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Swedish private equity partner loses in tax case

The Swedish Supreme Administrative Court (Sw. Högsta Förvaltningsdomstolen, “SAC”) has published a verdict on the appeal from a former private equity fund partner. It deals with the applicability of the Swedish closely held company-rules (“3:12-rules”) on distributions from the partner’s holding company and has precedence...

EuVECA – Opportunities and requirements for Norwegian managers

The EuVECA Regulation will soon be implemented in Norwegian legislation. What are the opportunities and requirements for Norwegian fund managers and their fund initiatives? The EEA Joint Committee decided on 23 March 2018 to implement the EuVECA Regulation into the EEA Agreement. Consequently, the regulation...

EuVECA getting ripe

The employment of the EuVECA regulatory framework has not reached the wide use across Europe as intended. How is the outlook for the Venture Capital in Europe? Introducing the AIFMD directive, European legislators recognised the need to protect venture capital from certain AIFMD rules deemed...

European Commission’s proposals on financing sustainable growth

The Action Plan on Financing Sustainable Growth was launched by the European Commission on 8 March 2018 (link here). Yesterday, the EU Commission published the frequently asked questions, giving the public a greater understanding of how the commitments on financing sustainable growth are going to be...

Redovisningskonsult – Stockholm

Vill du vara med och utvecklas i ett växande företag inom fondbranschen? Permian Gruppen är en komplett leverantör av tjänster för fondförvaltare / investerare som söker professionell förvaltning av sina företag. Permian-gruppen har 25 anställda, med kontor i Oslo och Stockholm. Våra kunder är främst Private...

Fondsadministrator med IT-kompetanse

This position is no longer available. Please check our career page for other available vacancies.  Arbeidsbeskrivelse Arbeidsprosesser støttet av IT verktøy blir en stadig større del av arbeidshverdagen til ansatte hos Permian og i disse dager implementerer FIS Investran, et IT-system for porteføljestyring, rapportering, fondsadministrasjon og regnskapsførsel...

Senior regnskapsfører for investering- og fondsselskap

Arbeidsbeskrivelse Permians kundeportefølje består av forvaltere, fond og investeringsselskaper lokalisert i Norge, Sverige og på Guernsey. I rollen vil du arbeide tett med kunder og kollegaer, og arbeidsoppgavene vil inkludere: -          Oppdragsansvar -          Budsjettere, planlegge og følge opp medarbeidere -          Kontroll av arbeid utført av andre regnskapsførere -          Faglig bistand...

Venture-EU to help raising bigger funds in Europe

[vc_row][vc_column][vc_column_text]On 10 April 2018 the European Commission and European Investment Fund launched a new fund-of-funds (FoF) initiative called “VentureEU”, which is estimated to trigger approximately EUR 6,5 bn. of new investments in European SMEs. An interesting opportunity for Scandinavian venture fund managers.   How does it work? Initiated...

One step closer to EuVECA in Norway

On 23 March 2018, the EEA Joint Committee decided to implement the EuVECA-regulation into the EEA Agreement. Norway is now one step closer to enabling Norwegian AIF managers to market venture capital funds to professional- and semi-professional investors within the EEA. In Norway, the regulation has...

AIFMD – clarity on pre-marketing?

On March 12th, the European Commission published a proposal for amendments to the AIFMD and EuVECA regulation. It stipulates conditions for pre-marketing of alternative investment funds to professional investors domiciled in the EU. The proposal forms part of the Commission’s “Capital Markets Union action plan, which...

Have you appointed your AML-responsible yet?

Norwegian and Swedish anti-money laundering legislation requires all companies falling under its scope, including managers of alternative investment funds, to appoint an “AML-responsible”. This person shall either be a member of the management team, the managing director or an equivalent executive. The responsibility entails to...

Skatterettslig klassifisering av forvaltningshonorar i private-equity fond

I dom avsagt 28. februar 2018 slo Høyesterett fast at forvaltningshonorar som var betalt av private equity-fond til deres forvaltere var en kostnad som skulle deles opp ved beskatningen av investeringsselskapene. Honorarene hadde ulike formål, og måtte dermed deles opp i en fradragsberettiget forvaltningsdel og...

