NORWAY Law and Practice Contributed by: Ylva B Gjesdahl Petersen, Marius Holm Rynning and Johan Fredrik Brende, Thommessen
but not yet entered into force (expected during 2024). These amendments entail lowering the threshold for triggering events (ie, definition of “qualified ownership interest” ) with recurring fil - ing obligations at several levels for the acquisi - tion of direct or indirect holdings of 10%, or an increase to 20%, one-third, 50%,two-thirds or 90% of the share capital, participating interests or votes in the company. If the authorities conclude that the acquisition may cause a not insignificant risk for national security interests, the authorities may block the transaction or, if the acquisition is already closed, order the acquisition to be reversed.
Outside the scope of application of Chapter 10, Section 2(5) of the Security Act contains a gener - al intervention clause that empowers the authori - ties to intervene against any planned or ongo - ing activities (including transactions) that may cause “not insignificant risk” to national security. The government has once used this provision to block a transaction where the target was not brought within the scope of the Security Act.
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