Permian News

Jason Burgoyne joins Highvern and Permian as Group COO

Mon, 27 Apr 2026 09:26:07 GMT

We are delighted to welcome Jason Burgoyne, who joins Highvern & Permian today as Group Chief Operating Officer and member of our Group Executive Committee.

Based in the UK, Jason will be working with colleagues across our business, bringing deep client and operational expertise as we continue to enhance our processes and capabilities to support consistent service excellence, as well as invest in our technology, data management and AI.

His appointment reflects our ongoing commitment to scaling our capabilities and delivering the highest standards for our clients across the Group.

Highvern and Permian continue strategic expansion with appointment of Anne Storie to Head of Funds Americas

Tue, 14 Apr 2026 11:03:13 GMT

Highvern and Permian (the “Group”), backed by Jacobs Capital, are pleased to announce the appointment of Anne Storie as Head of Funds Americas, based in the Cayman Islands. Anne will join the business on 20 April 2026, becoming a member of the Group’s Executive Committee and joining the Cayman-regulated boards, subject to regulatory approval.

This appointment marks another important step in the Group’s strategy to expand into key markets and strengthen its position as a leading international provider of fund services and private capital solutions. It builds on the Group’s recently announced partnership with PANDOO, a leading Luxembourg-based provider of fund services and reflects the Group’s ongoing investment in talent and technology to support long-term sustainable growth.

Anne’s appointment enhances the Group’s fund services offering for clients in the Americas, providing access to broad asset class expertise across the Group’s multi-jurisdictional platform. She will work closely with colleagues across the business, bringing together highly skilled specialist teams to meet clients’ increasingly international needs while delivering consistent service excellence.

Anne brings more than 20 years’ experience in the global funds sector, with a strong track record of building and scaling fund services businesses across the Americas. Most recently she was Global Head of Strategic Alliances and Country Head of Cayman Islands at Apex Group. Prior to this Anne held leadership roles at Ashland Park Advisory and was CEO Americas and Group Board Member at Waystone. She has a strong industry presence and currently serves as Chair of the Government Trade and Business Licensing Board, Cayman Islands.

Caroline Connellan, Group CEO at Highvern & Permian, said:
“I’m delighted to welcome Anne to Highvern & Permian. Her deep industry expertise, strong client focus, and leadership experience will be instrumental as we continue to invest in our Cayman offering, expand our reach into the Americas, and deliver greater choice to clients across asset classes and jurisdictions. Following our recently announced partnership with PANDOO, Anne’s appointment is a further step in positioning the Group to better address the increasingly complex needs of clients while continuing to deliver the service standards they expect.”

Commenting on her appointment Anne Storie said:

“I am excited to be joining Highvern & Permian at such an important point in its growth journey, as the Group continues expand its presence into key strategic markets. There is a clear opportunity to build on the strong platform in Cayman and further enhance the Group’s offering for clients in the Americas. I look forward to working with colleagues across the business to strengthen our capabilities and deliver high-quality service and client-focused solutions.”

PANDOO to join forces with Highvern and Permian, backed by Jacobs Capital

Wed, 04 Mar 2026 15:54:51 GMT

London, Luxembourg 04 MARCH 2026

PANDOO, Highvern and Permian (the “Group”) are pleased to announce the signing of binding agreements to combine the businesses, with the continued backing from Jacobs Capital. This partnership represents a significant milestone in the Group’s strategy to expand into key strategic markets and further consolidates its position as a leading international provider of fund services and private capital solutions, following Jacobs Capital’s investment to combine Highvern and Permian in 2025. PANDOO’s senior management will reinvest alongside Jacobs Capital and existing Highvern and Permian shareholders.

Founded in 2009 by Charles Meyer, PANDOO is a leading independent Luxembourg-based provider of administration and management services for investment vehicles, offering a fully integrated, end-to-end platform for alternative investment structures. It brings proven Luxembourg expertise, an established and growing client base, and a reputation for high-quality client service.

The newly combined Group will operate in nine jurisdictions with over 400 employees. This provides clients with greater choice and immediate access to Luxembourg, Europe’s leading alternative investment fund market, complementing the Group’s existing footprint including the Cayman Islands, Guernsey, Ireland, Jersey, Norway, South Africa, Sweden and the UK, and supporting accelerated organic growth.

Clients will also have access to broader asset class expertise, including PANDOO’s experience in high-growth sectors such as real estate, real asset structures and private debt, alongside private equity and venture capital.

Together, the businesses share a strong client-centric approach and a commitment to service quality, underpinned by ongoing investment in people and technology. The combined Group increases scale and international reach, bringing together highly skilled and specialist teams with closely aligned cultures and shared values. This positions the Group to better address increasingly complex client needs, deliver consistent service excellence, and support long-term sustainable growth.

Subject to regulatory approvals, the transaction is expected to close in the second half of 2026.

Martine Grün, John Wantz, Sven Rein, Partners at PANDOO, said:

"We are excited to join forces with Highvern and Permian. Jacobs Capital is the right partner for us – they understand our culture, invest for the long term and empower entrepreneurial teams. Together, we share a strong focus on client service, agility and ownership, which will enable seamless collaboration from day one. Our Luxembourg expertise will thrive within this broader international platform. We thank our dedicated team and valued clients for their trust and support as we embark on this exciting journey together."

Caroline Connellan, Group CEO at Highvern & Permian, said:

“We are delighted to welcome PANDOO to the Group. Our partnership brings together highly skilled people and complementary businesses with closely aligned cultures and shared values. As a Group, we have an exciting opportunity to offer clients greater choice across asset classes and jurisdictions, while continuing to deliver the service standards they expect. We are very much looking forward to working with the PANDOO team.”

Johan Pettersson, Head of Business Services at Jacobs Capital, said:

“We see the combination of PANDOO with Highvern and Permian as an important step towards building a next-generation, truly international, differentiated platform for fund services and private capital solutions. We are grateful for the opportunity and trust given to us to support PANDOO in its future strategy and will continue to invest in its people, technology and service excellence.”

Media contact

ESG data collection: From afterthought to infrastructure

Wed, 25 Feb 2026 08:58:03 GMT

For many fund managers, ESG data collection started as an afterthought rather than a structured operational process. How ESG data is collected is often a clear indicator of how seriously a fund approaches ESG. And under the Sustainable Finance Disclosure Regulation (SFDR), it is no longer a nice-to-have. In this article, Permian’s ESG Director Agata Bremer outlines the typical stages of ESG data maturity, the practical challenges funds face at each step, and what a more sustainable set-up looks like.

"For many in the alternative investment industry, ESG reporting started as an afterthought: a spreadsheet here, an email there, a template dropped into SharePoint the week before an LP request landed. That approach worked when ESG was a nice-to-have. Under SFDR, it no longer does. The margin for error is much smaller, and manual processes break down quickly", says Agata.

The four stages of ESG data maturity

Most fund managers fall somewhere along a spectrum from fully manual to fully integrated, according to Agata. Understanding where you are positioned matters, because the risks and costs of staying put differ significantly at each stage.

Stage 1: Spreadsheets and email

Excel trackers, Google Sheets, and ESG data collected via email from portfolio companies. This is where most funds start. The setup is simple and flexible, but manual entry increases errors, audit trails are weak, and tracing data back to source quickly becomes painful.

Stage 2: Standardised templates in cloud storage

Structured questionnaires stored in SharePoint or OneDrive improve consistency and version control. Internal coordination improves, but the process remains manual. Each reporting cycle requires consolidation, follow-ups, and significant hands-on effort, which limits scalability.

Stage 3: ESG software platforms

Dedicated ESG tools centralise data collection, automate aggregation, and create an audit trail. For many mid-size PE and VC funds with SFDR Article 8 obligations, this is a logical next step. The limitation is that platforms only work well if roles, timing, and data ownership are already clearly defined.

Stage 4: Integrated ESG data infrastructure

ESG data collection is embedded into the broader fund administration and portfolio monitoring setup. Reporting is largely automated, and regulatory defensibility is stronger. This stage requires more upfront investment but delivers the highest level of control and efficiency. This is where we see large PE firms and multi-fund managers heading, but it requires mature internal processes and meaningful investment before the benefits land.

Where problems usually arise

According to Agata, ESG reporting issues are rarely caused by technology.

“The real problems are almost always about process and ownership,” she says.

Common failure points include collecting data only once a year under time pressure, unclear responsibility for chasing and validating data, and expanding reporting scope without a clear data structure to support it.

A realistic way to improve

Funds don’t need fully integrated infrastructure immediately. What matters is sequencing.

“Start by defining exactly which ESG metrics are required and why. Then standardise how those metrics are collected, even if that still happens in spreadsheets. Only once the data flow is stable does it make sense to introduce software or broader system integration,” Agata explains.

“The tool matters less than the discipline behind it,” she concludes. “A simple, well-run process will always outperform a sophisticated system that’s poorly implemented.”

Need support?

At Permian, we support alternative investment fund managers in building ESG data processes that stand up to SFDR requirements and scale with portfolio complexity. Get in touch to discuss how your current ESG data setup can be strengthened and scaled.

A shift in the risk agenda: are fund managers ready?

Mon, 16 Feb 2026 15:04:32 GMT

As regulatory pressure increases and non-financial risks become critical, fund managers face higher expectations on governance and resilience. Erik Elkan, Risk Manager at Permian in Sweden, discusses the changing role of risk and how Permian in Sweden supports managers through this shift.

Erik, you work with risk management for Permian in Sweden. Can you tell us a bit more about your area?

At Permian, we work with Swedish Alternative Investment Fund Managers (AIFMs) that have outsourced their risk management function to us. Our specialist team covers all risk requirements under laws such as AIFMD, AIFMR, and relevant local regulation, acting as designated risk managers. We work across different asset classes and fund structures, providing both strategic guidance and regular oversight.

What are the main risk-related challenges fund managers face today?

Fund managers operate in an environment where risks are more diverse and fast-moving than ever. Cybersecurity and third-party dependencies remain critical, while ESG and climate-related expectations are rapidly intensifying. At the same time, new frameworks such as the Digital Operational Resilience Act (DORA) and upcoming AI Act are reshaping operational risk requirements.

How do your risk management services support clients?

We help fund managers stay ahead by continuously updating risk frameworks, integrating risk awareness and operational resilience into their systems, and ensuring that both governance and reporting withstand regulatory scrutiny.

Permian offers a complete, ready-to-implement risk management function that integrates directly into a fund manager’s governance framework. We follow an annual risk management plan, complemented by ad-hoc assessments as needed, to support regulatory compliance and operational resilience.

Our services include risk policies and procedures reviews, regulatory monitoring, risk assessments for funds and manager, and stress testing, as well as regular board reporting. Our approach combines tailored models across key risk areas with structured reporting to senior management, making risk management efficient, transparent, and aligned with supervisory expectations.

Why do fund managers choose Permian as their risk partner?

Our clients partner with Permian for access to an established framework, specialised tools, and a multidisciplinary risk team that can scale with their business. This allows fund managers to focus on investment performance while maintaining strong regulatory control.

Looking ahead, how do you see the risk landscape evolving?

Technology such as AI, data analytics, and automation will increasingly shape how risks are identified and managed. Non-financial risks and geopolitical uncertainty affecting market risk are moving to the forefront alongside tighter regulatory expectations.

In this environment, fund managers need a trusted, long-term risk partner who understands the full scope of risk management. At Permian, we are preparing for this shift by developing scalable, technology-supported risk frameworks grounded in regulatory expertise and backed by professionals with deep insight into both regulation and business reality. With a fully outsourced function, we act as a trusted professional with a clear understanding of the evolving risk landscape.

Read more about our Risk Management Services here.

Permian welcomes two new Legal Counsels

Mon, 09 Feb 2026 13:58:16 GMT

Permian is pleased to welcome Abiram Soma and Henrik Granheim-Sætre as new members of our Advisory team. Their combined experience will further strengthen Permian’s legal and compliance capabilities as we continue to grow and support our clients.

Abiram Soma joins Permian as Legal Counsel, most recently from Infranode. He brings several years of experience working with investments, real estate transactions, lease matters, and regulatory matters, with a background from top-tier law firms. Abiram will be based in our Stockholm office.

Henrik Granheim-Sætre joins Permian as Senior Legal Counsel. Before joining Permian, Henrik served as Senior Legal Counsel at Danske Invest Asset Management AS, and brings prior experience from the banking sector. He has ten years of experience within legal and regulatory advisory. Henrik will be based in our Oslo office.

We are delighted to have Abiram and Henrik on board and look forward to working together.

Meet our people: Fam Dang, new Team Leader for Accounting

Mon, 02 Feb 2026 14:07:58 GMT

Meet Fam Dang, new Team Leader for Accounting at Permian in Norway. In this article, Fam shares reflections on why accounting goes beyond “just” numbers, what makes the role rewarding, and how close collaboration with leading Nordic fund managers supports both learning and high-quality delivery.

Hi Fam, congratulations on your new role! What does your role as Team Leader for Accounting involve?

Thank you very much! My new role involves partnering with our existing team leader for fund accounting to continue delivering excellent service to our clients, including leading Nordic fund managers. I work across both the operational and administrative aspects of fund accounting, while supporting and coordinating a small team of incredible fund accountants. I wasn’t immediately sure that I was ready for the role, but with each day I work with the team, I can see and feel the support we give each other. That’s what made me confident that this is a team I want to grow with in the future!

Can you tell us a bit about your background and what you did at Permian before stepping into this role?

I graduated from Høgskolen i Oslo og Akershus (now OsloMet) with a bachelor’s degree in accounting and auditing 10 years ago and have been a state-authorized accountant since 2020. I then moved to Trondheim where I started my career in banking before moving into property asset management, where I worked with all aspects of the financial management of commercial properties. In 2025, I moved back to south-east Norway with my partner to be closer to our families and began my journey here at Permian.

How does fund accounting differ from “regular” accounting?

The interesting thing about fund accounting is that it both differs – and it doesn’t. It offers a wide range of challenges, particularly within the private equity space, while still covering many core accounting tasks that are transferable across the profession. An added benefit is working closely with our clients and gaining insight into an exciting industry with complex structures and financial models, making fund accounting both demanding and rewarding. I’m in exactly the right place to learn about this exciting industry!

What’s the most rewarding part of accounting that people outside finance might not guess?

I initially thought accounting would mainly be about basic math and following a “rulebook.” In reality, it involves complex cases where the answer isn’t always obvious. That challenge can be frustrating at times, but also very motivating. Finding and resolving an issue and arriving at a clear answer is incredibly rewarding. And one last thing: people who work in accounting are pretty awesome!

Read more about Permian's Finance & Accounting services here.

Felix Edgren joins Permian as Country Head Sweden

Mon, 12 Jan 2026 14:07:01 GMT

Felix Edgren has joined Permian as Country Head Sweden and Head of Fund Administration & Accounting, effective 12 January. His appointment forms part of the combined Permian and Highvern Group .

Felix brings extensive experience from asset servicing, capital markets and fund administration. He joins Permian from Apex Group, where he held several senior leadership roles, including Country Head Sweden and Regional Head Corporate Solutions Nordics. Prior to this, he held senior positions at Nordic Trustee, TMF Group and Intertrust Group. Felix has experience working across the Nordics and Luxembourg.

Johanna Bjenne, Interim Country Head Sweden and Head of Fund Administration & Accounting, says: “We are very happy to welcome Felix to the team. His operational and strategic experience, deep understanding of the Swedish market, and client-focused leadership make him well equipped to support our continued growth in Sweden while further strengthening the quality and delivery of our fund services.”

Commenting on his new role, Felix says: “Permian holds a leading position in the Nordics, and I’m excited to be joining Permian and Highvern as we continue to expand in capacity and scale. I look forward to contributing to the team and continuing delivering best-in-class services to our clients in Sweden.”

Johanna Bjenne will transition back to her role as Head of Fund Operations, Onshore.

Caroline Connellan to join Highvern and Permian as Group CEO

Wed, 10 Dec 2025 13:43:25 GMT

Permian and Highvern, together with Jacobs Capital, announce the appointment of Caroline Connellan as Group Chief Executive Officer, effective 5 January 2026.

The appointment marks an important step for the combined Group, with two established and complementary businesses, as it focuses on differentiating its offering through service quality, technology and long-term client relationships. Backed by Jacobs Capital’s long-term investment, it reflects the Group’s ongoing commitment to growth as a leading international provider of fund services and private capital solutions.

Caroline succeeds Martin Hall , co-founder and CEO of Highvern for the past nine years and currently CEO of the combined Group. Martin will transition to the role of Executive Chairman, effective 5 January 2026. Based in London, Caroline brings more than 25 years of financial services experience and has held a number of prominent leadership positions including CEO of M&G Wealth, and CEO and Executive Director of Brooks Macdonald Group plc. She has a proven track record of leading and growing wealth and asset management businesses, while driving technological transformations in regulated environments, all with a strong client focus.

Caroline has also made significant contributions to the broader sector and is recognised as an industry voice, having served as a Board Director of The Investment Association and as a member of HM Treasury’s Asset Management Taskforce. Her appointment reflects the Group’s commitment to strengthening its leadership as it continues to build scale, expand into key markets and deliver long-term value for clients.

Martin Hall, current Group CEO, said: “After nine years as co-founder and CEO of Highvern, this is the right moment for me to move into a new role within the Group. I’m incredibly proud of how far the business has come - driven by the talent of our people and the quality of our client relationships. As we grow Highvern and Permian together, the Group is entering an exciting new chapter, and Caroline’s experience and leadership make her exceptionally well-placed to guide the organisation forward.”

Caroline Connellan, incoming Group CEO, commented: “I’m delighted to be joining Highvern and Permian at such an important time, as the Group looks to differentiate its offering and expand its reach. Highvern and Permian are both leaders in their respective markets, with strong track records of delivering outstanding service and value for clients across multiple jurisdictions. The opportunity now is to build on that success, continuing to invest in our people and technological innovation to meet the evolving needs of clients and to drive future growth. I look forward to working with colleagues across the Group to achieve this.”

Johan Pettersson, Head of Business Services at Jacobs Capital, added: “Caroline’s significant experience in driving digital transformations of businesses in regulated environments, her client focus, and leadership strengths align closely with our long-term vision for the Group. We are confident that under her direction, Highvern and Permian will continue to grow, innovate and deliver exceptional service that meets the increasingly complex needs of clients, while expanding both in existing jurisdictions and into strategically important new markets.”

Operating across eight jurisdictions - the Cayman Islands, Guernsey, Ireland, Jersey, Norway, South Africa, Sweden and the UK- with over 300 colleagues and $45 billion in assets under administration, the Group supports asset managers, private capital sponsors, family offices, and institutional clients through a connected, multi-jurisdictional platform.

Permian has moved to new offices in Stockholm

Tue, 09 Dec 2025 08:00:36 GMT

To support Permian’s continued growth, its expanding Nordic client base, and its long-term commitment to providing best-in-class fund services, the company has relocated from Vasagatan 36 to new offices at Jakobsbergsgatan 17 in the Mood District.

The new premises at Jakobsbergsgatan offer a modern and flexible workplace that accommodates Permian’s nearly 70 employees in Sweden. The office features expanded meeting facilities, improved collaboration areas, and increased workstation capacity to support the company’s continuously growing team and cross-border operations.

“Alongside our mission to deliver high-quality services to our clients, our new office gives us room to scale and welcomes focused work as well as innovative and meaningful conversations with partners, clients, and colleagues. A huge thank you to everyone who has been part of this journey so far,” says Johanna Bjenne , Country Head, Sweden.

The new office is fully operational. Updated contact details are available on Permian's website under "Contact".

A shared horizon: Strengthening onshore funds expertise across Ireland and the Nordics

Wed, 19 Nov 2025 11:50:23 GMT

As the global fund landscape evolves, cross-jurisdiction collaboration is becoming essential. For the newly combined Highvern and Permian group, that momentum begins with Ireland and the Nordics, where teams are already working together to strengthen onshore fund services and deliver seamless, client-focused solutions across eight jurisdictions: Ireland, Sweden, Norway, Jersey, Guernsey, the UK, South Africa, and the Cayman Islands.

Country Heads Emma Keane (Ireland), Johanna Bjenne (Sweden), and Susanne Berge-Hansen (Norway) share insights on how the unified group – now over 300 colleagues with $45bn in assets under administration – is creating value for clients through integrated expertise and a connected, multi-jurisdictional platform.

Strength across borders

Emma Keane (EK):

What makes clients look outside Sweden or Norway when setting up structures in other jurisdictions?

Johanna Bjenne (JB):

For Swedish managers, it’s a mix of access to capital, tax considerations and investor comfort. Many institutional investors are used to Ireland or Luxembourg structures, so being able to offer that option through the same group helps facilitate a seamless solution. It’s not just a tax discussion anymore - it’s about investor confidence, reputation, and long-term visibility.