Better funding of innovation in Norway

A report with recommendations to improve the supply of risk capital to new innovations in Norway has been released. Now it is in politicians' hands to start discussing suggestions for ease in taxation, establishment of a new state owned fund-of-funds and reduced investment restrictions for...

Fund Manager – Strengthen the CFO Function through outsourcing

A challenging market as well as stricter regulation of alternative investment funds and investment companies demand high quality-, capacity- and expertise in the CFO function. In addition to a solid track record and an unblemished reputation, fund managers must provide high quality investor communication and reporting....

AML-reporting to Finansinspektionen

New anti-money laundering legislation has entered into force in Sweden. According to this new regulation, AIF managers must report data that enables Finansinspektionen to assess the risk that these firms will be used for money laundering and financing of terrorism. AIF managers must submit this data...

Sustainable investments and why ESG matters

[vc_row][vc_column][vc_column_text]The demand for sustainable and impact investing is growing – investors now consider environmental, social and governance (ESG) factors across USD 8.72 trillion of professionally managed assets, which is a 33% increase since 2014, says Report on US Sustainable, Responsible and Impact Investing Trends as...

Control requirement-exemption for AIFs investing in SMEs

The main rule for an EEA-based AIF-manager wishing to market its AIF towards Swedish semi-professional investors, is that the AIF is required, in general, to invest to obtain control. This is difficult for early phase- and venture investments as these companies are normally driven by...

Swedish semi-professional investors – who are they and how to reach them?

EEA-based AIF-managers have a great opportunity to reach an important segment of investors in Sweden: the semi-professionals. What is the definition of such investors and how can managers reach them? Semi-professional investors By virtue of the AIFM Directive (AIFMD), all EU member states may adopt national rules...

Fund hotel – Keep your strategic focus!

The concept is easy to understand. AIF-managers are responsible for operating independent risk- and portfolio management functions. Given certain criteria, either function may be outsourced to another licensed AIF-manager, while portfolio management may also be outsourced to a company licensed to operate as an active manager...

MIFID II on equality and diversity

It is interesting to note how the arguments for securing women board positions in Norwegian public limited companies (PLC), ending in a 2005 amendment to the plc act, differs from the MIFID II requirement for diversity. In the 2003 proposal for an amendment to the law,...

Ekonomiansvarig till Stockholm kontoret

Är du en driven och engagerad person som har arbetat som revisor eller som kvalificerad redovisningsekonom och som gillar att arbeta brett inom ekonomi och är bekväm med att arbeta självständigt och som trivs med både strategiskt och praktiskt arbete? Vill du jobba hos en...

What is an AIF? Rev. 2

Almost three years have passed since Permian’s first article on this question. A clarification by the Financial Supervisory Authority of Norway (Finanstilsynet) provided reason for an update. In a conference in Oslo on November 29, Finanstilsynet offered a clarification to the four-year old question: “what is...

GDPR VS. THE FUND INDUSTRY

In the light of the new legal GDPR requirements, there is number of steps fund managers and investment companies will have to take in order to secure full compliance with the new data handling regime. It is hard to think of a business sector that wouldn’t...

EuVECA Reform

The European Parliament has adopted proposals for amendment of the European Venture Capital Funds Regulation (EU) No 345/2013 (“EuVECA”). EuVECA was introduced in July 2013 as part of the Capital Markets Union Action Plan. The goal was to increase the supply of capital to venture businesses....

No LEI, no trade!

From January 3rd 2018, following the implementation of MIFID II and MIFIR, all European companies needs a LEI-number (Legal Entity Identifier) to trade in financial instruments admitted to European trading venues. This means that a LEI-number is required for companies entering into derivative contracts (following...

Five crucial issues of successful fundraising

Currently, many new fund initiatives are being taken as we see new private equity managers coming out of the woodwork and being active in the market. Family offices as well are taking steps to include a larger investor base in their activities and successful entrepreneurs...

