NORWAY Law and Practice Contributed by: Markus Nilssen, Vanessa Kalvenes and Marcus Cordero-Moss, BAHR
3. Documentation 3.1 Bankruptcy-Remote Transfer of Financial Assets As outlined in more detail in 6.1 Insolvency Laws , under Norwegian law, bankruptcy-remote transfers require a legal, valid and binding trans - fer agreement between the originator and the SPE. Further, the transfer must be considered a “true sale”, meaning that the substantial risk on the underlying financial assets must be trans - ferred to the SPE. There are no specific requirements to ensure that a transfer of financial assets is valid and enforce - able. For a legal charge to be valid it must be established in accordance with the Norwegian Pledge Act. To obtain legal perfection, additional requirements must be met; see 6.3 Transfer of Financial Assets . As there is currently no active securitisation market in Norway and the adopted securitisa - tion framework has yet to enter into force (as of January 2025), it is not possible to indicate the principal subject matters covered in documenta - tion for securitisation transactions. 3.2 Principal Warranties See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.3 Principal Perfection Provisions See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.4 Principal Covenants See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets .
3.5 Principal Servicing Provisions See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.6 Principal Defaults See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.7 Principal Indemnities See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.8 Bonds/Notes/Securities See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.9 Derivatives See 3.1 Bankruptcy-Remote Transfer of Finan- cial Assets . 3.10 Offering Memoranda See 4.2 General Disclosure Laws or Regula- tions .
4. Laws and Regulations Specifically Relating to Securitisation 4.1 Specific Disclosure Laws or Regulations
The Norwegian securitisation legislation (not yet in force as of January 2025) includes a require - ment to inform the debtors under securitised loans of the identity of the SPE, of the servicer, and of the rights and obligations of the SPE and the servicer towards the debtor. The informa - tion must be provided no later than three weeks before the loans are sold and transferred from the originator to the SPE. The rules do not afford the debtors any right to object to the transfer or opt out of the securitisation (other than the
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