Susanne Berge Hansen (SBH):

It’s similar in Norway. Managers want stability and regulatory consistency. By working closely with our Irish colleagues, we can compare and combine options to find the best fit for each client. The fact that this can now happen within the same organisation makes a big difference - it’s faster, simpler, and built on shared trust.

EK:

Clients increasingly expect that continuity. Having Ireland, Sweden, and Norway as well as our offshore offering in Jersey, Guernsey and Cayman under one group allows us to offer local presence and international reach in a single connected network of expertise.

Enhancing expertise & innovation

EK:

We’ve already seen teams working more closely together since the integration. How is that translating into client opportunities right now?

SBH:

It’s already changing how we think. For example, Highvern’s Irish team has deep experience in areas like debt and private credit, while our Nordic clients are exploring those same asset classes. We can now bring that knowledge straight into client discussions, rather than learning from scratch.

JB:

Yes and on our side, we’re supporting more clients who want digital access and data visibility. As part of a larger group with shared technology development, we’re now able to offer those tools faster. It’s a real, practical benefit that’s happening today.

EK:

And it’s two-way. We’re learning from the Nordic teams’ approach to client engagement -that mix of precision and partnership. You can already feel that shared energy across our teams. Having recently been successful on a pitch, referred from our Permian colleagues, for a Swedish manager looking to launch an Irish ICAV for their royalties’ fund, demonstrating not only the further jurisdictional reach but also the depth of expertise between both teams, the client was able to feel the benefit from the outset of the relationship.

JB:

At Permian, our values - caring, precise, and challenging - are really lived day to day. Joining a bigger group always raises questions about culture. How do you see that playing out?

SBH:

The key is that our values align. Highvern’s focus on quality, integrity, and client service mirrors what we’ve built at Permian. That means collaboration feels natural, you could see how quickly people connected - same mindset, just different accents!

EK:

That’s so true. The offsite really confirmed how strong that alignment is. Everyone’s ambitious but grounded, and that balance is what will help us scale without losing who we are.

Impact for clients

EK:

Looking at the market today, what are the biggest topics your clients are focused on?

JB:

There’s a lot of attention on AIFMD II and ESG reporting. Clients want administrators who can not only comply but also help interpret what’s coming. Having a bigger, connected group means we can share insights and act faster when new regulation lands.

SBH:

Governance and data transparency are also high on the agenda. Clients expect partners who can combine strong regulatory understanding with modern digital delivery - and that’s exactly where we’re investing together as a group.

EK:

We’ve become one group with a shared purpose, and clients are already seeing the benefits - broader expertise, deeper resources, and a network that connects Ireland, the Nordics, and beyond. Not only does this extend to our Highvern and Permian colleagues, but also our strong network of intermediary relationships in each jurisdiction to help meet our clients needs.

JB:

It’s an exciting time. We’re not talking about a distant future - the collaboration is happening now, and it’s energising our teams and clients alike. You can feel the momentum.

With a shared purpose and connected teams, we are already delivering enhanced onshore fund expertise, deeper resources, and seamless solutions for our clients – today and into the future.

Fund admins and ESG - a perfect match?

Thu, 06 Nov 2025 09:38:09 GMT

As ESG regulation becomes a central part of the investment ecosystem, fund administrators take on a broader role. Agata Bremer, ESG Director at Permian, reflects on how this development builds on the existing strengths of fund administration — why administrators are uniquely positioned to deliver ESG services, and what it takes to adapt.

“Fund administration is evolving beyond traditional services”, says Agata Bremer , ESG Director at Permian. “The role now extends to helping clients navigate and comply with ESG regulations – a shift the investment industry is only beginning to fully recognise.”

So, where does ESG fit into fund administration?

At the operational heart

Agata explains that fund administrators already sit at the operational heart of investment management — calculating Net Asset Values (NAVs), managing capital calls, producing investor reports, and ensuring regulatory compliance.

“ESG regulation is not fundamentally different in structure,” says Agata. Frameworks such as the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy require the same kind of data integrity, validation, and disclosure discipline that already applies to the industry.”

This integration makes ESG compliance a natural extension of existing fund administration, rather than a standalone service. In turn, it offers three clear advantages:

Integrated data flows: Administrators already collect, validate, and store large volumes of financial and operational data — making it efficient to incorporate ESG indicators into the same pipelines.
Established reporting cycles: Administrators routinely manage complex regulatory and investor reporting cycles. ESG adds new dimensions, but fits within an infrastructure already in place, without disrupting core financial reporting.
Built-in compliance culture: Fund administrators operate under strict regulatory frameworks and are built for precision and audibility.

Throughout the lifecycle

ESG now touches every stage of a fund’s lifecycle — from onboarding and due diligence to monitoring and exit. That continuity, Agata argues, gives administrators a unique advantage.

“Fund administrators are involved at every stage,” she says. “That makes them the natural partner to integrate ESG compliance into existing processes rather than adding new layers of work for managers.”

What it takes

But delivering ESG services effectively, Agata notes, depends on two factors: competence and technology.

“Collecting data is one thing; validating it is another,” she says. “ESG metrics often require interpretation and context that only trained professionals can provide. Building internal ESG expertise ensures reported data is both credible and ready for regulators.”

Technology is equally essential. “The volume and complexity of ESG data make manual processing unsustainable,” Agata adds. “Automation enables administrators to manage and report data efficiently, accurately, and at scale.”

Integrating ESG into the core

This combination of expertise and technology is built into Permian's ESG offering.

“At Permian, we bring all these elements together. We combine experienced ESG professionals with automated data tools and deep fund administration know-how", says Agata.

“This allows us to deliver accurate, scalable, and consistent ESG compliance as a seamless part of our core service,” she concludes.

Contact

If you would like to learn more about our ESG offering or challenge Agata on her views, please reach out to agata.bremer@permian.se .

Meet our people: "From health tech innovation to private equity service"

Mon, 27 Oct 2025 08:21:28 GMT

Meet Elena Ellefsen, Fund Administrator at Permian in Norway. With a background in Sustainable Finance and experience across hedge funds and health tech, she shares what drew her to Permian — and what makes her work exciting.

Can you tell us about your role at Permian and your background?
My name is Elena Ellefsen, and I’ve been working as a Fund Administrator at Permian since 2024. In my daily work, I have the opportunity to work with leading Fund Managers and Family Offices across the Nordics. I hold a master’s degree in Sustainable Finance from BI Norwegian Business School and have previous experience from both the hedge fund and health tech industries. Outside of work, I’m passionate about food and fine dining, whether it’s discovering new restaurants, experimenting in the kitchen, or enjoying long meals with friends. I also love spending time outdoors to unwind and recharge.

What made you choose Permian as an employer?
With a strong interest in private equity and fund management, Permian stood out to me as more than just a best-in-class fund administrator. It’s a company with highly skilled people, a forward-looking mindset, and an exceptionally warm culture. It’s the perfect combination for continuous learning, contributing to clients’ success, and simply enjoying coming to work every day.

What makes your work at Permian exciting?

The financial industry is constantly evolving, and the areas where human expertise truly makes a difference are shifting. Permian is right at that sweet spot — structured and efficient today, yet ready for the future through innovation, adoption of new technologies and value-adding ways of working. In my short time here, I’ve seen plenty of positive changes. But what really stands out is the people. They make sure we have everything we need to deliver quality work every day, from support with equalization calculations to home-baked goods.

Interested in a career at Permian? Read more at our Career site .

SFDR update: What it means for asset managers – August 2025

Wed, 24 Sep 2025 08:34:53 GMT

Jannike Ludvigsson, Senior ESG Advisor at Permian, answers key questions about the European Supervisory Authorities’ (ESAs) latest update on Sustainable Finance Disclosure Regulation (SFDR).

On 4 August 2025, the ESAs published a new Q&A on the SFDR and its regulatory technical standards. These clarifications have been long awaited and make the framework more practical – and easier for asset managers to navigate.

What does the update say about Principal Adverse Impact (PAI)* indicators?

Two things stand out. First, water usage and recycling (PAI 6) have finally been defined more clearly. The ESAs now refer to the European Sustainability Reporting Standards (ESRS), which break the indicator into three measures – water consumption, water intensity relative to revenue, and the percentage of water recycled or reused. For asset managers, this means more structured data collection from investee companies.

Second, for real estate , the ESAs confirmed that energy consumption per square meter should be calculated based on useful floor area – the part of a building that is actually in use. This aligns with the EU Taxonomy and makes reporting more consistent and comparable.

Why does this matter for managers?

For anyone with exposure to real estate or industrial assets, these clarifications reduce guesswork. They bring consistency across portfolios and make benchmarking easier.

What about disclosure templates – what’s new there?

The ESAs addressed two areas. On top investments in periodic reports, there isn’t one mandatory calculation method. Managers should follow sector rules such as AIFMD (Alternative Investment Fund Manager Directive). Many already use quarterly Net Asset Value (NAV) snapshots to calculate average exposures – which also captures investments sold during the period. If a portfolio remains unchanged, year-end figures are enough.

On minimum percentages of sustainable investments, Article 8 and 9 funds can now state separate minimum shares for environmental and social investments. These don’t have to add up neatly to the overall minimum commitment, as long as managers explain the remainder.

Can you give an example?

A fund could commit to 100% sustainable investments, with at least 20% environmental and 10% social. The remaining 70% can be allocated flexibly – but the 20% and 10% minimums still need to be met. This provides managers with flexibility while giving investors clarity.

What’s your overall take?

For our clients – especially those with real estate and production assets – this guidance is very welcome. Even with Q&As available, managers often need to cross-check several regulations to see the full picture. But these clarifications make the SFDR framework more practical and reduce uncertainty.

*Principal Adverse Impact indicators (PAI) are a set of standard environmental and social metrics that show how investments can negatively affect sustainability factors. They are used to help investors understand the potential harm an investment may cause, for example GHG emissions, biodiversity damage or human-rights issues. There are both mandatory and optional indicators.

More information

Read the full ESAs publication [pdf] via this link.

Key contacts at Permian

SFDR update: What it means for asset managers - June and July 2025

Mon, 18 Aug 2025 13:09:41 GMT

Several interesting publications from public authorities regarding the Sustainable Finance Disclosure Regulation EU 2019/2088 (SFDR) and linked sustainability regulations have been made during June and July 2025. Our main takeaways for Swedish and Norwegian AIFMs are listed below.

ESMA promotes clarity in sustainability-related communications

On 1 July 2025, ESMA published a thematic note on sustainability-related claims used in non-regulatory communications. The note focuses on the use of labels and rewards. The main message in the note is that non-regulatory communications such as marketing materials and voluntary reporting should be fair, clear and not misleading. The note includes examples of good practices and poor practices as well as do’s and don’t’s.

Please click here for a link to ESMA’s publication.

Permian comment : Since the note highlights the importance of avoiding greenwashing, AIFM’s are best advised to ensure that all information to investors, potential investors and others is aligned with the regulatory sustainability reporting. For this to happen, AIFM’s compliance team could work together with the marketing team. These are a few topics that could be considered:

Information that is missing: This is often the case for AIFMs when publishing data. The note recommends including information on limitations of information and data and metrics used.
Information kept up-to-date: Since information should be kept up to date, it is good practice to include in the annual compliance wheel to check, not only regulatory disclosures, but also (material) non-regulatory communication on at least a yearly basis.
Claims about industry initiatives: Avoid referencing an initiative once the AIFM has left it.

Final report from ESMA on the integration of sustainability risks and disclosures

On 30 June 2025, ESMA published a summary report of a thematic review conducted by supervisory authorities in the EEA during 2023-2024. The aim of the review was to investigate whether authorised managers, being UCITS and AIFMs, complied with the SFDR and organizational requirements in the AIFMD and UCITS framework on sustainability risks.

Please click here for a link to ESMA’s publication.

Some of the main takeaways from the report:

Avoid making generic or excessive claims with regarding sustainability characteristics, and ensure marketing materials, pre‑contractual documents, website disclosures, and periodic disclosures are consistent.

Permian comment : It is important that all sustainability-related disclosures provided by the AIFMs are consistent and clear on how the characteristics are measured and fulfilled. To achieve this, AIFMs compliance and marketing teams could work together. On top of this, it is good practice to always review all periodic reports against the commitments made in the pre-contractual and website disclosures.

Ensure that sustainability risks are integrated in the decision-making procedures and in the AIFM’s organization. According to the report, on a structural level sustainability risks in the portfolio are often dealt with by the investment team and risk manager. The conclusion in the report is that managers, generally, monitor sustainability risks on a continuous basis.

Permian comment : In general, AIFM’s updated their policies in 2022/2023 by including the concept of sustainability risks in several areas such as in the conflict-of-interest policy. This was a result of an amendment in the Delegated Regulation (EU) No 231/2013 (“ AIFMR ”) which entered into force 1 August 2022. For a revisit of the regulation amending the AIFMR, please find it here .

Ensure enough resources and expertise dedicated to sustainability matters .

Permian comment : Managers may consider documenting training programs and FTE allocations for ESG tasks to demonstrate commitment and preparedness in case of regulatory scrutiny.

Ensure clear definitions and robust procedures to identify and manage greenwashing-related conflict of interest.

Permian comment : For AIFM’s in general, it may be difficult to point out a materialized greenwashing risk under the conflict-of-interest policy. Instead, we assess that greenwashing is avoided by setting a proper structure in the investment process to ensure that sustainability risks are considered ahead of an investment. As a good example, a separate one-pager could be included in the investment memorandum covering sustainability risks as well as other relevant regulatory SFDR matters depending on type of fund.

The report includes good and bad examples in several areas. One such area is the disclosure of PAI data at entity level and product level.

Permian comment : These sections are a recommended read to assess good and bad examples or find information about various methodologies used by other asset managers.

Report from the NFSA of asset managers’ compliance with the SFDR

On 25 June, the Norwegian Financial Supervisory Authority (the “NFSA”) published a report of Norwegian asset manager’s compliance with the SFDR.

Please find our separate update on the report here .

Report from the NFSA of Compliance with the SFDR

Tue, 12 Aug 2025 14:57:10 GMT

On 25 June, the Norwegian Financial Supervisory Authority (the “NFSA”) published a report on Norwegian asset manager’s compliance with the SFDR.

The report presents the main outcomes from a survey conducted by the NFSA of investment firms and selected fund managers and managers of UCIT funds and AIFMs in 2024 and 2025.

Our overall take on the report is that it includes recommendations to entities in scope of the SFDR that are new to the market. This means that many entities are presumably not in full compliance with the recommendations in the report. Some of the recommendations and our comments are as follows:

Article 6 – product level disclosure in pre-contractual documents: The report states that this disclosure should at a minimum include information about which sustainability risks have been identified as the most relevant for each product, and what measures have been taken to mitigate these risks.

Permian comment: To prepare for this disclosure, it is recommended to involve the AIFM’s risk manager. Permian holds a separate risk session when preparing this disclosure where all relevant risks are identified, mitigating activities are included and likely impact on returns of the fund are assessed. We recommend taking this into account for future pre-contractual documents and the 4-2 form (No. 4-2 skjema).

Article 5 - Information on how remuneration policies are consistent with the integration of sustainability risks. According to this article, AIFM’s must disclose how their remuneration systems consider sustainability risks. The report states that the assessment of the NFSA is that this provision is mandatory for all financial market participants, including for registered AIFM’s.

Permian comment: This is a clarification which has not been obvious to the market. Several registered AIFM’s may not have disclosed this information since it is not mandatory for such AIFM’s to have a remuneration policy. We recommend that registered AIFM’s update their website disclosures in accordance with the report.

Article 4 - PAI statements at entity level. The NFSA found that many AIFMs fail to comply with SFDR Article 4 requirements on Principal Adverse Impact (PAI) disclosures. Common issues include missing or inadequate PAI statements, vague methodologies, unclear use of external data, and poor justification for indicator selection. Few firms explain how they track progress or adapt when no improvement occurs. Some firms wrongly claim that PAI is irrelevant or cite insufficient data and lack of client demand. These are justifications NFSA does not accept. Overall, there is a clear gap between regulatory expectations and current market practices.

Permian comment: In October 2024, ESMA published a valuable report on PAI disclosures that we find particularly helpful when preparing compliant statements. We recommend that all managers, whether required to report on PAIs or doing so voluntarily, review the report, as it provides useful guidance for improving the quality and clarity of their disclosures. Link to the report can be found here .

Article 7 - Transparency of adverse sustainability impacts at financial product level. This is a comply-or-explain provision where AIFM’s can opt to consider “PAI” at fund level or explain why PAI data is not taken into account. In the report, the NFSA points out that limited access to data alone is not sufficient justification for not considering PAI, and further notes that the SFDR allow for reasonable assumptions to be made and that taking PAI into account therefore, can be achieved even if detailed data is not available.

Permian comment: This is an already known position from the NFSA and should be considered for future pre-contractual disclosures and in the 4-2 form.

Article 8 and 9 – Sustainable investments. As regards sustainable investments, the NFSA repeats a statement from an ESMA document that such products must take into account mandatory PAI indicators in SFDR level 2, table 1 in annex I, as well as relevant optional PAI indicators from tables 2 and 3, in the DNSH assessment.

Permian comment: To be noted as a reminder.

Article 10 – Product-level website disclosures. The report clarifies that the NFSA expects all financial market participants to disclose all article 8 and 9 product-level disclosures on their public website and not exclusively on websites that require login.

Permian comment: Although most Norwegian AIFMs already follow this, it is a clarification that might not be obvious if the AIF is a closed fund since all applicable investors would in such case have access to the disclosures on the investor portal.

Article 11 – Periodic reporting. The report clarifies the NFSA’s expectations regarding the annual report for article 8 and 9 funds. The report states that the quality of the reviewed reports varied significantly, particularly when explaining how environmental or social characteristics were achieved. Common weaknesses included unclear presentation of external data and poor comparability with benchmarks. In some cases, disclosures were not easily accessible, undermining regulatory requirements.

Permian comment: We note that some managers fail to define clear, measurable KPIs in their pre-contractual disclosures to track the achievement of environmental or social characteristics. This lack of upfront clarity often results in weak periodic reporting, as noted by NFSA. We recommend that managers establish well-defined KPIs supported by reliable data sources from the outset. Periodic reports should clearly demonstrate progress toward sustainability goals, with transparent explanations of data sources and methodologies (especially when benchmark comparisons are used). The aim is to make sustainability reporting both credible and easy for investors to understand.

Please click here for a link to the NFSA report.

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Summer Greetings!

Fri, 04 Jul 2025 13:25:55 GMT

Dear clients, business partners and colleagues,

As the long, sunny days of summer arrive, we extend our warmest wishes for a refreshing and enjoyable holiday season.

In the past six months we have strengthened our team with talented new colleagues and sustained strong growth across our core services. We also joined forces with Highvern , broadening and deepening the support we provide and we are now present across seven jurisdictions.

We are now using Allvue as our main fund administration platform. With Allvue in place, we have a highly efficient and secure IT solution in place, handling everything from accounting to all elements of fund administration, as well as allowing integrations to other systems through open APIs. Allvue also offers a professional Investor Portal that enables seamless investor reporting, performance tracking and enhances investor interaction through interactive dashboards. With the solid backbone in place, Allvue will strengthen the overall quality of our service, fully aligned with our commitment to delivering “Everything Correct” .

We have also reinforced our ESG commitment by developing tailored ESG services specifically designed to support and offload AIF managers. These milestones reflect our dedication to tech innovation, operational excellence, our ESG ambitions, and above all your success.

We are already energized by the progress we have made so far this year and are eager to pick up where we left off once the break is over. Until then, thank you for your trust and collaboration.

From all of us at Permian, have a wonderful, restful and sun-filled summer holiday!

Permian’s Commitment to ESG: Supporting AIF Managers on their Sustainability Journey

Tue, 10 Jun 2025 08:28:55 GMT

At Permian, we believe that sustainability is more than just a regulatory requirement—it’s an essential part of creating long-term value to investors in the private equity markets. As the ESG landscape continues to evolve at a rapid pace, we’re committed to being a trusted partner for AIF managers navigating this complex terrain.

The introduction of regulations such as the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy has brought both challenges and opportunities for fund managers. Understanding the requirements, aligning with investor expectations, and integrating ESG into operations can feel overwhelming and time consuming. That’s why we’re developing tailored ESG services specifically designed to support and offload AIF managers in their journey toward compliance and sustainable growth. Services that are a natural extension of Permian’s long-standing values: Precise, Challenging, and Caring.

“At the heart of our commitment is a focus on finding and building the best, most efficient solutions to support the ESG journey of AIF managers. We understand the complexities fund managers face and are dedicated to making the process as easy and seamless as possible,” says Agata Bremer, Head of ESG at Permian.

By leveraging innovative and effective tools, streamlined processes, and expert guidance, we aim to reduce the efforts and any burden of compliance and create clarity in an otherwise complex regulatory landscape.

