NORWAY Trends and Developments Contributed by: Beret Sundet, Elin Moen, Olav Kolstad and Harald K. Selte, BAHR
New Investment Control Act consultation paper expected in spring 2026 As a key development within FDI in Norway, the Minis - ter of Trade, Industry and Fisheries confirmed in Janu - ary 2025 that a consultation paper with a proposal for a new Investment Control Act will be published in the course of 2026. When enacted, the new Investment Control Act is expected to establish a generally appli - cable sectoral FDI regime in Norway, similar to the “second generation” FDI regimes that have already been introduced across most of Europe. Ministry efforts to overhaul the Norwegian FDI regime coincide closely with the revised FDI Regulation pro - visionally agreed among EU member states in Decem - ber 2025. Norwegian authorities have so far signalled that the revised FDI Regulation agreed among EU member states is unlikely to be incorporated into the EEA Agreement, and that Norway will therefore not directly form part of the regime. The new Investment Control Act is nevertheless expected to closely align with EU rules on FDI, as Norway actively seeks to harmonise its own rules on investment control with those of its closest partners and allies.
However, as the duty to notify only applies to acquisi - tions in companies which have been designated by a Ministry or the National Security Authority (NSA), the number of FDI notifications submitted in Norway is low compared to other Nordic and European jurisdictions that have implemented broader “second generation” FDI regimes based on sectors or other parameters. Substantial amendments to the Security Act were adopted by Parliament in June 2023. While the amendments have been partially enacted, key amend - ments have yet to enter into force. These amendments include: • a broadened scope to cover all companies holding a supplier security clearance; • a reduction of the ownership threshold from one- third to 10%; • the introduction of a standstill obligation; and • an extension of the filing obligation to the seller and target company, in addition to the acquirer. The continued delay is notable: originally anticipat - ed to enter into force in late 2023 or early 2024, the amendments have now been pending for over two years. While a draft supplemental regulation intended to accommodate the revised Security Act was pub - lished and subjected to a public hearing in the second quarter of 2025, the Ministry has yet to commit to an anticipated timeline for enactment.
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