Leading IT solutions for fund managers and family offices

During 2017 Permian group has studied available IT solutions for fund managers and family offices What is available? What is new? What can be achieved by utilising the new systems? New technology is solving challenges and create opportunities It is hard to catch up with the ongoing...

Summer Greetings!

[vc_row][vc_column][vc_column_text] “Summer afternoon—summer afternoon; to me those have always been the two most beautiful words in the English language.”  ― Henry James  [/vc_column_text][vc_column_text]Dear Clients, Business Friends and Contacts,   As the summer vacation time is rapidly approaching, we would like to wish you a great time off, full of sun and...

Taxation of board fees in Sweden- new practice

The Swedish Supreme Administrative Court (sw. Högsta Förvaltningsdomstolen) recently decided that board fees shall be taxed as salary income. The verdict contradicts the Swedish Tax Agency’s former view and could have significant impact for Swedish board professionals. The Swedish Tax Agency has practised that board members...

Extended VAT-exemption for fund management

For a long time, The Swedish Tax Agency (STA) held that only management fees payable by UCITS and special funds (non-UCITS regulated in LAIF) were exempt from VAT. This somewhat strict interpretation has now seemingly come to an end, as STA has had to adapt...

Writing a good information memorandum

A proper Information Memorandum, very often referred to as an IM, maximizes your chances of raising capital. It is the main marketing document used when raising AIF funds and one of the supporting documents included in the marketing application to the authorities.  Writing a good...

Senior Accountant to our Swedish office

Permian is looking for an experienced Senior Fund Accountant to join our growing team located in the centre of Stockholm. This role is focused on fund financials, cash flow, budgeting and forecasting with an orientation towards quality and precise reporting. This is a principal role...

Er du nøyaktig, fremoverlent og vil jobbe med fond?

Permian-gruppen er et konsern med ambisjoner og i sterk vekst.  Vi er cirka 30 ansatte fordelt på kontorer i Oslo og Stockholm. Permian-gruppen yter tjenester til fond og investeringsselskaper, herunder forvaltning, fondsadministrasjon, regnskap, risk management og compliance, controlling og depotmottak. Våre kunder er hovedsakelig private...

Permian Norway welcomes Guro to the accounting team!

Guro Langemyhr has joined Permian as an accountant and will be responsible for helping our customers within the wide area of bookkeeping, invoicing and reporting tasks. Guro joins Permian from BAMA Gruppen, where she worked as an accountant as well. She graduated from the BI Norwegian...

Nordic countries have regulated marketing to non-professionals differently

Notably, the AIFM Directive regulates marketing to professional investors only. Each EU/EEA country could themselves choose how to regulate marketing to non-professionals. They did it differently.  Following the implementation of the AIFM Directive into law, many countries addressed separately the question of how to market to...

A road to AIFM

[vc_row][vc_column][vc_column_text]Obtaining an AIFM-license is expensive, drives complexity and is time-consuming. Once obtained, it adds layers of regulatory complexity, it is demanding and relatively costly to uphold. But it is worth having, especially if you would like to market towards non-professional investors or even foreign professional...

Don’t get tricked! Data protection in the financial sector. 

[vc_row][vc_column][vc_column_text]In our previous article about cybersecurity (read here), we have explained what are the channels and technology threats that can be used by cybercriminals as door openers to our servers and data. Today, we would like to raise awareness and warn our readers about the...

KAPITAL omtaler Permian fondhotell

Permian får mediaoppmerksomhet i forbindelse med etableringen av norges første fondshotell for alternative investeringsfond som PE, Venture Capital fond, etc.   [pdf-embedder url="http://www.permian.no/wp-content/uploads/2017/02/Kapital-20170209.pdf" title="Kapital 20170209"]    ...

Cyberthreats in the financial sector

[vc_row][vc_column][vc_column_text]Financial services industry has become one of the most targeted sectors by the cybercriminals. Financial institutions are exposed to an increasing number of cybercrime attacks such as financial fraud, identity theft, loss of data – all of it a result from use of more and...