Our approach is hands-on, operative and collaborative. Through ongoing dialogues with clients, including workshops and one-on-one support, we aim to uncover pain points and identify practical solutions. Whether it’s simplifying ESG reporting, aligning investment strategies with sustainability goals, or addressing regulatory obligations, our goal is to provide actionable guidance that truly makes a difference.

We’re excited about the opportunities ahead and look forward to helping AIF managers turn handling of sustainability from a challenge into a competitive advantage. Together, we can create lasting impact for businesses, investors, and the environment.

Key Contacts

Practical insights for Norwegian AIFMs from the Swedish implementation of DORA

Tue, 27 May 2025 12:21:13 GMT

The Digital Operational Resilience Act (Regulation (EU) 2022/2554), commonly known as DORA, aims to address the growing reliance on Information and Communication Technology (ICT) in the financial sector and mitigating its associated risks. As of January 17 2025, DORA is applicable in the EU. Throughout autumn of 2024, Swedish Alternative Investment Fund Managers (“AIFMs”) subject to DORA have made substantial progress in implementing and ensuring compliance with the regulation.

Effective DORA implementations have started with the formation of a cross-functional project group and conducting a gap analysis to align existing frameworks with DORA requirements. Key components include establishing an ICT risk management framework, implementing incident response procedures, and managing ICT third-party risks through updated contracts and a comprehensive register of information. Compliance systems have enabled Swedish AIFMs to optimize data handling and maintain technical accuracy. Norway’s legislative proposal for DORA was adopted on 20 May 2025, and the Dora Act expected to enter into force between summer of 2025 and January 2026. The first mandatory reports are anticipated in early 2026. Given DORA’s extensive requirements, Norwegian AIFMs should initiate preparations now to ensure timely compliance.

At Permian, we have actively advised and consulted Swedish AIFMs throughout this process, gaining valuable insights into the practical steps for successful DORA compliance. In the full article, we outline the key considerations and actions Norwegian AIFMs should take as they prepare for the upcoming implementation of DORA in Norway.

For access to the full article, please click here.

Update: The DORA Act in Norway will enter into force on July 1, 2025.

Empowering Investors with Our Allvue Investor Portal

Thu, 27 Mar 2025 14:18:26 GMT

In today’s fast-paced financial landscape, providing your investors with a seamless, secure, and professional experience is more important than ever. That’s why we’re proud to offer our Allvue Investor Portal—a dynamic solution designed to enhance communication, streamline operations, and empower investors with the tools they need to stay informed.

A Professional Interface Designed for Investors

Our investor portal boasts a sleek, modern interface that reflects professionalism at every touchpoint. This design not only reinforces trust but also ensures that investors can navigate complex data with ease. Whether they’re reviewing fund performance or accessing detailed transaction histories, the intuitive layout makes finding critical information simple and stress-free.

Safety and Security at the Forefront

Security is paramount when it comes to managing sensitive financial information. Our portal provides a safer, dedicated space where investors can confidently access their data. With advanced encryption and robust security protocols in place, investors can rest assured that their information is protected around the clock.

Seamless Integration for Enhanced Efficiency

One of the standout features of our investor portal is its full integration with our back-office system. This connectivity not only increases operational efficiency but also minimizes risk by ensuring that data flows accurately and securely between systems. With error-reducing automation, our platform delivers a streamlined experience that benefits both fund administrators and investors alike.

Customization Tailored to Your Needs

We understand that every investor’s needs are unique. Our portal is designed to be flexible, enabling clients to tailor dashboards, reports, and information feeds directly from Allvue to meet their specific requirements. Whether you need personalized performance metrics or bespoke reporting features, our platform adapts to provide the insights that matter most to you.

Empowering Investors Through Self-Service

Gone are the days of lengthy back-and-forth communications. Our investor portal empowers users with self-service capabilities, enabling them to update their personal information and manage their accounts on their own schedule. This level of autonomy not only enhances the user experience but also frees up valuable administrative resources, allowing us to focus on delivering even more value to our clients.

Discover the Future of Investor Engagement

By combining a professional interface with robust security, seamless back-office integration, customizable features, and self-service functionality, our Allvue Investor Portal sets a new standard in fund administration. We are committed to providing a platform that not only meets but exceeds the evolving demands of the investment community.

Ready to elevate your investor experience? Contact us to learn more about how our Allvue Investor Portal can transform the way you manage and interact with your investment data.

Key Contacts

Navigating the SFDR Evolution: SFDR 2.0 and Its Implications for Fund Managers

Fri, 14 Mar 2025 14:51:58 GMT

The Sustainable Finance Disclosure Regulation (SFDR) has been a cornerstone of the EU’s sustainable finance framework, but its implementation has revealed challenges, particularly around product classification and transparency. In response, on 17 December 2024, the EU Platform on Sustainable Finance released a briefing note outlining a proposed new categorization system to provide clearer guidance and improve investor understanding.

This proposal is currently under review and has yet to become final legislation. However, with the SFDR revision scheduled for Q4 2025, fund managers must stay proactive in understanding and preparing for the new classification system. This article explores the proposed changes, insights from the ESAs’ joint opinion on SFDR, and what these developments mean for fund managers, investors, and the broader financial ecosystem.

Why the need for change?

Since the introduction of the SFDR, financial market participants have struggled with inconsistent interpretations of Article 6, 8, and 9 classifications, leading to market fragmentation and regulatory uncertainty. Investors, too, have found it difficult to distinguish between different sustainability strategies. The new proposal aims to introduce a structured and more transparent categorization system that better reflects the sustainability characteristics of financial products.

These concerns were also echoed in the European Supervisory Authorities’ (ESAs) joint opinion on SFDR, which emphasized the need for greater clarity, standardization, and alignment with EU Taxonomy requirements. The ESAs highlighted that many financial products were marketed under sustainability labels without meeting clearly defined criteria, raising risks of greenwashing. This aligns with the Platform’s proposal for a more structured system of classification.

The proposed new SFDR categories

The Platform proposes four distinct categories to replace the current Article 6, 8, and 9 frameworks. These are designed to provide a clearer link between a product’s sustainability objectives and the investment strategies it employs. The categories are Sustainable Products, Transition Products, ESG Collection Products, and Unclassified Products:

1. Sustainable products

Characteristics:

Objective: Invest in economic activities or assets that are already environmentally and/or socially sustainable.
Investment focus: A significant portion of investments should be aligned with the EU Taxonomy or be considered sustainable investments with no significant harmful activities (“DNSH”) for a minimum proportion of assets.

Minimum criteria:

Taxonomy Alignment: If an economic activity is covered under the EU Taxonomy, it must meet its stricter criteria to qualify as a sustainable investment. The broader SFDR definition of sustainability can only be applied when the activity is not within the scope of the EU Taxonomy.
Do No Significant Harm (DNSH): Non-Taxonomy investments must pass the Do No Significant Harm (DNSH) test, considering Principal Adverse Impacts (PAIs) relevant to the fund’s sustainability focus.
More granular Principal Adverse Impacts (PAIs): funds might be required to report on a more granular basis with regards to PAIs, as managers will be expected to “explain deficient or poor PAI indicator performance and how this is in line with the principle that the remainder should not undermine the sustainability objective”.
Exclusions: Compliance with the Paris-Aligned Benchmark (PAB) exclusionary criteria, which typically exclude activities like fossil fuel production and controversial weapons.

2. Transition products

Characteristics:

Objective: Focus on investments in economic activities or assets that are not yet sustainable but are on a credible path to becoming sustainable over time.
Investment focus: Support the transition to a net-zero and sustainable economy, aligning with the European Commission’s recommendations on facilitating financing for the transition to sustainability.

Minimum criteria:

Transition commitment: Investments should have credible transition plans, such as science-based targets or alignment with Climate Transition Benchmarks (CTB). The option(s) committed to must be made binding elements of the investment strategy.
Exclusions: Adherence to CTB exclusion criteria, which may include sectors or activities incompatible with transition objectives.
Engagement strategy: Active engagement with investee companies to encourage the adoption and implementation of transition plans, including clear escalation and divestment strategies if progress is insufficient.
Sustainability indicators reporting: Funds must report on sustainability indicators based on their committed transition focus, alongside with:

o EU Taxonomy alignment.

o All mandatory environmental PAIs if the focus is environmental transition.

o All mandatory social PAIs if the focus is social transition

o Both environmental and social PAIs if the fund targets both transitions simultaneously.

3. ESG collection products

Characteristics:

Objective: Invest in assets with specific environmental, social, and governance (ESG) features, promoting certain sustainability characteristics without necessarily having a sustainable investment objective.
Investment focus: Commit to one or more material sustainability features, such as effective reduction of the investment universe or investing in funds that are themselves sustainable or in transition.

Minimum criteria:

Sustainability features: Implement binding elements in the investment strategy, such as:

o Reducing the investment universe by a significant percentage (e.g., 20%).

o Investing in companies committed to year-on-year sustainability improvements or those outperforming a reference benchmark.

o Engaging with companies lacking transition plans to establish credible strategies, including escalation and divestment policies.

Exclusions: Meet minimum exclusion criteria, similar to those in the CTB, to avoid investments that could undermine the fund's sustainability features.
Disclosure: The commitments must be binding on the investment strategy and have respective sustainability indicators. The funds must report on EU Taxonomy alignment and all mandatory principal adverse impacts (PAIs) relevant to the fund's sustainability focus.

4. Unclassified products

Financial products that do not meet the criteria for any of the above categories will fall under the Unclassified category. These funds must include a mandatory disclaimer, clearly stating:

The product does not meet the standards for classification under the SFDR framework.
Any ESG, sustainability, or transition-related features must only be disclosed in legal documentation and not marketed as part of the fund’s identity.

Additionally, all financial products, including unclassified ones, will be required to report on :

Taxonomy alignment based on revenue and capital expenditures (CapEx).
Principal Adverse Impacts (PAIs), including:

o Greenhouse gas (GHG) emissions.

o Carbon footprint.

o GHG intensity of investee companies.

o Alignment with UN Guiding Principles on Business and Human Rights (UNGPs).

Key implications for fund managers

The proposed categorization brings both challenges and opportunities for fund managers, particularly in terms of compliance, product positioning, and investor communication.

Benefits

Improved clarity for investors: Clearer product differentiation should enhance investor trust and reduce greenwashing concerns.
Greater alignment with the EU Taxonomy: The proposal integrates EU Taxonomy alignment as a key component, ensuring consistency across the sustainable finance framework.
More strategic ESG positioning: Fund managers can more effectively market and differentiate their products based on well-defined sustainability criteria.

Challenges

Increased reporting and compliance burden: Funds must provide clear disclosures on why they fit into a particular category, including measurable sustainability indicators.
Transition risks for existing funds: Some Article 8 and 9 funds may need to reclassify under the new framework, requiring strategic adjustments.
More rigid criteria for sustainability claims: Funds seeking to be classified as "Sustainable" or "Transition" must meet minimum exclusion thresholds and demonstrate compliance with the Do No Significant Harm principle.

What’s next? SFDR revision in 2025

Beyond the Platform’s proposal, the European Commission has officially scheduled a full revision of the SFDR framework for Q4 2025. Initially expected in Q2 2025, this timeline was pushed back due to prioritization of the Omnibus package, CSRD, and CS3D regulations. The upcoming revision is expected to address concerns raised in the ESAs' joint opinion, further aligning SFDR with broader EU sustainable finance policies.

How to stay ahead?

At Permian, we continuously monitor regulatory developments to keep our clients informed and prepared. Whether you need support in fund classification, SFDR disclosures, or compliance planning, our team is ready to help.

Key Contacts

SFDR Periodic Reporting in 2025: Considerations for Swedish and Norwegian AIFs

Fri, 14 Feb 2025 14:45:10 GMT

This post contains some key information for the periodic reporting under the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the “SFDR”). The periodic report is a mandatory report for all article 8 and article 9 funds under the SFDR.

Background

An SFDR periodic report shall be made available for all alternative investment funds (“ AIF ” or “ fund ”) that are considered article 8 or article 9 funds under the SFDR. It should be published six months after the end of the financial year of the AIF.

The purpose of the SFDR periodic report is to disclose to investors the progress made on the sustainability characteristics/objectives set out in the pre-contractual disclosures of the same AIF.

This post aims to highlight some practical observations made from previous year’s SFDR reports and list some key points for consideration when drafting this year’s SFDR periodic report.

Key points for consideration

Start preparing for the SFDR periodic report in time

The preparation of the contents of the SFDR periodic report is directly related to commitments in the pre-contractual disclosures and you must be able to report on the stated commitments. Permian has noted that many underestimate the time it takes to obtain underlying data from the portfolio companies and to analyze and aggregate the data before including it in the SFDR periodic report.

Timing of the report

In Sweden, the auditors usually request that the SFDR periodic report is either included in the statutory accounts (Sw. årsredovisning ) or that it is at least finalized no later than the statutory accounts if instead included in an investor report.
In Norway, to date, it is not required to include the SFDR periodic report in the statutory accounts (which includes the report from the board of directors). The SFDR periodic report should be finalized no later than six months after the end of the accounting year and could be included in an investor report.

Using the template provided in the RTS

The Commission Delegated Regulation (EU) 2022/1288 (the “ RTS ”) sets out the templates for the periodic reports in Annex IV and Annex V, for article 8 and 9 funds respectively. It is only permissible to make minor adjustments of these templates, namely: a) to adapt size and font type of characters and colours (article 2.1 of the RTS), and b) to remove sections that are not applicable to the fund in question, if those sections are accompanied by a red text instruction that explicitly limits the scope of application of the section, as clarified in a consolidated Q&A from the three European supervisory authorities EBA, ESMA, and EIOPA (together “ ESA ”).
The SFDR templates are available in English on the ESMA website which can be accessed here .

Alignment with pre-contractual disclosures

The SFDR periodic report is based on the commitments and statements of the pre-contractual disclosures. We strongly encourage managers to make a side-by-side comparison with the pre-contractual- and website disclosures of the fund when preparing the SFDR periodic report, to ensure alignment and coherence between the disclosures and the SFDR periodic report.

Publish the SFDR periodic report on the manager’s/fund’s website. (We also note that some managers publish the SFDR periodic report alongside other fund specific SFDR disclosures on an investor portal.)

Consider regulatory updates since the SFDR periodic report published in 2024

Please find a list below of more material updates.

Relevant regulatory updates during 2024

During 2024, there have been two important regulatory events impacting the SFDR periodic report:

Q&A on the SFDR

On 25 July 2024, the ESAs published an updated consolidated Q&A on the SFDR (see link to the consolidated Q&A above), which has been analyzed in detail in a previous news update on our end: SFDR Update for Asset Managers - August 2024

CSSF sanction of fund manager for non-compliance with the SFDR

On 15 October 2024, the Luxembourg FSA (the “ CSSF ”) fined an AIF manager for non-compliance with the SFDR. The AIF manager manages an AIF consisting of five separate sub-funds and the fine regarded all five sub-funds. For sub-fund number one, the investments made were misaligned with the ESG scores in the pre-contractual disclosures. For sub-funds two through to five, the CSSF noted that the means put in place by the AIF manager to measure its targets for sustainable development goals were inadequate. The AIF manager was subsequently fined EUR 56 500 for non-compliance across the five sub-funds.
Permian Comment: The sanction shows the importance of ensuring that a fund reports in accordance with its pre-contractual disclosures. Managers must be able to measure to what extent investment objectives are met and report accordingly. For fund-of-funds underlying assets will be more difficult to control. Managers of fund-of-funds should therefore be careful in presenting its sustainability strategy. Finally, it is interesting to note that sanctions for ESG are beginning to materialize .

Permian Advisory, Risk Management and Compliance

Tue, 11 Feb 2025 14:42:55 GMT

At Permian, we understand that the complexities of modern investment environments demand robust advisory support, meticulous risk management, and unwavering commitment to compliance. Our specialized services ensure that fund managers and investment companies can navigate these challenges with confidence and focus on achieving their strategic goals.

The Permian advisory team in cludes senior and junior experts within PE operations, risk management, compliance and legal. Head of Legal sits in Sweden where EU regulations starts to apply immediately as soon as it has come into force, and where EU directives are normally implemented more quickly than in Norway. The Norwegian advisory team benefits from the Swedish learning experience on new EU legislation and interpretation.

Permian Advisory offers advice based on long regulatory and operational experience

The advisory team in Norway and Sweden offers advice based on many years of experience across a variety of roles relevant to all aspects of establishing and administrating alternative investment funds (AIFs).

AIF Establishment : The team has experience from fund formation in Norway, Sweden, Guernsey, Malta, Cayman and Luxembourg. Permian offers introductions to the legal, operational and practical aspect of establishing, marketing and operating alternative investment funds.

AIF Marketing : Permian supports AIF managers in applying for or notifying the FSA of marketing permits for their funds . Permian is confident in taking on a coordinating role and assist managers in developing and obtaining approval for the marketing documentation such as prospectuses that require FSA approval.

Compliance : AIF managers can outsource the compliance officer function to Permian. Several team members have long experience from the position of compliance officers for licensed AIF managers in Norway and Sweden.

Regulatory Issues : The advisory team may assist on most regulatory issues relevant for AIF managers including SFDR /Taxonomy and DORA legislation. DORA is a new EU regulation which became effective in the EU including Sweden on 17 January 2025. It is yet unclear when DORA will apply to Norwegian AIF managers.

Risk Management: A Proactive and Comprehensive Approach

Effective risk management is a foundation for sustainable growth. At Permian, we embed risk awareness throughout key areas of an organization when acting as risk manager for clients. Our process when acting as risk manager includes:

Identification and Classification: Pinpointing key risks, including environmental, social, and governance factors (ESG).

Mitigation Planning: Developing and implementing strategies to address risks effectively.

Ongoing Evaluation: Continuously assessing the success of mitigation measures to ensure resilience.

In applying our process, risks can be detected and appropriate mitigating activities be implemented. The intention being to protect investments and for our clients to be confident that their risk process is compliant with internal and external rules.

Compliance: Ensuring Regulatory Excellence

Keeping pace with evolving regulations requires diligence, experience, and an eye for detail. At Permian, we excel at helping clients maintain compliance across all operational facets. Our services include:

Compliance Officer Role : Acting as compliance officers for fully licensed AIFMs, ensuring adherence to regulatory standards.

Regulatory Monitoring and Reporting : Staying ahead of changes to rules and providing timely updates and insights.

Training : Educating teams on compliance requirements to foster a culture of awareness and accountability, including the mandatory AML training.

Policy Framework : We offer tailor-made policies for AIF managers, including EuVECA.

Our key success factor in delivering compliance services is applying a hands-on approach based on our practical expertise in fund administration, fund accounting, risk, depositary and regulatory.

Key Contacts

Permian and Highvern Combine to Create New Leading Fund and Private Capital Services Platform

Thu, 30 Jan 2025 11:25:14 GMT

Permian, Telemos Capital (“Telemos”) , and Highvern are pleased to announce the signing of binding agreements to combine Permian and Highvern to create a leading international funds and private capital services provider. Existing shareholders to re-invest alongside both senior management teams.

Together the businesses already operate in 7 jurisdictions with close to 300 employees and plan for further accelerated organic growth as a result of the new combination itself, alongside further expansion into new strategically important markets.

Telemos, backed by the Jacobs family, will ensure the new group has the financial support to continue investing in its service offerings, people and technology in order to meet clients’ evolving needs.

Already leaders in their respective markets, the Permian and Highvern brands are long-established and have built strong reputations for service quality and the strength of their client relationships. These will remain central to the group’s future values and strategy.

Philippe Jacobs, Chairman and Founder of Telemos, and Johan Pettersson, Head of Business Services commented “We are excited to be able to bring these two first rate businesses together and are grateful to both management teams for their trust by choosing us as their partner. By leveraging our sector expertise and international network, we look forward to supporting the management teams with their plans to create a next generation, customer-centric, international funds and private capital services provider.”

Marianne Normann, CEO at Permian added that “Following Telemos’ investment in Permian last year this announcement is an early demonstration of the benefits of working alongside forwardthinking partners. Together with Highvern, we are excited to expand our reach and serve our clients in new geographical markets. The combined group will be differentiated in the market by its high-quality service offering enabled by technology, allowing us to grow alongside our clients”.

“Family capital is the ideal source of growth funding for an ambitious and respected business like ours” said Martin Hall, CEO at Highvern. “We have got to know the Telemos team closely over the last few years and can be confident that we will continue to serve our clients with the same focus on quality while accelerating our fund administration and private capital service lines in this new combination.”

Subject to regulatory approvals the transaction is expected to close by mid-2025.

