahead
These rules ensure that all marketing materials are clear, fair and not misleading, and consistent with the information provided in the fund’s legal documenta - tion. The directive also requires that marketing com - munications disclose the potential risks associated with the investment, ensuring that investors receive balanced information. Activities falling within the CBDF definition of pre-mar - keting must follow specific rules, and managers must notify their home state regulator within two weeks of commencing such activities. Activities outside this definition are considered marketing and may trigger notification or licensing requirements. The CBDF Directive represents a significant step towards the creation of a more integrated and effi - cient European market for collective investment funds. By harmonising regulations and reducing barriers to cross-border distribution, the directive is designed to benefit both fund managers and investors, fostering a more competitive and transparent investment environ - The Markets in Crypto-Assets Regulation (MiCAR) (Regulation (EU) 2023/1114) is the EU’s first harmo - nised regulatory framework for crypto-assets. MiCAR came into force in the EU in June 2023, with full appli - cation from 30 December 2024, and certain provisions for stablecoins effective from June 2024. Since 1 July 2025, MiCAR has also applied in Norway through the new Crypto-Assets Act, and the European Securities and Markets Authority (ESMA) guidelines under MiCAR have applied in Norway since 18 August 2025. This marks a significant regulatory shift. Pre - viously, Norwegian regulation of crypto-assets was limited to anti-money laundering requirements, with - out broader supervision or licensing obligations. In addition, given the volatile nature of cryptocurrency, the FSAN previously issued cautionary statements regarding such investments, particularly with respect to price volatility and custody challenges. ment within the EU and in Norway. Introduction of MiCAR in Norway Overview
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