Join the team: chief accountant

[vc_row][vc_column][vc_column_text]Permian is looking for an experienced Chief Accountant with an orientation towards quality and precise reporting. You will have a wide area of tasks and a key role as the central coordinator and expert in our accounting service group. This is a principal role in...

Join the team: Senior fund administrator

[vc_row][vc_column][vc_column_text]Permian is looking for an experienced and market oriented expert in fund management and administration, which is a central role in Permian group. The position provides great opportunities for developing your skills in market contact, business development and management - all of it within the...

Join the team: controller

[vc_row][vc_column][vc_column_text]Permian offers a great chance for a dedicated Controller to take on the tasks of a high quality and precise controller services. Your wide array of tasks will include playing a key role of a link between finance and the fund administration service groups; refining...

Skatteetaten innfører dagbøter for å få bukt med sen rapportering

[vc_row][vc_column][vc_column_text] Skatteetaten varsler fra og med 1. Januar 2017 økt bruk av tvangsmulkt ved sen eller manglende levering av pliktige opplysninger. De økonomiske konsekvensene kan bli betydelig for den enkelte næringsdrivende. Skatteetatens formål med innføring av tvangsmulkt er enkel: Fremtvinge levering av pliktige opplysninger til rett...

Endringer i årsregnskapsreglene for AIF-forvaltere og verdipapirforetak

[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] Med virkning fra 1. januar 2017 har Finansdepartementet gjort endringer i  forskrift om årsregnskap for verdipapirforetak. Forvaltere av AIF- og verdipapirfond bør undersøke grundig om deres virksomheter er underlagt de nye kravene. [/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_empty_space][vc_column_text]Gjelder for I den oppdaterte forskriften er begrepet verdipapirforetak utvidet til å omfatte  AIF-forvaltere med...

INNFØRING AV FINANSSKATT MED VIRKNING FRA OG MED 1.1.2017

[vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Permian minner om at regjeringen, i statsbudsjettvedtaket av 20. desember 2016, har besluttet å innføre finansskatt, med virkning fra og med 1.1.2017, for selskaper som driver innenfor finansierings- og forsikringsområdet. Definisjonen på hvilke selskaper dette gjelder, følger av SSB sin standard for næringsgruppering – Næringshovedområde...

Unntak fra merverdiavgiftsplikt for forvaltning av investeringsselskap

Forvaltning av investeringsselskap er unntatt fra merverdiavgiftsplikt i henhold til merverdiavgiftsloven § 3-6 bokstav g. Skatteetaten har i rundskriv av 8.12.2016 gitt nye retningslinjer om praktiseringen av dette særskilte mva-unntaket.   Om avgiftsplikten Skatteetaten ser at regelverket for mva-behandling av forvaltningstjenester er komplisert for bransjen. Nå har Skatteetaten...

Permian attends the Nordic Buy Out Forum 2016

[vc_row][vc_column width="2/3"][vc_empty_space height="32px"][vc_column_text] We are pleased to announce that Permian will be attending the Nordic Buy Out Forum this year, which will take place on 7th December at Radisson Blu Scandinavia Hotel in Oslo.   Nordic Buy Out Forum is an annual event organized by the law firm...

From non-professional to professional investor

Subject to certain requirements established through the adoption of the EU 2004 MiFID regulation (in Norway 2007), investors classified as “non-professional” may request to be treated, regulation wise, as “professional”. What are the requirements? Through the introduction of MiFID (Markets in Financial Instruments), the EU aimed...

Er du fersk økonom med interesse for fond, IT-systemer og regnskap?

Permian er et raskt voksende og innovativt selskap, med mål om å være den ledende nordiske fondsadministratoren. Våre kunder har ca NOK 20 milliarder kroner under forvaltning, fordelt på rundt 150 investeringsselskaper og alternative investeringsfond. Som spesialist innen fondsadministrasjon tilbyr Permian-gruppen et bredt spekter av...