Media contacts

Season's Greetings from Permian

Fri, 20 Dec 2024 07:55:48 GMT

Permian Business Partner Recognized as a DN Gaselle 2024

Mon, 09 Dec 2024 15:02:20 GMT

We are excited to announce that Permian Business Partner has been named a Gazelle Company for 2024 by Dagens Næringsliv. This recognition is based on meeting several criteria, including achieving profitability and doubling our turnover over the past four years.

Being included on the Gazelle list is an acknowledgment of our growth and the consistent efforts of our team. We are proud of this achievement and deeply appreciate the trust and support of our clients and partners, who have been vital to our progress.

Meet the Swedish Fund Administration Team

Tue, 19 Nov 2024 16:33:03 GMT

At Permian, our Fund Administration team works behind the scenes to ensure seamless operations for our clients. By managing the backbone of fund operations, we enable fund managers to focus on what they do best.

Our team delivers a comprehensive suite of services, including investor and FSA reporting, liquidity management and forecasting where investor calls and distributions are important tasks, investor onboarding where we offer a fully outsourced KYC solution, handling of subscription forms for underlying investments, and coordinating with external advisors when there are several parties involved. In short, we take care of the details so our clients can stay focused on their priorities.

Investor Reporting: Intuitive and Accessible

One of our main client deliveries is investor and fund performance reporting. We genuinely understand our clients need to have reports that are intuitive, timely, and accurate. Using our experience with Swedish and international reporting guidelines, we create reports that are easy to absorb and compliant with conventional standards.

The investor reports can be communicated through a secure portal, fully integrated with our portfolio management system, where investors can access their documents.

Treasury & Payment: Managing the details

Managing payments and treasury tasks is a core part of keeping funds running smoothly. Large transactions, currency exchanges and cash flow planning involves careful attention. Our team handles these processes, from capital calls to distributions, to make sure each transaction is timely and accurate. This facilitates fund managers’ focus on their work without having to worry about daily transfers, knowing we’ve got the details covered.

KYC and Investor Onboarding

Investor onboarding is often the first formal interaction between a fund manager and a new investor, making it a critical process to handle proprerly. A key part of this is the Know Your Customer (KYC) process, which includes client identification and anti-money laundering (AML) checks. These steps are handled carefully to ensure everything meets regulatory standards. This approach gives fund managers and investors a smooth start and a strong foundation for the relationship ahead. Permian also offer a fully outsourced KYC service.

Investments and Subscription Forms

Making investment decisions is a significant undertaking for any fund manager, requiring careful adherence to operational and governance protocols. At Permian, we are committed to supporting the process as much as possible. Whether it’s completing essential subscription forms—common in fund-of-fund structures—or gathering key details from underlying investments or parties, our team is here to ensure a smooth and efficient execution.

Corporate Secretary: Keeping the formalities in order

Permian also handle the day-to-day corporate governance work in good cooperation with our clients. This includes keeping records from board meetings, managing formal documents, and ensuring everything is kept up to date. Our team’s experience lets fund managers stay focused on investment decision-making while we take care of the behind-the-scenes tasks.

The AI Act – Impact on Alternative Investment Managers

Tue, 22 Oct 2024 09:09:29 GMT

On 13 June 2024, the European Parliament and the Council of the European Union signed the Artificial Intelligence Act ( Regulation (EU) 2024/1689 ) (the “AI Act”). The AI Act provides developers and deployers of AI with obligations regarding the use of AI. The AI Act entered into force on 3 July 2024 and most provisions will apply from 2 August 2026.

The purpose of the AI Act is to promote the development and use of A1 systems that are reliable and safe, regardless of the sector in which they are used. The law must also ensure that democracy is safeguarded, and that citizens’ basic rights are respected, while clear rules must contribute to innovation.

The AI Act will affect natural and legal persons (including AIFMs) using an AI system in the course of professional activities (non-professional activities are exempt). These users of AI are referred to as deployers in the AI Act. That said, the majority of obligations fall on developers, referred to as providers in the AI Act, of high-risk AI systems.

The following are the main obligations in the AI Act for deployers when using AI:

Prohibition to use unacceptable AI practices (as defined in the AI Act).
Requirement to ensure that individuals in the organization possess the skills, knowledge, and understanding necessary to make an informed deployment of AI systems (AI literacy).
Obligations specified in article 26 in connection with the use of high-risk AI systems, such as the obligation to keep the logs automatically generated by that high-risk AI system to the extent such logs are under their control, for at least six months.
Transparency obligations, for example, deployers of an AI system that generates or manipulates image, audio or video content constituting a deep fake, shall disclose that the content has been artificially generated or manipulated.

Unacceptable AI practices are defined in the AI Act and relates to for example:

AI systems that employ subliminal, manipulative, or deceptive techniques to distort behavior and impair informed decision-making, resulting in significant harm and AI systems that employ these techniques to distort behaviour and impair informed decision-making, resulting in significant harm.

High-risk AI systems are defined in the AI Act and relates to for example:

AI systems that are intended to be used for the recruitment or selection of natural persons, in particular to place targeted job advertisements, to analyse and filter job applications, and to evaluate candidates.

The AI Act will apply to developers and deployers from 2 August 2026. However, Chapters I and II regarding general provisions and prohibited AI practices will apply from 2 February 2025. The European Commission shall no later than 2 February 2026 provide guidelines specifying the practical implementation of the AI Act.

Permian comment: AIFMs utilizing AI systems in a professional capacity will fall within the scope of the regulation and must adhere to the AI Act. Therefore, AIFMs are advised to take measures to ensure, to the best of their ability, a sufficient level of AI literacy among their staff. Furthermore, AIFMs should consider the type of AI system they are utilizing, as obligations arise if a high-risk AI system is being utilized. Finally, it is recommended to include guidance to staff on the use of AI systems in an internal policy. Such policy should align with the DORA implementation for those AIFMs that are in scope of the DORA.

Please find our article on DORA here .

Contact

Anna Berntson Petas, Head of Legal and Compliance anna.berntson@permian.se

Erik Elkan, Risk Manager erik.elkan@permian.se

Samuel Hörberg Delac, Legal Counsel samuel.delac@permian.se

The Backbone of Precision: Sweden’s Fund Accounting Team in Focus

Tue, 15 Oct 2024 09:00:08 GMT

At Permian Sweden, everything begins with exceptional fund accounting! We’re proud to have a dedicated team of 20 fund accountants who bring a wide range of expertise, experience, and a strong commitment to delivering an accurate and precise product. Their work is essential in managing our fund accounting and payroll processes, ensuring that we meet the highest standards of accuracy and compliance.

We’ve seen firsthand how fundamental accounting missteps can disrupt operations, leading to errors in investor reporting, inaccurate IRR and waterfall calculations, and mistakes in investor payments. At Permian Sweden, we are committed to avoiding these pitfalls by building a strong foundation of precision and accountability in all aspects of our work.

Expertise in Fund Accounting

Our Swedish accounting team is composed of experienced professionals, including authorized accountants and auditors, with deep expertise in both accounting and the financial sector. This level of knowledge enables the department to effectively manage a wide range of complex fund structures, positioning the team as a key player in handling both local and international financial requirements. Moreover, the team’s understanding of fund operations, combined with its capacity due to its size, ensures that clients receive accurate, timely, and insightful financial information.

In addition to fund operations, our team ensures that income tax returns and VAT obligations are handled with precision. The accounting team also works closely and efficiently with our fund administration team and other specialist departments at Permian. This strong collaboration enables Permian to consistently deliver top-quality service to both fund managers and investors.

Seamless Operations with Allvue

The complete use of Allvue, where fund accounting and fund administration is combined, marks a significant advancement for our client deliveries. Allvue enables seamless collaboration between the accounting and fund administration teams, enhancing efficiency and quality through real-time data management, automated reporting, and transparent fund tracking. This platform ensures that the teams can manage funds with greater accuracy and speed, while meeting clients' evolving needs.

Payroll Management

Our accounting team includes specialists dedicated to payroll management, ensuring smooth and compliant payroll operations. We handle every aspect of payroll, including payslip creation, employee benefits management, salary payments and tax payments. This comprehensive approach guarantees accuracy and transparency while ensuring compliance with local tax regulations.

Quality and Scalability

Permian strives to deliver quality and efficiency in every process, whether delivering routine fund administration services or tackling more complex financial projects. One of our core values are precise! The operation is continuously scaled to meet business needs, ensuring that tasks are managed with the same level of accuracy, regardless of the volume or complexity.

The accounting team is flexible and ready to adapt to new challenges while maintaining consistent, high-quality financial reporting. By combining expertise with advanced technology, the team is working to ensure that clients always receive top-tier service.

The Digital Operational Resilience Act ("DORA") - Impact on Swedish and Norwegian AIFMs

Fri, 11 Oct 2024 08:29:56 GMT

The Digital Operational Resilience Act ( Regulation (EU) 2022/2554 ) , aims to address the increasing reliance on Information and Communication Technology (ICT) in the financial sector and its associated risks. The regulation will apply as of 17 January 2025 in the EU and is expected to be adopted in Norway where timeline is unclear. AIFMs and other affected financial entities should start their preparations.

Digitalization has deeply integrated ICT into financial services, making systems more vulnerable to cyber threats. Despite various international and national efforts to enhance digital resilience, ICT risk management remains inconsistent across the EU. The lack of harmonization creates regulatory gaps between member states and challenges for cross-border financial entities. DORA introduces a comprehensive EU-wide regulation to consolidate ICT risk management, ensuring a uniform approach that strengthens operational resilience, stability, and consumer protection in the financial sector. DORA will apply to financial entities, including authorised alternative investment fund managers (AIFMs), but excludes sub-threshold AIFMs as defined in Article 3(2) of Directive 2011/61/EU. Article 4 of DORA introduces a principle of proportionality, promoting a risk-based approach to implementing certain parts of the regulation. Permian recommends that AIFMs take the principle of proportionality into consideration when implementing all parts of DORA.

AIFMs and other affected financial entities in Sweden have just a few months left to ensure compliance with the regulation. Swedish AIFMs must comply with DORA requirements once the regulation applies in the EU.

The Norwegian Ministry of Finance has proposed to adopt DORA into Norwegian law however the exact timeline remains unclear.

Key substantial requirements

DORA introduces a comprehensive set of requirements for financial entities. The following key issues are central to the regulation.

ICT Risk Management

DORA chapter II, Articles 5 to 16 mandates that financial entities establish robust risk management tools, methods, processes, and policies. The chapter outlines several key requirements for financial entities, including but not limited to:

Structuring their organization and internal governance effectively.
Establishing an ICT risk management framework as a part of their overall risk management system.
Utilizing and maintaining ICT systems, protocols, and tools.
Identifying, classifying, and adequately documenting all ICT-supported business functions, roles, and responsibilities.
Adequately protecting ICT systems and organizing response measures.
Promptly detecting and responding to anomalous activities.
Implementing a comprehensive ICT business continuity policy.
Ensuring the restoration of ICT systems and data with minimal downtime, disruption, and loss.
Gathering information on vulnerabilities, cyber threats, and ICT-related incidents, particularly cyber-attacks, and analysing their potential impact on digital operational resilience.
Facilitating the responsible disclosure of major ICT-related incidents or vulnerabilities to clients, counterparts, and, where appropriate, the public.

ICT-related incident management and digital operational resilience testing

DORA chapter III, Article 17 to 23 and Chapter IV, Article 24 to 27 regulate issues such as ICT-related incident management and digital operational resilience testing. The chapters outline several key requirements for financial entities, including but not limited to:

Financial entities shall establish processes to detect, manage, and notify ICT-related incidents.
All ICT-related incidents and significant cyber threats must be recorded, and root causes must be identified and addressed.
Financial entities must report major ICT-related incidents to relevant competent authorities using standard templates. Financial entities must also inform clients affected by major incidents and provide appropriate guidance for significant cyber threats.
Financial entities must implement a comprehensive digital operational resilience testing program as part of their ICT risk management framework. This program helps assess preparedness for ICT-related incidents and identify weaknesses. Testing should be risk-based, considering the evolving ICT landscape.
The digital operational resilience testing program shall provide, in accordance with the risk-based approach, for the execution of appropriate tests, such as vulnerability assessments and scans, open-source analyses, network security assessments, gap analyses, physical security reviews, questionnaires and scanning software solutions, source code reviews where feasible, scenario-based tests, compatibility testing, performance testing, end-to-end testing and penetration testing.

Managing ICT Third-Party Risk

DORA chapter V, Articles 28 to 44 elaborates on the key principles for a sound management of ICT third-party risk and oversight framework of critical ICT third-party service providers. The chapter outlines several key requirements for financial entities, including but not limited to:

Financial entities must adopt and regularly review an ICT third-party risk strategy, including a policy on the use of ICT services supporting critical or important functions provided by ICT third-party service providers.
Maintain a detailed register of all contractual arrangements on the use of ICT services provided by ICT third-party service providers. Report at least yearly to the competent authorities on the number of new arrangements on the use of ICT services, the categories of ICT third-party service providers, the type of contractual arrangements and the ICT services and functions which are being provided. (In a consultation ( Sw. remiss ) published by the Swedish FSA 5 September 2024 , the proposed date of first filing of the register of contractual arrangements is 28 February 2025. Since the template contractual arrangement register is not yet adopted by the EU Commission, it remains to be seen which date that will apply. Several respondents to the consultation have requested a delayed first reporting.)
Before entering into contracts, financial entities must: assess if the contractual arrangement covers the use of ICT services supporting a critical or important function, ensure compliance with supervisory conditions, identify and assess all relevant risks and conflicts of interest in relation to the contractual arrangement, perform due diligence on third-party providers and assess if the ICT third-party service provider is suitable.
Financial entities may only enter into contractual arrangements with providers that meet appropriate information security standards, especially for critical functions.
Establish a risk-based approach for audits and inspections of third-party providers, ensuring auditors have the necessary skills.
Contractual arrangements must include conditions for termination in case the ICT third-party service provider commits a significant breach of applicable laws or contractual terms, performance issues, or regulatory supervision challenges.
Develop exit strategies for contractual arrangements on the use of ICT services supporting critical or important functions to avoid disruption during transitions.

Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS)

The regulation has been specified and clarified by several Draft Regulatory Technical Standards (RTS) and Draft Implementing Technical Standards (ITS) that have been released in different tranches by European Supervisory Authorities. These draft technical standards have yet to be adopted by the European Commission.

The proportionality principle in Article 4 and relevance for AIFMs

Article 1 of DORA establishes that the regulation's requirements primarily target financial entities. A more detailed definition of "financial entities" is provided in Article 2, which also specifies which entities are exempt from its scope. This definition includes, among others, AIFMs. However, DORA Article 2(3) explicitly exempts sub-thresholds AIFMs (i.e. managers that are only registered and not authorised are exempt).

Article 4 introduces a principle of proportionality. Article 4(1) addresses the proportionate implementation of Chapter II. According to Article 4(1), the implementation of Chapter II by financial entities must adhere to the principle of proportionality, taking into account their size, overall risk profile, and the nature, scale, and complexity of their services, activities, and operations.

Similarly, Article 4(2) states that the application of Chapters III, IV, and (V, Section I), must also be proportionate to the financial entities' size, overall risk profile, and the nature, scale, and complexity of their services, activities, and operations, as specifically provided for in the relevant rules of those Chapters. While this provision is similar to Article 4(1), it differs by requiring that proportionality considerations align with the specific rules outlined in those Chapters.

Financial entities classified as 'Microenterprises,' as defined in Article 3, remain within the scope of DORA but are exempt from certain requirements outlined in the regulation. In brief, a microenterprise is a financial entity, other than a trading venue, a central counterparty, a trade repository or a central securities depository, which employs fewer than 10 persons and has an annual turnover and/or annual balance sheet total that does not exceed EUR 2 million.

The way forward for AIFMs in a DORA-regulated world

To ensure compliance with the DORA, it is essential to start by providing high-level training to the board and key staff. We recommend that a designated individual is appointed to oversee the implementation of DORA. Relevant personnel, including those in legal, compliance, risk management, IT, and the board, must be actively involved in the process.

As a next step a gap analysis could be prepared to identify areas needing improvement. Based on the analysis, a detailed action plan could be developed.

Key governance measures must be put in place, including the establishment of an internal ICT risk governance structure and the updating of relevant policies as required by Chapter II. Additionally, an ICT-related incident management process should be implemented in accordance with Chapter III. Digital operational resilience testing, as outlined in Chapter IV, needs to be introduced, along with the management of ICT third-party risk, as specified in Chapter V.

The DORA implementation in the internal control system of the manager could either be done by updating policies that are already in place (e.g. outsourcing policy, risk policy) or to prepare a new set of DORA policies.

It is crucial to report progress back to the board before DORA comes into force 17 January 2025 since DORA assigns the overall responsibility for ICT resilience on the board. The board should also adopt the updated policies.

One of the first steps after the DORA application date is the filing of the AIFM’s register of ICT contractual arrangements. The deadline for the filing is yet to be decided upon by the Swedish FSA, but as mentioned above under the section Managing ICT Third-Party Risk , the proposed deadline is 28 February 2025.

After the implementation of DORA, we also expect compliance officer, risk manager, or internal audit team to be tasked conducting a control assessment of the implementation to verify that all DORA requirements have been met.

Contact

Anna Berntson Petas, Head of Legal and Compliance anna.berntson@permian.se

Erik Elkan, Risk Manager erik.elkan@permian.se

Samuel Hörberg Delac, Legal Counsel samuel.delac@permian.se

Permian Announces Several New Promotions

Wed, 09 Oct 2024 08:06:17 GMT

Permian is excited to announce a series of well-deserved promotions within its Fund Accounting and Fund Administration teams. These advancements not only reflect the remarkable individual achievements of our team members but also underscore Permian’s ongoing commitment to growth, excellence, and innovation in the fund administration sector. The following colleagues are recognized for their well-earned promotions:

Back row from the left:

Kjetil Vindedal – Fund Administration Manager

Kenneth Hoem – Senior Manager/ Team Leader Fund Administration

Lars Henrik Lundstrøm – Senior Manager/ Team Leader Fund Accounting

Front row from the left:

Marie Haga – Fund Accounting Manager

Yngve Rangnes – Senior Manager, Fund Accounting

Tanja Bondal – Fund Accounting Manager

From the left:

Finnan Tewolde – Fund Administration Manager & Technical Admin Expert

Sanna Ivarsson – Fund Administration Manager

Nineve Issa – Senior Manager, Fund Accounting

Shanaz Faiqi – Fund Accounting Manager

Jesper Lindström Bruce – Team Leader & Accounting Manager

These promotions reflect Permian’s deep appreciation for the hard work, leadership, and dedication each of these individuals has consistently demonstrated, driving the company’s achievements and fostering a lasting culture of excellence. Their contributions not only inspire their teams but also position Permian for continued growth and innovation in the industry.

Congratulations to everyone on their well-earned accomplishments, and best wishes as they take on their new roles with confidence and continued impact!

Permian Expands Leadership with Two Key Promotions

Fri, 04 Oct 2024 14:08:10 GMT

Permian is thrilled to announce the promotion of Fredric Olsson and Christian Mannesson to Director positions, further strengthening the leadership team and reinforcing a commitment to excellence. Fredric will assume the role as Technical Director within Fund operations, while Christian takes on the position of Director within Fund administration.

“These are two well-deserved promotions, and we are thrilled to have these two experienced and knowledgeable leaders in our organization. With the valuable contributions Fredric and Christian make every day at Permian, we continue to build on the solid organization we have with high quality deliveries and exceptional client service. I am looking forward to our future journey at Permian and together with strong key players continue to grow and succeed even further,” says Johanna Bjenne, interim CEO of Permian Administration AB.

Permian has experienced significant growth in recent years, with a strong presence across Oslo and Stockholm, employing over 110 people. These promotions come at a time when operations are scaling, and service offerings are expanding. Both Fredric and Christian will play key roles in that journey.

Fredric joined Permian in 2019, bringing six years of experience in auditing from KPMG, working both in Stockholm and Luxembourg. Holding a master’s degree in accounting and auditing from Stockholm University, Fredric's extensive knowledge in accounting has made a notable impact during his tenure.

“It is a great pleasure to be part of Permian’s amazing journey. When I joined Permian, November 2019, we were less than ten employees at the Stockholm office. Now, five years later, we are close to sixty and continue to look for new colleagues to join and bring their expertise," says Fredric.

He continues: ”In my new role, I will have a great opportunity to further develop and improve Permian’s operations. Accuracy and precision are extremely important to me and Permian, and I’ll do my best to ensure the highest quality in Permian client deliveries. I want to thank Permian for this opportunity."

Christian became part of the Fund Administration team in 2020, following more than six years as a manager at Deloitte and two years at Klarna. His contributions have been pivotal in developing Permian’s Fund Administration department, working closely with clients to ensure efficient management of their fund portfolios.

“Since I joined Permian four years ago, our business grown tremendously, and it has been a pleasure to be part of this amazing journey. With that said, I believe that this is just the beginning of Permian’s endeavours and I’m even more excited of what opportunities that lie ahead in the Nordics and across Europe with our new majority owner, Telemos Capital,” says Christian.

Permian extends heartfelt congratulations to Fredric and Christian on their well-deserved promotions. Their expertise and leadership will be instrumental in driving the company ' s continued growth and innovation. These appointments mark a significant step in strengthening Permian’s position as a leader in the industry, with both directors set to lead their teams toward new achievements and milestones.

New and Bigger Office in Oslo to Support Growing Team

Mon, 16 Sep 2024 12:53:31 GMT

Permian is excited to announce the opening of its new, larger office in Oslo, a reflection of the company's continued growth and success. With over 100 employees working across Oslo and Stockholm, the move allows Permian to better support its expanding team and growing client base in the Nordic region.

"We look forward to welcoming our customers to Hieronymus Heyerdalsgate 1, next to the City Hall” , says Marianne Normann, CEO of Permian.

A New Home for Permian in Oslo

The new office represents a significant milestone in Permian's journey. Designed with a modern and dynamic layout, the new facility is tailored to promote collaboration, innovation and employee well-being. This move not only reflects Permian´s growth but also increases the ability to serve the customers more efficiently.

The move echoes the tremendous growth Permian has made since its inception. Starting in 2015 with a modest team of 10 employees, the company has grown to over 100 employees, establishing itself as the leading player in the Nordic fund administration sector.

"Permian has evolved into a leading Nordic business and we are ready for our next phase with further growth in the Nordics and in Europe.”

The larger office space allows Permian to better cater to an expanding client base throughout the Nordics, while also preparing for future growth as demand for services continues to rise and develop. The new offices will support both current operations and future expansion, ensuring the company remains at the forefront of the industry.

Continued Investment in People

Along with the office move, Permian is committed to investing in its most valuable asset -its people. The company has been actively recruiting top talent across various departments to strengthen its service offering and uphold high standards of excellence.

"We are committed to deliver quality and value to clients through a strong focus on employee satisfaction, continuous investment in IT and creating an environment for continuous improvements” , says the CEO.

Permian's new office and expanding team position the company for continued success, reinforcing its reputation as the preferred partner for fund administration services.

Implementation of the PRIIPs Act in Norway

Wed, 04 Sep 2024 09:53:47 GMT

This update concerns the Norwegian implementation of the PRIIPs Act.

Background

On 1 October 2024 the Norwegian implementation of the EU regulation 1286/2014 on key information documents for packaged retail and insurance-based investment products (the “ PRIIPs Act ”) will enter into force, which will impact both Norwegian and non-Norwegian fund managers marketing their funds towards non-professional investors in Norway.

Key proposals

The implementation requires any manufacturer of a packaged retail and insurance-based investment product (a “ PRIIP ”) to provide all non-professional investors with a Key Information Document (a “ KID ”). The definition of a PRIIP is as follows:

an investment where, regardless of the legal form of the investment, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the retail investor, or;
an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations.

The KID must be an accurate, fair, and clear representation of the terms and conditions of the PRIIP, written in Norwegian and not longer than three A4 pages. It must contain detailed sections on the following:

Product description
Risk description
Costs associated with investin
Lock-up period
Complaints procedure

The KID needs to be updated regularly, at least annually, and must be written in a standardized format with pre-determined headings. The need to provide a KID updates the previous requirement outlined in the Norwegian AIFM Act to provide a “nøkkelinformasjonsdokument” to be further aligned with the rest of the EU, and to standardize the marketing approval process with the Norwegian Financial Supervisory Authority (the “ NFSA ”). The implementation of the PRIIPs Act further enables the NFSA to undertake a series of actions against managers that market AIF’s that do not comply with the requirements.

Subsequent phases

For existing PRIIP manufacturers that no longer market themselves towards new non-professional investors, this regulatory change should not affect them to an extent that they need to draft new KID’s. All PRIIP manufacturers that intend to, or continuously, market themselves to new non-professional investors will however need to comply with the new legislation from 1 October 2024.

Permian recommendation: All fund managers that intend to market funds to retail investors (including to semi-professional investors under the Euveca Regulation) should prepare a KID in compliance with the PRIIPs Act. For funds currently being marketed, please ensure that the KID is updated to comply with the standard.

SFDR Update for Asset Managers - August 2024

Thu, 08 Aug 2024 15:20:38 GMT

On 25 July 2024, the ESAs published an updated consolidated Q&A on Regulation (EU) 2019/2088 (the “SFDR”) and Commission Delegated Regulation (EU) 2022/1288 (the “SFDR RTS”).

The consolidated Q&A is divided into eight different sections. New questions and answers have been added to section I (Scope issues), section IV (PAI disclosures) and section V (Financial product disclosures).

This document includes a list of all the new questions and answers. To access the full list, please click here: JC 2023 18 - Consolidated JC SFDR QAs (europa.eu)

Section I – Scope issues

Question 4 regarding website

The answer confirms that a financial market participant (e.g. a manager of alternative investment funds (AIFMs) must ensure that publication of SFDR disclosures is made on a website (and if there is no website, then a website should be established).

Permian comment: It is quite common for Nordic AIFMs to publish product level disclosures on a password protected investor portal rather than on a public website. The reason being that all relevant investors will have easy access to the information. It is our view that the new question 4 does not clarify if this is permissible or not.

Question 5 regarding sustainability risks

The answer confirms that if a financial market participant discloses under article 6(1), i.e. deems sustainability risks not to be relevant, such financial market participant must nonetheless comply with other provisions in the AIFMD/AIFMR regarding taking sustainability risks into account when conducting due diligence (article 18(5) of the AIFMR).

Permian comment: Question 5 is applicable to fully authorized managers only and not to registered managers since article 18(5) is not applicable to registered managers.

Section IV – PAI disclosures

Question 26 regarding PAI indicator 4 on fossil fuel

The answer clarifies that PAI indicator 4 in Table 1, Annex 1 of the SFDR RTS should be calculated based on a pass/fail basis. The answer states that this means that “a company is considered to be active in the fossil fuel sector as soon as it derives any revenues from any of the activities mentioned in the definition”.

Permian comment: This is likely to have an impact on many financial market participants since many have applied their own revenue threshold when considering which companies are active in the fossil fuel industry.

Question 27 regarding PAI indicator 6 on energy consumption intensity per high impact climate sector

The answer clarifies that the calculation should be performed so that each high impact sector is aggregated and disclosed separately (i.e. all high impact sectors should not be added together).

Question 28 regarding exchange rates

The answer states that if values need to be converted to EUR, the exchange rate used should be the rate at the end of the fiscal year end.

Question 29 regarding calculating PAI indicator 1 on GHG emissions for fund-of-funds

The answer clarifies that a fund-of-fund should apply a look-through approach to the investee companies causing GHG emissions. The answer states that this means that “the PAI indicator 1 (GHG emissions) is calculated from the underlying investee companies, irrespective of whether the investment in them is direct or indirect (the indirect one would e.g. be an investment through a UCITS).”

Permian comment: The question is mainly relevant for funds investing in other funds.

Section V – Financial product disclosures

Question 20 regarding taxonomy alignment calculations

The answer provides an illustrative example of how to calculate taxonomy alignment.

Permian comment: For those conducting the actual calculations, we recommend a review of the illustrative example.

Question 21 regarding sustainable investments

The answer provides an illustrative example showing how the calculations of sustainable investment can be done either at the economic activity or the investment level. The illustrative example also shows that when assessing good governance, an investee company should meet the criteria in each of the areas of governance and management structures, employee relations, employee remuneration and tax compliance. If the test fails for one of these areas, the investee company should not be assessed as having good governance.

Question 22 regarding sustainable investments made by fund-of-funds

The answer clarifies that a fund-of-fund should use a look though approach when assessing if an investment qualifies as a sustainable investment. The answer also clarifies that: a) if the underlying financial product applies another application of article 2(17) SFDR than the fund-of-fund, the fund-of-fund should use its own application of article 2(17); and b) the fund-of-fund may refer to documentation of the underlying financial product for their application of sustainable investments.

Permian comment: This means that fund-of-fund managers should consider data from underlying assets when assessing if its investments are sustainable investments. This may be challenging since a fund-of-fund manager might not have access to such data. We recommend that a fund-of-fund includes a right in the investor shareholders’ agreement to obtain ESG data from the underlying portfolio companies. We also recommend managers to consider carefully if a fund-of-fund should be marketed as an article 9 or article 8+ fund (i.e. funds making sustainable investments).

Question 23a) regarding financial market participants that delegate management to a third party

The answer clarifies that if management of a fund is delegated, then the delegating financial market participant must ensure that any investments considered sustainable investments conform to the delegating financial market participants’ own application of article 2(17). Otherwise, the investment is not a sustainable investment for the delegating financial market participant.

In addition, the answer affirms that it is the delegating financial market participant offering the financial product that is responsible for compliance with the SFDR, regardless of a delegation arrangement.

Question 23b) regarding passively managed financial products

The answer states that, in case a financial product uses the sustainable investment definition of the index provider it is still the financial market participant that manufactures the financial product that is responsible for compliance with the definition of sustainable investment in the SFDR.

Question 24 regarding UCITS funds and sustainable investments

The answer states that UCITs funds disclosing under article 9 can only use the “remaining portion” of not sustainable investments for hedging and liquidity purposes.

Question 25 regarding financial products passively tracking a Paris Alignment Benchmark (PAB) or Climate Transition Benchmark (CTB)

The answer states that disclosures under the SFDR apply equally also to financial products passively tracking PABs and CTBs.

Question 26 regarding publication of pre-contractual and periodic product templates on website

The answer states that it is the expectation from the ESAs that the template-based pre-contractual and periodic reporting disclosures are published on the website.

Permian comment: It is recommended going forward to publish also the pre-contractual and periodic disclosure annexes on the website. Please refer to Permian comment to question 4 regarding the use of investor portal.

Question 27 regarding application of good governance to real estate investments

The answer states that good governance checks are not necessary for SPVs or holding companies that hold real assets like cars or real estate.

Question 28 regarding PAB and CTB

The answer affirms that a financial product that applies all the requirements applicable to PABs and CTBs can fall within the scope of article 9(3) even if it is not passively tracking a PAB or CTB.

Contact

Anna Berntson Petas: anna.berntson@permian.se

Telemos Capital to Invest in Permian

Thu, 11 Jul 2024 12:31:49 GMT

London / Oslo, July 11, 2024 – Telemos Capital (“Telemos”) is pleased to announce the signing of a binding agreement to acquire a majority stake in Permian AS (“Permian”), a leading service provider to Alternative Investment Fund Managers in the Nordic region. Telemos will invest alongside Permian’s senior management team and current majority shareholder Levantor AS (“Levantor”), to support Permian in further building on its leading market position in the Nordic region and in its broader European growth ambitions.

Established in 2008 and headquartered in Oslo, Permian has demonstrated significant growth and market outperformance in recent years driven by its client centric approach and high quality of service, as evidenced by exceptionally high satisfaction levels from its blue-chip client base. Permian, with 100+ employees in offices in Oslo and Stockholm, is well positioned to benefit from the strong growth in the fund services market, underpinned by the continued structural growth in alternative assets, increased regulation and further outsourcing. The business has grown significantly under the leadership of its CEO Marianne Normann, who, together with the senior management team, will make a significant re-investment and is committed to continue to drive Permian’s successful strategy.

With the backing of Telemos, Permian will accelerate its plans for international expansion, development of its service offering, and further investment in technology in order to continue to meet the evolving needs of its customers.

Marianne Normann, CEO of Permian commented: “We look forward to having Telemos as a partner in our growth journey as we continue to expand into the Nordic countries and Europe. Telemos has demonstrated its commitment to delivering quality and value to clients through a strong focus on employee satisfaction and continuous investment in IT. With Telemos’ strategic focus and network, we believe this is an excellent fit for Permian’s development.”

Jacob Polny, Chief Executive and Investment Officer of Telemos Capital added: “Telemos is very excited about the opportunity to invest in Permian. The company is a strong fit with our investment strategy given the attractiveness of the market, the quality of the business, the strong management team and the opportunity for further organic and M&A led growth. While some of us at Telemos have experience investing in the attractive Nordic region, Permian represents Telemos’ first Nordic investment, and we are confident that it will be the first of many to come.”

Johan Pettersson, Head of Business Services at Telemos Capital added: “We are grateful for the opportunity and trust given to us to support Permian in its future strategy. Fund services is one of a select few priority subsectors for Telemos’ Business Services team and we see a compelling opportunity to leverage our sector expertise and international network to support the management team in their ambition to create a next generation, client centric, pan-European platform.”

Jørgen Kjærnes, Chairman of Levantor : “We are thrilled to welcome Telemos as the majority stakeholder in Permian. This strategic move will empower Permian to accelerate its impressive growth trajectory and expand its footprint across Europe, building on its strong foundations in Norway and Sweden. Since its inception as Levantor's back office in 2008, Permian has evolved into a leading Nordic business, and we believe Telemos is the ideal partner to support its next phase of development. We look forward to seeing Permian reach new heights under their guidance.”

The transaction is expected to close later in 2024.

Permian, Levantor, and Management were advised by ABG Sundal Collier, Wiersholm, McKinsey, and PwC. Telemos Capital was advised by CLP, Linklaters, Deloitte, and E&Y.

Media contacts

For Permian and Levantor:

Jørgen Kjærnes

jk@levantor.no

+47 922 50810

For Telemos:

Lemongrass Communications, Andreas Hildenbrand
andreas.hildenbrand@lemongrass.agency
+41 44 202 52 38

About Permian

Permian is a leading Nordic fund administrator with offices located in Oslo and Stockholm. The group offers a complete range of business support services designed for AIF funds and their managers, investment firms, family offices, holding companies, trusts, associations and foreign companies seeking local representation. The Company has 100+ employees in Norway and Sweden and have experienced a strong growth in the last few years.

For more information see: www.permian.no

About Telemos Capital

Founded in 2017, Telemos Capital invests in European businesses, with the aim of building great companies for the long term. Funded by family capital, it combines the flexibility and nimble decision-making of a family office with the active ownership and professionalism of private equity. Telemos seeks to acquire majority stakes in companies operating within business services, consumer and healthcare markets with the potential for sustainable growth through international expansion, add-on acquisitions or operational improvements.

For more information see: www.telemoscapital.com

About Levantor

Levantor was founded by Jørgen Kjærnes in 2006 and is today a family-owned company, controlled and developed by him and Kine Burøy-Olsen. The company built up Cubera Private Equity, which was sold to Storebrand in 2019. Today, Levantor provides financial advice within private equity through the regulated company Levantor Advisory. Furthermore, Levantor manages a broad investment portfolio in Nordic private equity funds through Levantor Invest.

For more information see: www.levantor.no

Summer Greetings - July 2024

Mon, 01 Jul 2024 14:57:52 GMT

To our valued clients, business partners and colleagues,

As summer unfolds with its warm and sunny days, we extend our best wishes for a delightful and restful holiday season. This time of the year offers a wonderful opportunity to unwind, recharge, and enjoy the beauty of summer.

Reflecting on the past six months, Permian has been diligently working on enhancing our services and operations. Our ongoing implementation of the market-leading fund administration system, Allvue, marks a significant step in our commitment to delivering superior service and operational excellence. This advancement, along with our growing team, is aimed at better supporting our clients’ needs across the Nordics.

We look forward to continuing our progress and strengthening our partnerships after the summer break.

The Permian team wishes you all a delightful and restful summer!

ESMA guidelines on funds’ names using ESG or sustainability-related terms

Wed, 12 Jun 2024 17:47:27 GMT

This update concerns EMSA’s latest guidelines publication to establish harmonized criteria for use of ESG and sustainability terms in fund names. Our main takeaways are set out below.

Background

The evolving scene of sustainable investments has created a need for investor protection. On this basis, the European Securities and Markets Authority (“ESMA”) was mandated to develop guidelines on naming funds, to combat unfair or misleading marketing. After the proposed guidelines in December 2023, the ESMA has subsequently published their final report on guidelines on funds’ names using ESG or sustainability-related terms on the 14th of May 2024.

Key proposals

The proposed guidelines affect all existing and upcoming funds that have names containing, or closely linked to any of the following terms: sustainability, transition, impact, environment, social, governance, or a mix of said terms. All fund names containing the terms must follow certain requirements, as follows:

80% alignment of ESG term requirement

The threshold is linked to the proportion of investments used to meet such ESG characteristics or sustainability objectives in accordance with the binding elements of the investment strategy, which are to be disclosed in the pre-contractual agreements under the commission delegated Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (“SFDR”)
If the fund does not disclose under the SFDR it is unclear what would be sufficient to meet the sustainability characteristics.

Minimum sustainable investment requirements

If the fund name contains “sustainable” or similar terms, the fund is required to make a minimum of sustainable investments. The original quantitative threshold was dropped before the final report which now states that funds must commit to “invest meaningfully” in sustainable investments referred to in Article 2(17) of the SFDR.
It is for now unclear what “invest meaningfully” entails.

Exclusions

All funds whose name contains the ESG-related terms should exclude investments in companies referred to in Article 12(1)(a) to (c) (the “CTB” exclusions”) of CDR (EU) 2020/1818.
If the fund name contains terms related to environment, impact or sustainability the fund must exclude investments in companies referred to in Article 12(1)(a) to (g) (the “PAB” exclusions”) of CDR (EU) 2020/1818.

For further information, please click here .

Fund-name matrix

Subsequent phaes

The guidelines on fund’s names will apply three months after the date of the publication of the guidelines on ESMA’s website in all EU official languages.

Managers of any new funds created after the date of application of the guidelines should apply these guidelines immediately in respect of those funds.

Managers of funds existing before the date of application of these guidelines should apply these guidelines in respect of those funds after six months from the application date of the guidelines.

Permian recommendation: AIFM’s whose funds are set up, or invest, in the EU, that contain any of the above ESG and sustainability terms should ensure compliance with the guidelines.

Happy International Women's Day! Let's continue to strive for gender equality and empower the future!

Fri, 08 Mar 2024 08:11:33 GMT

Today, as we celebrate the achievements and contributions of women worldwide, we are thrilled to shine a spotlight on the remarkable female leadership here at Permian.

In a world where gender equality and diversity are increasingly recognized as vital components of success, Permian proudly stands at the forefront, championing women in leadership roles across our organization. With women representing 40% of our employees, we exemplify our commitment to gender equality.

Female leaders driving success at Permian

Our female leaders play an integral role in driving innovation, fostering collaboration, and shaping the future of our company. Adding to our Group CEO, 50% of our company CEOs are women, and we're equally proud to see women making up 50% of our management team. Their dedication, expertise, and vision have been essential in shaping our company's success and fostering a culture of inclusivity and empowerment.

As we celebrate their achievements and contributions today, we reaffirm our commitment to promoting gender equality and creating opportunities for women to thrive in leadership roles.

Diversity in leadership

Permian firmly believes that a balanced gender mix, where both women and men contribute their unique perspectives and talents, is essential for driving innovation and achieving our goals. Moreover, we recognize that diversity encompasses more than just gender, it also includes ethnic, cultural, and social diversity. By recognizing the importance of fostering an inclusive environment for all, we cultivate a workplace culture that values diversity in leadership and celebrates the richness it brings to our organization.

“At Permian, we celebrate the strength and brilliance that our female leaders bring to the table. In our pursuit of operational excellence, delivering the best value to our clients, we recognize that a diverse and inclusive workplace is not only the right path but also the smartest one” says Marianne Normann, CEO of Permian Group.

Promoting gender balance in finance

Considering the context of the finance industry's male-dominated landscape, it's crucial to recognize and uplift the accomplishments of women who have overcome barriers in this field.

Despite facing systemic challenges and biases, women continue to excel and make significant strides in finance, challenging stereotypes and paving the way for future generations. On this International Women's Day, let's not only honour the achievements of women but also advocate for gender equality and diversity in all sectors, including finance.

Together, let's work towards creating a more inclusive and equitable industry where everyone, regardless of gender, has equal opportunities to thrive and succeed.

Happy International Women's Day!

Welcoming New CFO for Sweden and Interim company CEOs to continue drive success

Tue, 20 Feb 2024 07:56:20 GMT

Permian is excited to announce that we are strengthening our presence and leadership team in Sweden with the appointment of a new CFO for Sweden. Furthermore, both CEOs of Permian Administration AB and Permian Business Partner AS will be on parental leave. We take pride in our internal competence, and interim CEOs from within the organization have been appointed to ensure a seamless transition. Group CEO Marianne Normann is confident in Permian's ability to deliver continuity during this period .

From the left: Aleksandar Tomevski, Johanna Bjenne and Johan Nääs.

Within Permian's dynamic setting, growth is not just a goal; it is a journey marked by a strategic succession planning and the empowerment of talented individuals.

Appointed CFO for Sweden

Previously, our operations in both Norway and Sweden were overseen by a shared Group CFO, but with our rapid growth and development, it is now necessary to have a dedicated CFO for Sweden to address our specific market needs. Therefore, we are pleased to welcome Aleksandar Tomevski to Permian. With a wealth of experience spanning over a decade in finance-related roles, Aleksandar joins us as our new CFO for Permian Sweden.

His professional journey includes a significant tenure at a leading global accounting firm, where he specialized in IPOs and provided strategic consulting to CFOs, aiding in the transformation of finance functions. Additionally, Aleksandar brings valuable insights from his background as an auditor within the financial services sector and his involvement in system implementation projects.

"My goal is for the finance function to take on a forward-thinking, advisory role that actively contributes to the business with value-added insights for profitable growth, without compromising on the high quality we deliver to our customers" says Aleksandar. Permian is confident that Aleksandar's expertise will play a pivotal role in driving our financial strategy forward and contributing to Permian's continued success.

Interim CEOs for Permian Administration AB and Permian Business Partner AS

With a firm commitment to nurturing internal talent, we continuously strengthen our organization, not only in the present but also in the future. It is a natural consequence of being a company characterized by young and highly skilled employees. By rotating personnel in various roles, we do not only establish an effective succession plan but also broaden the expertise across different areas. This rotation also creates a holistic understanding of our operations, benefiting everyone in the company.

The CEO of Permian Administration AB (Sweden), Ida Stefanik Strand and the CEO of Permian Business Partner AS (Norway), Susanne Berge Hansen will both go on parental leave during 2024. In line with Permian’s dedication to cultivating talent from within, we are proud to announce the appointment of interim CEOs, Johanna Bjenne for Permian Administration AB and Johan Nääs for Permian Business Partner AS while Ida and Susanne are absent. Johanna and Johan embody Permian's culture of continuous improvement and represent the culmination of our robust succession planning efforts. Below is a closer look at how their diverse journeys have prepared them for their roles as interim CEOs.

Backed by Years of Industry Insights

Johanna joined Permian during spring 2023 as the Improvement & Change Director. She is leading the work related to Permian's commitment of enhancing operations and has played a vital role in the implementation of Allvue Systems, Permian’s new core system for business operations within venture and private equity funds. Johanna brings extensive professional experience from the financial industry, along with a solid background from CEO- and Manager roles. Her wealth of expertise positions her to make significant contributions to Permian’s development as a strong growing company supported by technology and excellent people.

Johan joined Permian in February 2021 as a Fund Administration Manager and swiftly advanced in leadership, he quickly moved into a dual role as a Team Leader for Fund Administration and a Senior Manager. His comprehensive background in audit at a leading global accounting firm forms the cornerstone of his expertise in financial reporting, offering an extensive knowledge to both Permian and our clients. Johan is passionate about fostering strong relationships and his ability to integrate his financial insight with a people-first leadership approach significantly contributes to Permian’s growth and drives a culture of collaboration and compassion within the workplace.

Permian is delighted to onboard both Johanna and Johan in the newly appointed roles as interim CEO’s and we are certain they will bring exceptional leadership to their positions. “With the valuable contributions of Aleksandar, Johanna and Johan, I am confident that Permian will be steered in the right direction, prioritizing operational excellence for our clients and unwavering commitment to the well-being of our exceptional employees” says Marianne Normann, CEO of Permian Group.

Permian adopts market-leading fund administration software

Mon, 29 Jan 2024 08:43:23 GMT

In a strategic move aimed at optimizing fund administration and accounting processes, Permian recently started implementing Allvue as core system to support its business operation. The decision is in line with the progressive move to enhance Permian's capabilities as a provider, delivering better platforms and ensuring compliance with security standards.

The new system is a modern platform built on Microsoft cloud technology, including efficient support for both fund administration and fund accounting, being fully integrated together in the solution. The transition is seen as a strategic move to embrace a modern IT environment where Permian administration and accounting operations are handled in one system. Adapting Allvue systems will be a long-term partnership for Permian and the implementation of all Allvue possibilities, such as built in AI, enhanced reporting capabilities and integrated client and customer portals, will be a step-by-step process over time.

Why Allvue?

The decision to utilize Allvue Systems is founded on its progressive technology and modernized capabilities. Allvue provides a solid foundation for the future, being an established system with an existing customer base, and has a successful track record with similar clients.

The new system offers improved data integration, and Permian is pleased to share that, following the new implementation, FX rates will automatically be fed into the system, ensuring a robust and dependable source for Permian’s clients' financial data.

Permian embarks on a modernization journey with Allvue

Allvue's advanced suite of tools are tailored for managing diverse alternative investment portfolios, streamlining fund administration and fund accounting complexities, and enhancing risk management specific to private equity fund operations. Allvue's seamless data integration, workflow automation, and tailored reporting bring a new level of efficiency, accuracy, and compliance confidence to Permian's operations. The partnership reflects Permian's commitment to elevating standards in fund administration and accounting, empowering Permian's teams to focus on strategic initiatives and deliver exceptional services to our clients.

Permian's partnership with Allvue is also a possibility to grow into new markets and achieve improved services, for example, for private debt funds. Allvue has a broad product range, and with that, Permian has the possibility to grow with the system.

SFDR Update for Asset Managers, January 2024

Fri, 19 Jan 2024 08:46:20 GMT

This update covers December 2023 until mid-January 2024. The main update is that the level 2 text of the Sustainable Finance Disclosure regulation (SFDR RTS) entered into force in Norway on December 11, 2023. Our view on the main takeaways for Swedish and Norwegian AIFMs are set out below.

Consolidated SFDR Q&As

On January 12, 2024, The European Supervisory Authorities (the ESAs) published an updated version of the consolidated Q&As on the SFDR.

For the consolidated Q&As, please click here .

Permian comment: We have noted very few amendments in relation to the previously issued consolidated Q&As but we of course recommend this latest version.

Regulatory Technical Standards under the SFDR RTS has entered into force in Norway

As published by the Norwegian FSA on December 13, 2023, the SFDR RTS entered into force in Norway on December 11, 2023. It is noted that the SFDR itself entered into force in Norway on January 1, 2023.

For further information, please click here .

Permian recommendation: Asset managers should ensure that their SFDR disclosures are compliant with the SFDR RTS.

Final report on amendments to SFDR RTS  

On December 4, 2023, the ESAs published a final report amending the SFDR. Entry into force is unclear. The ESAs propose, e.g. the following: 

Additional mandatory and voluntary social indicators for the principle adverse impact (“PAI”) reporting (including the Do No Significant Harm (DNSH) assessment;

Simplification of the pre-contractual and periodic disclosure templates for financial products; and

Other technical adjustments concerning, among others, the treatment of derivatives, the calculation of sustainable investments, and provisions for financial products with underlying investment options.

For further information, please click here .

Permian recommendation : Since these are only proposed amendments, no action is currently needed by asset managers. However, we would recommend asset managers launching a new article 9 or 8 fund (that will make sustainable investments) to take the proposed amendments into account to ensure that the fund will be able to fulfill the additional requirements.

Merry Christmas and a Happy New Year from Permian!

Wed, 20 Dec 2023 08:42:46 GMT

To our valued clients, business partners and colleagues,

Reflecting on the past year, Permian celebrates another successful period of growth in 2023. A steady stream of new clients, together with the deepened collaboration with our existing clients has enabled us to expand our team by welcoming several new members.

We want to express our gratitude to everyone who played a part in these accomplishments – our clients, partners in collaboration and our dedicated Permian team. As we eagerly await the opportunities of 2024, we look forward to building even stronger connections.

In the spirit of giving this Christmas season, Permian has chosen to extend our support to the people who need it the most. Our contributions will be directed towards Leger Uten Grenser and Stockholms Stadsmission .

We wish you all Happy Holidays, and as we approach the end of the year, the Permian team extends warm wishes for a Merry Christmas and a Happy New Year!

Permian's commitment to enhancing operations

Tue, 31 Oct 2023 08:36:07 GMT

Earlier this spring, Johanna Bjenne joined Permian Group as Improvement & Change Director. The new defined role is in line with Permian’s commitment to make operations more efficient and streamlined. Read about Johanna’s work and Permian’s drive for improvement.

"Permian has grown at a rapid speed and with a prosperous outcome. We have established an excellent cultural environment, a solid organization framework and valuable customer relationships. The important question now is to ask, how can we continue to grow from here?” says Johanna Bjenne.

As Permian approaches a team of around 100+ individuals within the organization, the challenge lies in having a sustainable growth, meaning that it is crucial to achieve scalability without compromising Permian´s core values, company culture and wellbeing of customers and employees. According to Johanna:

“Essential factors are efficiency and standardization, giving us the tools to avoid having to reinvent the wheel every time. It is about finding simplicity in our approach, but it also involves being open to challenge our existing processes and finally, exploring new possibilities and dear to change when needed”.

Years of industry insights
Johanna has extensive professional experience from the financial industry and is driven by developing financial businesses and their operations with user-friendly and automated technology. She has previously worked for organizations that were in a similar maturity phase as Permian currently is.

Johanna established more structured and standardized processes and created routine descriptions to transition from previously quite ad-hoc and manual practices to a more automated and scalable business. She collaborated extensively across cross-functional teams and incorporated the usage of modern technical infrastructures. All in line with securing a sustainable growth and a commitment to long-term success.

The balance of standardization

“How much can one standardize? We're not just focusing on selling standard solutions, we're also keen on not compromising the softer values of our business. Each employee and customer is unique, and this uniqueness is particularly pronounced in the financial sector, especially on the private equity side” says Johanna.

Permian’s goal with enhancing the operations is that through these efforts, Permian’s customers will experience higher quality service and more dedicated time for their needs. When resources that were previously allocated elsewhere are freed up, Permian will be able to invest more in quality assurance and to be more present in interactions with customers.

“Furthermore, effective system support plays a pivotal role in streamlining our operations, ensuring that our technological infrastructure functions seamlessly, and freeing up valuable time for continuous improvement and innovation” Johanna says.

Life beyond the office

Permian is delighted to have Johanna onboard, where her dynamic presence is driving projects to success. In addition to her professional prowess, she's an active individual, passionate about sailing, climbing, and always eager to embrace new challenges.

Permian is happy to announce seven new promotions!

Tue, 10 Oct 2023 12:13:38 GMT

Our fund administration and accounting teams are growing and we are thrilled to announce the promotion of Christina, Erik, Johan, Ingrid, Kenneth, Ingrid and Lars!

In 2023, Permian has experienced substantial development. Our success depends on everyone's progress, both as a team and as individuals, with each team member making valuable contributions. As we are growing, we express our congratulations to the following colleagues for their notable promotions:

Christina Carlsson – Team leader Fund Administration, Senior Manager

Erik Kenyon Mikaelsen – Team leader Accounting, Manager

Johan Nääs – Team leader Fund Administration, Senior Manager

Kenneth Hoem – Team leader Fund Administration, Manager

Ingrid Hamran – Manager Fund Administration

Ingrid Staff – Manager Fund Administration

Lars Henrik Lundström – Manager Fund Adminsitration

Permian’s three core values are precise, challenging and caring. Permian Group CEO, Marianne, is confident that the new Team leaders and Managers share this set of values and will contribute to Permian’s goal of being the preferred partner for all Nordic AIF managers.

Permian is preparing for further growth with new defined leadership roles

Thu, 05 Oct 2023 14:42:00 GMT

Permian Business Partner AS has strengthened the leadership team with two roles, Technical Director (Fagdirektør) Anette Burum, and Quality Management Director (Kvalitetsstyringsansvarlig) Rita Granlund. In accordance with their succession planning, the Board of Permian AIF Depositary AS has promoted Benjamin Grønseth to CEO of Permian AIF Depositary AS.

The Permian Group has experienced a strong growth the last years and has now close to 100 employees. The group’s mission is to be “The driving force in the Nordic AIF Service Market” and the three core values are “precise, challenging and caring”.

The largest entity in the group is Permian Business Partner (PBP) delivering fund administration and finance and accounting services. PBP is a regulated business subject to the new Act on Accountants which took effect on 1 January 2023.

CEO of PBP, Susanne Berge Hansen expresses: Working with investment structures requires high precision and dedicated focus on quality in everything we do. We have created a value driven working environment where people are proud to deliver in accordance with our mission and values. However, delivering quality demands a continuous focus on being on top of changes in law, regulation and technical accounting and tax issues, continuous learning and good quality management.

To be ready for further growth, maintain a strong focus on quality and to meet the requirements in the new Act, PBP is strengthening the leadership team with two defined functions:

Technical Director (Fagdirektør) Anette Burum is State Authorised Public Accountant and State Authorised Accountant. Her responsibility is to enhance focus on technical accounting and tax issues and development of staff, and she has a significant role in our transformation project on the system side. Anette has been working with audit and accounting for 28 years and joined the Permian Group in 2012 where she has had various roles. She was CEO of PBP for 8 years.

Quality Management Director (Kvalitetsstyringsansvarlig) Rita Granlund is State Authorised Public Accountant and State Authorised Accountant. Her responsibility as defined in the new Act on Accountants is to establish and maintain proper quality management in the company. Rita has more than 35 years of audit experience, including 23 years as partner in PwC where she also was Head of Assurance for 6 years. She joined Permian in 2021 as CEO of Permian AIF Depositary (AIFD). Rita is also Head of Sustainability in the Permian Group and will continue in this role.

AIFD has had a tremendous growth the last few years. Succeeding Rita Granlund, Benjamin Grønseth, State Authorised Accountant, is promoted to CEO of AIFD. He joined PBP in 2016 and started to work in AIFD in 2019 and is a part of the company’s success. Prior to joining the Group, he has been working with administration and accounting for 5 years.

CEO of Permian Group, Marianne Normann concludes: Permian’s strong growth demands continued focus on leadership and quality. I am happy that we have filled the leadership roles in Permian Business Partner with very competent and experienced persons, and at the same time, as planned, managed a successful internal recruitment to the role as CEO of Permian AIF Depositary AS.

About Permian
Permian is a leading Nordic fund administrator with offices located centrally in Oslo and Stockholm. The group offers a complete range of business support services designed for AIF funds and their managers, investment firms, family offices, holding companies, trusts, associations and foreign companies seeking local representation. The group has close to 100 employees in Norway and Sweden and is experiencing continuous growth.

SFDR Update June - August 2023

Mon, 28 Aug 2023 08:51:53 GMT

This update covers the period from June until mid-August 2023. The main update is that the EU Commission published a Sustainable Finance Package on 13 June 2023. Our view on the main takeaways for Swedish and Norwegian AIFMs is listed below.

Implementation timeline for sustainable finance regulations published by ESMA

On 3 August 2023, ESMA published an updated implementation timeline for sustainable finance related regulations. The timeline can be accessed here .

Permian comment: ESMA publishes updated implementation timelines on regular basis. It is an excellent document to obtain an overview of the sustainability related legislations and their entry into force.

Sustainable Finance Package

The Sustainable Finance Package published on 13 June 2023 covers the following five main areas:

Proposal on a new regulation for ESG rating providers : this regulation will apply to service providers of ESG ratings and includes a definition of ESG ratings. It does not apply to service providers of ESG raw data. Its entry into force is subject to the EU legislative process.
Taxonomy delegated acts : the EU Commission adopted the delegated acts that were mentioned in our SFDR Update January – May 2023 . Expected entry into force is 1 January 2024.
Transition finance : this recommendation provides information on how companies can use tools from the EU for transition finance. An example provided in the recommendation is that companies can use the Taxonomy by reporting Taxonomy-aligned capital expenditure (i.e. since this would generally provide for a higher alignment in a transition context than reporting Taxonomy-aligned revenue). In addition, the recommendation includes information that could be included in a transition plan.
Clarification on the link between taxonomy-alignment and sustainable investment under the SFDR : according to this notice, investments in taxonomy aligned environmentally sustainable economic activities can be automatically qualified as “sustainable investment” under the SFDR (provided that the taxonomy-alignment relates to the entire company and not only a part of the company’s economic activities).
Staff working document on the Taxonomy : this document includes a summary of the Taxonomy, tools to be used as well as links to other documents related to the Taxonomy.

For further information, please click here .

Permian comment: The package does not include additional reporting obligations on the Manager. For further comments, see below .

ESG ratings : to be followed-up with any ESG rating provider used by the Manager closer to the regulation’s entry into force. (Please note that the definition of ESG rating providers is not fully clear to us.)
Taxonomy delegated acts : to be considered for Taxonomy assessments as of 2024.
Transition finance : to be considered in connection with e.g. preparing a transition plan and for asset managers with a transition finance investment mandate.
Clarification on the link between taxonomy-alignment and sustainable investment under the SFDR : the practical implication of this clarification is that any investment that has been assessed as taxonomy-aligned can also be assumed qualify as a sustainable investment under the SFDR. This should mean that if you disclose that you have taxonomy-aligned investments, then those investments could also be disclosed as sustainable investments in the periodic reporting. Please note however, that if you use this new presumption, then you should first read the clarification since there are some exceptions (such as when a portfolio company’s economic activities have not all been assessed as taxonomy aligned).
Staff working document on the Taxonomy : this document could be read as a summary of the Taxonomy and includes some useful links .

Amendment to the Norwegian Regulation under the Sustainable Finance Act

On 13 June 2023, the EEA Committee decided to incorporate Regulation (EU) 2022/1214 into Annex IX of the EEA Agreement. This regulation amends Regulation (EU) 2021/2139, which encompassed a broad range of energy-related activities but lacked technical screening criteria for the fossil gas and nuclear energy sectors, and Regulation (EU) 2021/2178, which fell short in achieving full transparency for these economic activities. With the Amendment Regulation, the fossil gas and nuclear energy activities are now recognized as environmentally sustainable activities with respect to EU’s 6 environmental objectives. The Amendment Regulation has been implemented into Norwegian law in Section 2 of the regulation under the Sustainable Finance Act and came into effect 14 June 2023.

For further information, please click here .

Permian comment: Relevant entities should review how the amendments are applicable to them.

Contacts

Anna Berntson Petas: anna.berntson@permian.se

Thomas Blomgren: thomas.blomgren@permian.se

Felicity Guttormsen: felicity.guttormsen@permian.no

Summer Greetings! – July 2023

Fri, 07 Jul 2023 12:08:21 GMT

To our valued clients, colleagues and business partners,

As the summer holiday is rapidly approaching, we would like to wish you a great time off, full of sun and joy! It has been a busy spring season and we are looking forward to continued collaboration and teamwork after the summer break.

During the last six months Permian Group has increased focus on improvement projects for our operations, to improve our service deliveries and efficiency towards our clients. We have also brought on several new team members to meet the high demand for our services in the Nordics.

There is still a lot more to achieve after the summer, and we are already looking forward to the exciting time ahead!

We wish you all a wonderful and relaxing summer holiday!

SFDR Update January - May 2023

Mon, 29 May 2023 11:43:44 GMT

This update covers the period from the second half of January 2023 until the end of May 2023. Several interesting publications from public authorities regarding the Sustainable Finance Disclosure Regulation EU 2019/2088 (SFDR) have been made during the period. Our view on the main takeaways for Swedish and Norwegian AIFMs is listed below.

Updated editable versions of pre-contractual and periodic reporting templates

The European Supervisory Authorities (ESAs) provided updated versions of the templates set out in the Delegated Regulation EU 2022/1288 of the SFDR (RTS).

The following templates exist in editable version in English: pre-contractual templates for article 8 and 9 funds, periodic reporting templates for article 8 and 9 funds, and principle adverse impact statement template.

The editable versions are accessible through the ESMA or EIOPA website by clicking here .

Permian comment: This was a welcomed publication of editable versions of the latest templates.

The RTS are in force in the EU as of 1 January 2023 but not yet in Norway. We nonetheless recommend that Norwegian AIFMs prepare their disclosures under the SFDR in accordance with the RTS.

Proposed changes to the SFDR RTS

The ESA’s published a consultation paper proposing amendments to the RTS on 12 April 2023. Proposed amendments include a) simplification of pre-contractual and periodic disclosure templates; and b) additional social indicators for the calculation of principle adverse impact.

For further information, please click here .

Permian comment: To be noted. No action necessary by AIFMs at the moment.

Updated Q&A from the European Commission

On 14 April 2023, additional answers on the SFDR were published. Some of the key matters covered were the following:

The definition of sustainable investment was clarified as follows: a) a transition plan itself is likely not sufficient to qualify as a sustainable investment (i.e. an activity that has a future aim to meet the 'do no significant harm' (DNSH) criteria is not sufficient); and b) the SFDR does not set out minimum requirements regarding concepts such as contribution, DNSH or good governance. Instead, financial market participants must carry out their own assessment for each investment and disclose their underlying assumptions.

The concept to “consider” principle adverse impacts (PAI) was clarified as follows: it means to publish adverse impacts, and to implement procedures to mitigate the harm.

For further information, please click here .

Also, on 17 May 2023, the ESA’s published a document with consolidated Q&A on the SFDR. To access the consolidated version, please click here .

Permian comment: AIFMs are recommended to ensure that any transition investment under an article 9 fund is supported by more than a transition plan (to qualify as a sustainable investment). Furthermore, AIFMs are recommended to ensure that they have procedures in place to mitigate harmful impacts for investments in funds that consider PAI. There could also be additional information in the Q&A to be considered by AIFMs.

Draft Delegated Act to the Taxonomy Regulation published by the European Commission

On 5 April 2023, the European Commission published, for consultation, a Draft Delegated Act with technical screening criteria for the remaining four environmental objectives under the Taxonomy Regulation. The environmental objectives covered by the draft Delegated Act are the following:

sustainable use and protection of water and marine resources;
transition to a circular economy;
pollution, prevention and control; and
protection and restoration of biodiversity and ecosystem.

Furthermore, certain additional activities were proposed to be included in the Delegated Act relating to climate adaption and mitigation. Such additional economic activities are, for example, manufacturing activities relating to low carbon transport and electricity equipment and certain transitional activities (waterborne transport and aviation).

The Delegated Act is expected to enter into force on 1 January 2024, after which financial market participants may disclose taxonomy alignment based on the activities and environmental objectives included in the Act.

For further information, please click here .

Permian comment: To be noted for taxonomy alignment calculations in SFDR disclosures in 2024.

Greenwashing one of the Swedish Financial Supervisory Authority (SFSA)’s focus areas for 2023

The SFSA published their focus areas for 2023 on 20 January 2023, where greenwashing is one of them.

For further information, please click here .

Permian comment: The statement stresses the importance of a prudent approach to sustainability-related regulation, with a focus on understanding relevant requirements and how to disclose the work accurately.

Publication from the SFSA on article 6 of the SFDR

On 2 February 2023, the SFSA published a clarification on pre-contractual templates. In its clarification, the SFSA stated that the pre-contractual templates for article 8 and 9 funds in the RTS does not include information in accordance with, for example, article 6.1 of the SFDR. Furthermore, it stated that it is up to the financial market participants to ensure that proper disclosures are included in accordance with the SFDR, Taxonomy Regulation and the RTS.

Article 6.1 states that pre-contractual information should include: a) the manner in which sustainability risks are integrated into their investment decisions; and b) the results of the assessment of the likely impacts of the sustainability risks on the returns of the financial products they make available.

For further information, please click here .

Permian comment : AIFMs to ensure that information relating to sustainability risks is included in their pre-contractual information in the main body of an information memorandum (or similar document) since the information is not included in the RTS templates.

Contact:

Anna Berntson Petas: anna.berntson@permian.se

Thomas Blomgren: thomas.blomgren@permian.se

Permian Sustainability Letter no.5

Tue, 07 Mar 2023 18:50:09 GMT

The Taxonomy Regulation started to apply in practice for EU fund managers 1 January 2022 (the Taxonomy entered into force in the EU 12 June 2020). Funds offered to EU investors are required to report alignment with the Taxonomy. In Norway the legislation came into force on 1 January 2023. Therefore, funds marketed in Norway are to report in 2024 for FY23.

How the Taxonomy Regulation (the “Taxonomy”) will affect Alternative Investment Funds

The Taxonomy will heavily affect article 8 and 9 funds as they will need to report the proportion of their investments that represent sustainable activities as defined in the Taxonomy (this is also referred to as the fund’s taxonomy-alignment). In addition, minimum commitments of taxonomy-alignment should be included in IM, PPM or other pre-contractual document provided to investors prior to investment in a fund.

The purpose of the Taxonomy

To implement the European Green Deal and achieve the EU’s climate and energy targets for 2030, a common language and a clear definition of what is ‘sustainable’ has been needed. The Taxonomy aims to establish a unified classification system on what can be considered environmentally sustainable economic activities. Clear definitions will help investors make informed investment decisions when it comes to sustainability and protect them from greenwashing i.e. defined in the Taxonomy as deceptively making a product look environmentally friendly. It is important to note that the Taxonomy does not ban investments in activities that are not labelled “green”, but simply sets out a classification system of what is considered environmentally sustainable.

Definitions of sustainability under the SFDR and the Taxonomy

It is worth noting that a sustainable investment under the Sustainable Finance Disclosure Regulation (“SFDR") is not the same as an investment that is taxonomy-aligned under the Taxonomy. In addition, there is a “do no significant harm” definition in the SFDR that is different to how it has been defined in the Taxonomy. Even though the purpose of the Taxonomy was to establish a unified classification system, these differences have meant that statements regarding a fund’s sustainability characteristics do not necessarily mean that such funds are taxonomy-aligned. This sometimes causes confusion for managers and investors.

How does the Taxonomy define sustainable activities?

The terms “ESG” and “sustainability” are often used interchangeably, with ESG being an umbrella term that refers to environmental, social and governance perspectives as implemented in the SFDR. The Taxonomy currently has a different definition of what is considered to be a sustainable investment with a sole focus on climate and environment.

The Taxonomy sets out four criteria that have to be fulfilled to be considered as sustainable:

Sustainable contribution to at least one of six environmental objectives (see below).
Do no significant harm (DNSH) to any of the other five environmental objectives as defined in the proposed regulation.
Comply with minimum social safeguards.
Comply with technical screening criteria.

The taxonomy regulation establishes six environmental objectives:

Climate change mitigation
Climate change adaption
The sustainable use and protection of water and marine resources
The transition to a circular economy
Pollution prevention and control
The protection and restoration of biodiversity and ecosystems.

What to report

For fund managers, the Taxonomy reporting should be included in the template set out in the delegated regulation to the SFDR (the so-called RTS). A fund manager must categorise a fund as article 6, 8 or 9 upon establishment of the fund. For those funds that have been categorized as article 8 or 9, pre-contractual information to investors should include minimum commitments of: a) so-called sustainable investments under the SFDR; and b) taxonomy-alignment under the Taxonomy. The latter, however, only applies to funds with an environmental characteristic and/or objective. Such required disclosures are legally binding. Thereafter, Article 8 and 9 funds are to include in their periodic reporting: the share of sustainable investments under the SFDR and taxonomy-alignment under the Taxonomy (i.e. the relative size of sustainable environmental activities).

Due to the fact that the Taxonomy is focused on environmental activities, an article 8 or 9 fund based on social activities only, is not required to report alignment with the Taxonomy. However, when such funds invest in environmental activities, reporting may be required. For definition of Article 6, 8 and 9 funds, see Permian Sustainability letter no. 3 link.

How Permian can assist

Permian has gained experience working with Swedish and Norwegian clients since SFDR came into force in the EU in March 2021 and can assist with implementation of SFDR and reporting according to the Taxonomy. The extent of assistance from Permian can vary from being a sparring partner or being available to provide second opinions on material that the manager draws up, or to assist in the entire process.

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Permian AIF Depositary - New company name

Thu, 09 Feb 2023 15:28:33 GMT

AIF Depository AS changes name to Permian AIF Depositary AS and AIFD Sweden Filial becomes Permian AIF Depositary Filial

The company is approved by the Financial Supervisory Authorities to supply depositary services under the AIF –law in Norway and Sweden. Permian AIF Depositary has long experience and efficient and robust processes for monitoring and controlling the fund and the fund manager’s activities to ensure compliance with legislation and shareholders’ agreements. The company has experienced a strong growth the last five years in Norway and is currently experiencing growth in Sweden.

Permian AIF Depositary comprise of a cross border team with dedicated and highly skilled team members. The team works to exceed client expectation through high responsiveness, good communication and smooth on-boarding and ongoing deliveries. Strong focus on risk and compliance, and continuous focus on regulatory requirements are key to the depositary role.

The Permian AIF Depositary team is proud to be part of the Permian Group.

Permian is a leading Nordic fund administrator with offices located centrally in Oslo and Stockholm. The group offers a complete range of business support services designed for AIF funds and their managers, investment firms, family offices, holding companies, trusts, associations and foreign companies seeking local representation. The group has about 70 employees in Norway and Sweden and has experienced a strong growth the last years.

CONTACTS

Rita Granlund

CEO Permian AIF Depositary

rita.granlund@permian.no

+47 952 60 237

Mattias Ekvall

Head of Sales & Business development

mattias.ekvall@permian.se

+46 760 22 94 66

Junior regnskapsfører for private equity-fond og investeringsselskaper

Tue, 24 Jan 2023 10:28:26 GMT

Regnskapsfører for private equity-fond og investeringsselskaper

Permian er et raskt voksende og innovativt selskap, med mål om å være den ledende nordiske fondsadministratoren. Som spesialist innen fondsadministrasjon tilbyr Permian-gruppen et bredt spekter av tjenester til nordiske private equity-aktører, herunder fondsadministrasjon, fondshotell, rapportering, cash management, internkontroll, risk management, depot og regnskap. Våre kunder har ca. NOK 100 milliarder kroner under forvaltning, fordelt på rundt 100 fondsstrukturer og 50 forvaltermiljøer i Norge og Sverige. Permian har kontorer i Oslo og Stockholm

Vi ønsker å komme i kontakt med deg i startgropen av karrieren i regnskapsfaget og som vil vokse sammen med oss!

Vil du jobbe i en raskt voksende og innovativ bedrift, spesialisert på regnskap og administrasjon for fond og investeringsselskaper? Da kan du være den vi leter etter! Med stor vekst i kundeporteføljen og store ambisjoner søker Permian kontinuerlig nye medarbeidere til regnskapsteamet.

Vi søker regnskapsførere til 100 % stilling. Du bør ha 0-2 års erfaring innen regnskap og den grunnleggende utdannelsen innen gjeldende regnskapsregler på plass (bachelor eller tilsvarende). Dersom du på sikt har et ønske om å bli autorisert regnskapsfører er dette også et pluss.

Arbeidsoppgavene inkluderer:

Løpende regnskapsførsel
Bilagshåndtering
Remittering
Fakturering
Avstemminger i forbindelse med kvartals- og årsavslutninger
Årsavslutning
Offentlig rapportering

Ønskede kvalifikasjoner

Minimum bachelorgrad innen økonomi, regnskap e.l.
Gode akademiske resultater
0-2 års erfaring innen regnskap (nyutdannede med relevant utdanning vil også vurderes)
God IT-forståelse og evne til å sette seg inn i nye systemer
Strukturert og nøyaktig
Gode kommunikasjonsevner på norsk og engelsk
Sulten på faglig utvikling og ønske om ansvar
Gjerne ha erfaring innen Visma og/eller Maestro

Vi kan tilby

Utfordrende og interessante arbeidsoppgaver med muligheter for faglig utvikling
Et veldig godt miljø – både faglig og sosialt – fundamentert på våre tre kjerneverdier: presis, utfordrende og romslig og ikke minst vår visjon “Alt riktig”
Permian er autorisert regnskapsførerselskap, og om du ønsker å ta autorisasjon som regnskapsfører vil arbeid hos oss være godkjent som praksis
Et unikt innblikk i nordisk private equity, i et selskap med store ambisjoner
Konkurransedyktige betingelser
Flotte lokaler sentralt plassert ved Nationaltheatret

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no.

Søknader behandles fortløpende.

For mer informasjon, kontakt HR Manager Maria Nystedt på maria.nystedt@permian.se eller +46 765 42 23 97

Junior fondsadministrator – Private equity

Tue, 24 Jan 2023 10:16:40 GMT

Vil du vokse sammen med oss? Grunnet våre store vekst og ambisjoner er vi kontinuerlig interessert i flere dyktige medarbeidere!

Arbeidsbeskrivelse

Permian søker nå ambisiøse og kompetente medarbeidere med interesse for finans til vårt team på fondsadministrasjon. Vi søker deg som er nyutdannet, eller har inntil 2-3 års erfaring.

En fondsadministrator sørger for den daglige driften av fond og investeringsselskaper, og jobber tett sammen med forvaltere.

Arbeidsoppgavene inkluderer

Rapportering til /investorer/styret/myndigheter
Oppfølgning og operasjonelt arbeid med underliggende investeringer og verdier
Likviditetsoppfølging
Opprettelse av investeringsselskaper/fond
Bistand ved kapitalendringer og andre selskapshendelser
Kommunikasjon med investorer/forvalter/styret/bank
Tett samarbeid med regnskapsfører
KYC og AML arbeid
Diverse adhoc-oppgaver og interne prosjektoppgaver

Arbeidsprosesser støttet av IT verktøy blir en stadig større del av arbeidshverdagen til ansatte i Permian hvor FIS Investran, et IT-system for porteføljestyring, rapportering, fondsadministrasjon og regnskapsførsel er det daglige arbeidsverktøyet. Arbeidsoppgavene dine vil inkludere å bistå med implementering av nye kunder i løsningen, samt drift av både nye og gamle kunder.

Vi ser etter personer med god kjennskap og interesse for IT systemer og hvordan man får disse til å samspille på best mulig måte. Videre ser vi etter deg med gode kunnskaper og interesse for regnskap og finans, slik at du har evne til å sette deg inn i våre kunders problemstillinger.

Ønskede kvalifikasjoner

For å lykkes i stillingen må du trives med å jobbe i et dynamisk arbeidsmiljø med en stor grad av variasjon i arbeidsoppgaver. Du må ha en interesse for regnskap og fond, og være komfortabel med å jobbe i skjæringspunktet mellom finans og IT. Det er avgjørende at du er nøyaktig og strukturert, samtidig som du evner å utføre arbeidet ditt på en effektiv måte.

Høyere utdanning innen økonomi/finans (siviløkonom e.l.)
Du er nyutdannet, eller har inntil 3 års relevant erfaring fra regnskap, revisjon, finans e.l.
God IT-forståelse og evne til å sette seg inn i nye systemer
Meget gode ferdigheter i Excel og Microsoft Office generelt
Ansvarsbevisst med evne til å jobbe selvstendig mot avtalte mål
Strukturert og nøyaktig
God lagspiller som ønsker å spille seg selv og de rundt seg gode
Gode kommunikasjonsevner på norsk og engelsk

Vi kan tilby

Karriereutvikling, både personlig og faglig
Et veldig godt miljø – både faglig og sosialt – fundamentert på våre tre kjerneverdier: presis, utfordrende og romslig – og ikke minst vår visjon «Alt riktig»
Utfordrende og interessante arbeidsoppgaver i et selskap med store ambisjoner
Et unikt innblikk i nordisk private equity, i et selskap med store ambisjoner
Konkurransedyktige betingelser
Flotte lokaler sentralt plassert ved Nationaltheatret

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no.

Søknader behandles fortløpende.

Oppstart: Etter avtale.

For mer informasjon, kontakt HR Manager Maria Nystedt på maria.nystedt@permian.se eller +46 76 542 23 97

Junior og Senior Risk Advisor

Mon, 23 Jan 2023 14:19:42 GMT

Permian-gruppen er Nordens ledende fondsadministrator, og tilbyr et bredt spekter av tjenester til nordiske fondsaktører innenfor ulike aktiva klasser (hovedvekt av private equity-forvaltere), investeringsselskaper og family offices. Tjenestene inkluderer fondsadministrasjon, regnskap, fondshotell, rapportering, internkontroll, risk management og depot. Våre kunder har totalt ca. NOK 140 milliarder kroner under forvaltning, fordelt på rundt 140 fondsstrukturer og 70 forvaltermiljøer i Norge og Sverige. Permian har ca. 70 ansatte fordelt på kontorer i Oslo og Stockholm.

Arbeidsbeskrivelse

Permian vokser, og søker ambisiøse medarbeidere med interesse for finans til vårt Risk Management-team som jobber ut mot våre fond og våre kunders fond. Du vil ha base i Norge, men vil også jobbe noe mot vårt svenske kontor. Permian kan tilby en variert stilling, med muligheter for faglig utvikling i et framtidsrettet selskap.

Dine arbeidsoppgaver innenfor Risk Management vil blant annet inkludere:

Gjennomføre risikovurderinger og stresstesting av alternative investeringsfond, både gjennom kvantitative beregninger og kvalitative vurderinger
Gjennomføre risikovurderinger knyttet til hvitvasking og IT
Fasilitere, gjennomføre og dokumentere risikogjennomganger/workshops med våre kunder
Initiere og gjennomføre risk management diskusjoner med kunder
Gjennomføre og dokumentere KYC på nye kunder og kunders investorer
Utføre stikkprøvekontroller av kunders gjennomførte KYC på investorer
Gjennomføre kontrollaktiviteter innenfor fondsforvaltning
Modellbygging
Bistå med oppdatering av relevante rutiner og prosedyrer knyttet til risikostyring
Holde deg oppdatert på relevant regelverk og metodikk
Diverse ad hoc-oppgaver og prosjektoppgaver

Ønskede kvalifikasjoner

Høyere utdanning innen juridiske fag, økonomi e.l. For junior stilling mellom 0-3 års relevant erfaring. Dersom du er på slutten av studiet og har mulighet til å jobbe 50% fram til studieslutt, er også det aktuelt . For senior stilling fra 4+ års relevant erfaring
Relevant erfaring kan være tidligere risk management oppgaver i andre finansforetak, erfaring fra revisjon, annen finansrettet stilling innenfor fond og investeringer
Erfaring fra KYC/AML arbeid er et pluss, men ikke et krav
Du trives med selvstendig arbeid, evner å jobbe strukturert og nøyaktig i en hverdag med høyt arbeidstempo og koordinere flere oppgaver innen korte tidsfrister
Interesse for finans og det regulatoriske rammeverket, spesielt med fokus på investeringer og fond (innenfor AIF-loven)
Gode ferdigheter i Office-pakken. Erfaring fra programvarer som håndterer større risikomodeller er et pluss, men ikke et krav
Ansvarsbevisst med evne til å jobbe selvstendig mot avtalte mål
Gode kommunikasjonsevner på norsk og engelsk

Vi kan tilby

Varierte, interessante og utfordrende oppgaver med store muligheter for rask utvikling, både personlig og faglig
Et veldig godt miljø – både faglig og sosialt
Et unikt innblikk i nordisk private equity
Konkurransedyktige betingelser
Flotte lokaler sentralt plassert ved Nationaltheatret, Oslo

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no .

Søknadsfrist snarest. Søknader behandles fortløpende og stillingen tiltredes etter avtale.

For mer informasjon, kontakt Compliance Officer Kristina Ekkeren på +47 948 29 353.

Intern Regnskapsfører for nordens største Fondsadministrator

Fri, 20 Jan 2023 10:48:32 GMT

Permian-gruppen er Nordens ledende fondsadministrator, og tilbyr et bredt spekter av tjenester til nordiske private equity-aktører, investeringsselskaper og family offices. Tjenestene inkluderer fondsadministrasjon, regnskap, fondshotell, rapportering, internkontroll, risk management og depot. Våre kunder har totalt ca. NOK 120 milliarder kroner under forvaltning, fordelt på rundt 120 fondsstrukturer og 60 forvaltermiljøer i Norge og Sverige. Permian har ca 65 ansatte fordelt på kontorer i Oslo og Stockholm.

Arbeidsbeskrivelse

Ønsker du å jobbe i en raskt voksende og innovativ bedrift, spesialisert på regnskap, administrasjon for fond og investeringsselskaper? Da kan du være den vi leter etter! Med vekst og store ambisjoner søker Permian nye medarbeidere til vår interne regnskapsavdeling. I denne rollen får du mulighet til å bidra i prosjektet med å profesjonalisere den interne regnskapsfunksjonen i et raskt voksende selskap. Dette innebærer blant annet implementering av nytt økonomisystem, samt bidra til å sette rutiner for en strømlinjeformet økonomifunksjon.

Vi søker en regnskapsfører til en 100 % stilling. Du bør ha 1+ års erfaring innen regnskap og den grunnleggende utdannelsen innen gjeldende regnskapsregler på plass (bachelor eller tilsvarende).

Arbeidsoppgavene inkluderer:

Bokføring og betalingshåndtering
Håndtere inngående og utgående faktura
Periodeavslutninger
Avgift og skatterapportering
Årsavslutning, inkludert årsregnskap, skatt, ARO etc.
Lønnskjøring for ansatte i Permian
Erfaring med dette er en stor fordel
Opplæring vil bli gitt dersom man ikke har det
Drifte regnskapssystemene til bruk i Permian, gjelder per i dag 5 ulike legale enheter (hvorav 1 i Sverige)
Tilgangsstyring
Sette opp kunder i systemet

Ønskede kvalifikasjoner

Minimum bachelorgrad innen økonomi, regnskap e.l.
Gode akademiske resultater
1+ års erfaring innen regnskap – autorisasjon er ikke et krav
Erfaring av lønnskjøring er en stor fordel
Opplæring vil bli gitt dersom øvrige kvalifikasjoner overveier for dette
God IT-forståelse og evne til å sette seg inn i nye systemer
Strukturert og nøyaktig
Gode kommunikasjonsevner på norsk og engelsk
Sulten på faglig utvikling og ønske om ansvar
Gjerne gode Excel-kunnskaper, eventuelt interesse for å lære
Gjerne ha erfaring innen Visma og/eller Maestro

Vi kan tilby

Utfordrende og interessante arbeidsoppgaver med mulighet for faglig utvikling
Være med å profesjonalisere den interne regnskapsfunksjonen med direkte rapportering til CFO i Permian
Et veldig godt miljø – både faglig og sosialt – i et selskap som har som ambisjon å være nordens beste arbeidsplass. Fundamentert på våre tre kjerneverdier: Presis, Utfordrende og Romslig
Et unikt innblikk i nordisk private equity, i et selskap med store ambisjoner
Flotte lokaler sentralt plassert ved Nationaltheatret

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no .

Søknadsfrist snarest. Søknader behandles fortløpende og stillingen tiltredes så snart som mulig og etter avtale.

For mer informasjon, kontakt CFO Tobias Fyen på tobias.fyen@permian.no

eller +47 40639814.

SFDR Update – January 2023

Tue, 10 Jan 2023 07:00:00 GMT

During November and December 2022, a number of publications regarding the Sustainable Finance Disclosure Regulation (SFDR) have been made.

EU Commission/ESMA Q&A regarding the SFDR

On 17 November, a Q&A from the EU Commission/ESMA was published. The document includes approximately 60 questions and answers regarding the following areas:

Current value of all investments in PAI (and Taxonomy-aligned disclosures)
PAI Disclosures
Financial product disclosures
Multi-option products
Taxonomy-aligned investment disclosures
Financial advisers and execution-only financial market participants

Due to length of the document, a summary is not provided herein.

Permian comment: This could be considered when preparing SFDR disclosures going forward.

For further information, click here

ESMA consultation on guidelines regarding fund names

On 18 November 2022, ESMA published a consultation on guidelines on funds’ names using ESG or sustainability-terms. If these guidelines are implemented, it would provide guidelines and thresholds to funds that have ESG or sustainability-related terms in its fund name. For example, that such funds would have a minimum proportion of “sustainable investments” (as defined in section 2(17) of the SFDR).

Permian comment: To be taken into account by AIFMs if it considers using ESG or sustainability-related fund names.

For further information, click here

Several regulatory updates on sustainability in Norway

On 20 December 2022, the Norwegian government published that the Sustainable Finance Act adopted by the Norwegian Parliament on 17 December 2021 is effective as of 1 January 2023. Managers of all AIFMs must ensure that sustainability-related information is disclosed on its website, in pre-contractual information as well as in the periodic reporting of each fund. The requirement regarding periodic reporting shall first apply to annual reports that contain annual accounts with a balance sheet date of 31 December 2023. The Ministry of Finance encourages Norwegian enterprises covered by the reporting obligation to include this information in the annual reports for the financial year 2022 on a voluntary basis. We refer to Permian Sustainability Letter no. 4 ( LINK ).

On 29 December 2022, the Norwegian FSA informed that amendments to the delegated regulation of the AIFMD regarding sustainability will also apply in Norway as of 1 January 2023 for licenced AIFMs. The amendments relate, e.g. to an obligation to include sustainability in its organisation, conflicts of interest and risk management. These rules are appliable in the EU since August 2022.

Permian comment: The changes means that Norwegian AIFMs will need to follow the disclosure rules of the SFDR and the Taxonomy as of January 1 2023 and licenced Norwegian AIFMs will also need to apply sustainability aspects in its internal organisation.

For further information, click here and here .

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Kristina Ekkeren: k ristina.ekkeren@permian.no

Permian Sustainability Letter no. 4

Tue, 20 Dec 2022 07:51:37 GMT

Upon the implementation of the Sustainable Finance Disclosure Regulation (“SFDR”), several companies in the financial industry are obligated to report on sustainability. As stated in the previous Permian Sustainability Letters, the SFDR is an EU legislation that regulates how financial market

participants, including alternative investment fund managers (“AIFMs”), must inform their investors about sustainability factors.

For the full Sustainability Letter no. 4, please click here

Contacts:

Rita Granlund: rita.granlund@permian.no

Anna Berntson Petas: anna.berntson@permian.se

How to untangle the SFDR requirements

Wed, 14 Dec 2022 14:56:39 GMT

2023 is the year SFDR is expected to become mandatory in Norway. Gudmund Killi, Managing Partner in Credo Partners, explains how they prepared for the new requirements long before due - and why.

Credo investment philosophy is to partner with investors and founders to transform mid-sized companies into scalable and sustainable business systems.

“Sustainability is an integral part of Credo's investment philosophy. We truly believe that sustainable business models with positive contributions to society will build more financial value” says Gudmund Killi”, Managing Partner in Credo Partners .

Killi believes that Credo will have the biggest impact by focusing on positive change in their companies, rather than just allocating capital to already perfectly sustainable businesses. To meet the demands of investors and employees, Credo has, with support from Permian , implemented the SFDR long before due, expected in 2023.

Meeting the expectations from investors and employees

“Anyone who has started to dive into the details knows it isn’t as simple as who, what, when and where. Understanding and untangling the requirements for SFDR requires external help from specialists over time. Permian has been an important partner for us in this process”, says the Managing Partner.

Permian is a leading Nordic fund administrator with offices located in Oslo and Stockholm. The group has close to 70 employees and has experienced a strong growth in recent years. Permian delivers a full set of business support services including accounting, fund administration, depositary services, risk and compliance and sustainability services.

“We would not be able to meet the new demands at this point in time, if not for the support from Permian. And more importantly, we would struggle to meet the expectations from our investors and employees”, says Killi.

Legislation under constant development

Permian has assisted clients in Norway and Sweden with developing relevant disclosures in line with the regulation. According to Rita Granlund, Head of Sustainability in Permian, the legislation is not easily accessible as the area is under constant development.

“However, in order to make your business attractive, you have to make it easier for investors and employees to understand your sustainability

investment strategy. Meeting the demands of SFDR is an important step towards this” says Rita Granlund.

Granlund says that there is a high demand for sustainability services within the Nordic fund market.

“Working on sustainability matters is not a side chapter but has to be an integral part of how your business operates. We are grateful for the professional advice from Permian”, says Killi.

Learn more

Click here to read Credo Partner’s statement in accordance with the EU Disclosure Regulation regarding sustainability-related disclosures in the financial sector (the “SFDR”). Click here to read Permian’s sustainability letter #3 and more about the new demands. Also, do not hesitate to get in touch to learn how Permian can help you meet your disclosure demands:

Anna Berntson Petas

General Counsel

anna.berntson@permian.se

+46 72 330 53 31

Rita Granlund

Head of Sustainability

rita.granlund@permian.no

+47 952 60 237

Permian Sustainability Letter no. 3

Mon, 05 Dec 2022 15:08:37 GMT

In the Permian Sustainability Letter no. 2 we presented an overview of regulations developed by EU in relation to the EU Green Deal. Of those regulations, the most relevant to our clients is the Sustainable Finance Disclosure Regulation (SFDR). We will dig deeper into that regulation in this and the following letters.

For the full Sustainability Letter no. 3, please click here

Contacts:

Rita Granlund: rita.granlund@permian.no

Anna Berntson Petas: anna.berntson@permian.se

Permian announces four new Manager promotions

Tue, 29 Nov 2022 07:57:55 GMT

"We are thrilled to announce the promotion of Guro, Andreas, Smret, and Jesper as Managers in Permian" says Marianne Normann, Permian Group CEO.

Permian is a leading Nordic fund administrator with offices located in Oslo and Stockholm. The group has close to 70 employees in Norway and Sweden and have experienced a strong growth in recent years.

"Guro, Andreas, Smret and Jesper have impressed us by their accomplishments in Permian and they have all become preferred partners for our clients. We are proud to now call them Permian Managers” says Marianne.

Guro Langemyhr joined Permian in 2017. Prior to this, she worked with accounting at Bama Gruppen. She holds a master in business administration from Handelshøyskolen BI and is a certified accountant.

“Guro has gained wide experience within the private equity area as she has worked within the accounting and the depository department during her years in Permian. She is a highly valued team member at Permian”.

Andreas Askenbäck joined Permian’s fund administration team in 2019 after completing his bachelor’s in business administration from Gävle University.

"Andreas joined us straight from his studies. We are grateful that he chose Permian and Andreas has impressed us with his quick mindset and understanding of private equity operations".

Smret Kidane joined Permian in 2021. Prior to this, she worked at Løvenskiold Handel for six years and at Accountor for eight years. At Løvenskiold she built and delivered accounting services, in a newly established team for franchises. In Accountor she worked with accounting advisory, payroll, and internal control. Smret holds a bachelor’s degree in business administration with a specialization in project management, and she is a certified accountant.

“Smret joined us in 2021 and became an important team member with her many years of experience. We are delighted to announce her promotion”.

Jesper Lindström Bruce also joined Permian in 2021. Prior to this he worked as a team leader at an accounting firm in Stockholm with overall responsibility for a varied client portfolio.

"Jesper’s experience is highly appreciated where he has quickly picked up on private equity industry standards, and we are very excited to have him as a Manager in Permian”.

Permian’s three core values are precise, challenging and caring. Marianne is confident that the new Managers share this set of values and will deliver in line with Permian’s ambition “Everything Correct!”.

Permian Sustainability Letter no. 2

Tue, 22 Nov 2022 12:50:47 GMT

The purpose of this letter is to provide some insight into the new legislation that is developed with regards to EU’s sustainability goals and will provide some background information on ESG.

For the full Sustainability Letter no. 2, please click here

Contacts:

Rita Granlund: rita.granlund@permian.no

Anna Berntson Petas: anna.berntson@permian.se

Why you should invest in your IT systems

Tue, 15 Nov 2022 20:45:29 GMT

Since Simon Carlstedt entered Permian one year ago, the company has initiated large investments in platforms and projects related to IT. The Head of IT explains why you should consider doing the same.

"As the business has grown fast and is still expanding, we had to update the roadmap and strategy for Permian's technical infrastructure. My first task was to examine technical setups and structures which already existed", says Simon Carlstedt.

Since Permian started its journey to become the leading Nordic Fund administrator in 2015, the company has grown from 10 to nearly 70 employees. As the business grows, the needs and priorities also change.

Simon has more than 20 years of experience from various roles working for system suppliers, selling and implementing systems to customers, but also from the customer side, where he was head of operation at a fund company. One year ago, he entered the role as Head of IT at Permian to improve digitalization and technical infrastructure.

"The reason I wanted to join Permian was the opportunity to utilize my knowledge of system integration from the supplier's side as well as from the customer's side. My background as COO at another fund company has also given me useful experience from the users' perspective", says Simon.

Since he entered the role as Head of IT, his main focus has been to secure good systems for the team members at Permian. This has led to large investments in new platforms and projects related to IT.

Simon explains why this is a must as the company evolves and why you should look into the same:

1. Security

There’s a risk that your company, at some point, will be affected by cybercrime. This needs to be prevented as far as possible. The security landscape is also changing rapidly.

"Therefore, we have to regularly undertake a risk analysis to identify new issues and continually invest to mitigate them”, Simon says.

Simon and his team have teamed up with a strategic IT partner. Together, they work to identify areas where Permian can improve and how they can succeed in this.

“Cyber security has to be our number one concern always. This includes the security of our organization, but also our investors and clients”, Simon says.

2. Greater efficiency and productivity

While examining the technical infrastructure at Permian, Simon also saw the potential in more efficient systems. His goal is to make daily work easier for everyone at Permian.

"The level of technology within a business affects morale. If you think about it, the IT environment is where the majority of office-based workers spend their days. It matters to each team member”.

In addition to improving the work environment, more efficient working tools increase productivity. One example of how Permian works to secure good systems for the team members is a newly implemented "Know Your Customer" system.

The system boosts efficiency and the Permian team gets to know their clients faster and smoother than before. But also, increases the quality of the work, which leads us to bullet point three:

3. Improve the experience for customers and investors

"We depend on systems where information, reports, and daily information can be shared in a user-friendly way. Our team needs to have platforms to communicate with clients and investors quickly and easily”, the Head of IT says.

Examples of ways to communicate, may be through various portals. These also lead to more effective onboarding of new clients and investors. But equally as important as user-friendliness, is the security of the platform, according to Simon:

“As already mentioned, security must always be our number one priority. But if you actively invest in other IT systems as well, the quality of your deliveries will be improved and you will also see increased productivity. Last but not least, your team colleagues will enjoy their tasks more which in the end leads to happier clients” says Simon.

Permian Sustainability Letter no. 1

Tue, 08 Nov 2022 07:00:00 GMT

Sustainability has become a central theme in the financial market today. We initially introduced the Permian Sustainability Letters for internal education purposes. However, given interest from several of our clients, we have decided to make these letters public.

For the full Sustainability Letter no. 1, please click here

Contacts:

Rita Granlund: rita.granlund@permian.no

Anna Berntson Petas: anna.berntson@permian.se

SFDR Update – October 2022

Mon, 31 Oct 2022 10:30:45 GMT

On 30 September 2022, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) delivered their final report with updated draft Regulatory Technical Standard (RTS) under the Sustainable Finance Disclosure Regulation (SFDR).

The updates relate to:

disclosure of financial products’ exposure to investments in fossil gas and nuclear energy activities; and
minor technical revisions to the previously published RTS to correct inconsistencies observed after its publication.

Next step is that the European Commission will scrutinize the draft report before it can enter into force.

This means that the RTS published in July 2022 as Commission Delegated Regulation (EU) 2022/1288 are likely to be amended. It remains to be seen if the amendment enters into force on or after 1 January 2023 when regulation 2022/1288 enters into force.

For further information, please click here

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Kristina Ekkeren: k ristina.ekkeren@permian.no

Private Equity Fund Administrator

Tue, 25 Oct 2022 12:26:04 GMT

Permian-gruppen er Nordens ledende fondsadministrator, og tilbyr et bredt spekter av tjenester til nordiske private equity-aktører, investeringsselskaper og family offices. Tjenestene inkluderer fondsadministrasjon, regnskap, fondshotell, rapportering, internkontroll, risk management og depot. Våre kunder har totalt ca NOK 120 milliarder kroner under forvaltning, fordelt på rundt 120 fondsstrukturer og 60 forvaltermiljøer i Norge og Sverige. Permian har ca 65 ansatte fordelt på kontorer i Oslo og Stockholm.

Arbeidsbeskrivelse

Permian søker ambisiøse og kompetente medarbeidere med interesse for finans til vårt team på fondsadministrasjon. En fondsadministrator sørger for den daglige driften i fond og investeringsselskaper, og jobber tett sammen med forvaltere, regnskapsførere og andre interessenter. Arbeidsoppgavene inkluderer

Beregning av KPI-er og rapportering til investorer/styret/myndigheter
Likviditetsoppfølging
Bistand ved etablering av investeringsselskaper/fond, kapitalendringer og andre selskapshendelser
Kommunikasjon og koordinering mellom regnskapsfører, investorer, forvalter, styret, revisor etc
Bistand ved implementering av Permians IT-systemer for nye kunder, samt drift av eksisterende kunder i systemene
Diverse adhoc-oppgaver og interne prosjektoppgaver
På senior og manager-nivå vil man i tillegg ha kundeansvar for mindre eller større kunder, herunder ha ansvar for planlegging og koordinering av leveranser, utvikling av rutiner og prosedyrer, utføre kvalitetskontroller, samt følge opp mer junior medarbeidere

Permian kan tilby en variert stilling med muligheter for faglig utvikling i et framtidsrettet selskap.

Ønskede kvalifikasjoner

Vi ser etter deg med gode kunnskaper og interesse for regnskap og finans, slik at du har evne til å sette deg inn i våre kunders problemstillinger. Du bør ha god kjennskap og interesse for IT systemer og hvordan man får disse til å samspille på best mulig måte.

For å lykkes i stillingen må du trives med å jobbe i et dynamisk arbeidsmiljø med en stor grad av variasjon i arbeidsoppgaver. Det er avgjørende at du er nøyaktig og strukturert, samtidig som du evner å utføre arbeidet ditt på en effektiv måte.

Høyere utdanning innen økonomi/finans (siviløkonom e.l.)
2-5 års relevant erfaring, fra for eksempel revisjon, regnskap eller controlling
Gode ferdigheter i Excel og Microsoft Office. Erfaring med Power BI er et pluss.
Ansvarsbevisst med evne til å jobbe selvstendig mot avtalte mål
Strukturert og nøyaktig
Gode kommunikasjonsevner på norsk og engelsk

Vi kan tilby

Varierte, interessante og utfordrende oppgaver med store muligheter for rask utvikling, både personlig og faglig
Et veldig godt miljø – både faglig og sosialt – fundamentert på våre tre kjerneverdier: presis, utfordrende og romslig - og ikke minst vår visjon «Alt riktig»
Et unikt innblikk i nordisk private equity
Konkurransedyktige betingelser
Flotte lokaler sentralt plassert ved Nationaltheatret

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no.

Søknadsfrist snarest. Søknader behandles fortløpende.

Oppstart: Etter avtale.

For mer informasjon, kontakt HR Manager Maria Nystedt på maria.nystedt@permian.se eller +46 76 542 23 97

Senior Fund Accountant med interesse for investerings-, private equity- og venturekapital-industrien

Thu, 13 Oct 2022 07:08:53 GMT

Vi søker deg som ønsker å bidra til at Permian fortsatt leverer de aller beste og fremtidsrettede tjenestene til sine kunder.

Om Permian

Permian er en ledende nordisk fondsadministrator med kontor sentralt i Oslo og Stockholm.

Alle selskapene i Permian gruppen står under tilsyn av Finanstilsynet og tilbyr et komplett tilbud av støttetjenester for private equity fond, fondsforvaltere, investeringsselskap og familiekontorer i Norge og Sverige. Vårt mål er å levere de back- og mid-office tjenestene våre kunder trenger for å kunne utføre sitt arbeid så effektivt og profesjonelt som mulig.

Vår visjon er «Alt riktig!», våre kjerneverdier i arbeidet mot visjonen er at vi skal arbeide presist, være utfordrende om nødvendig for å levere bedre og å opptre med romslighet og respekt mot kolleger, kunder og andre leverandører. Vi arbeider i team internt og med små og store kunder.

Permian har opplevd rask vekst de siste årene og søker derfor en jurist til kontoret i Oslo med genuin interesse for selskaps- og skatterett, personvern og anti-hvitvaskingsregulering og andre finansregulatoriske spørsmål. Dette er viktige områder for Permian og våre kunder.

Arbeidsbeskrivelse

Som regnskapsfører i Permian får du jobbe i en raskt voksende og utviklende internasjonal fondsindustri. Jobben er variert med rom for faglig utvikling i et selskap med sterk vekst og høye ambisjoner.

Du vil få en definert portefølje av klienter, hvor du for enkelte vil ha totalansvar. Arbeidsoppgavene består blant annet av periodisk rapportering, noe løpende bokføring, opplæring av ansatte, sette gode rutiner på de enkelte oppdrag, koordinering av leveranse mot fondsadministrator og kunde, kundekontakt, årsavslutning og skatt/mva. Det vil også være muligheter for prosjektbasert arbeid innenfor en rekke ulike områder i et nært samarbeid med kolleger og kunder.

I tillegg til det faglige/operative vektlegger vi at du har gode sosiale ferdigheter og omfavner Permians verdier: presis, utfordrende og omsorgsfull.

Stillingen gir en fantastisk mulighet til å utvikle dine ferdigheter innen private equity bransjen, investeringer og bruk av IT -verktøy.

Typiske ansvarsområder

Regnskap fra A til Å for fond, investerings- og forvaltningsselskaper, herunder
Periodisk rapportering til kunden og kundens investorer
Lovpålagt rapportering inkludert årsrapporter, selvangivelse og mva
Løpende regnskapshåndtering og betaling
Kvalitetskontroll av leveranser
Innsikt i kundens virksomhet, inkludert relevante avtaler som styrer fondet, samt gjeldende lover/ forskrifter (eks. aksjeloven, skatteloven, mva-loven og ikke minst lov om forvaltning av alternative investeringsfond)
Opplæring av juniorer/teammedlemmer
Utnytte mulighetene innen bruk av IT for å skape forbedringer

Bakgrunnen din

Gjerne autorisert regnskapsfører
2-5 års erfaring fra regnskaps- eller revisjon, gjerne inkludert erfaring i norske og fortrinnsvis internasjonale regnskapsstandarder (IFRS) samt operasjonell og praktisk erfaring med å gjennomføre årsavslutninger, mva-, skatte- og lovpålagt og periodisk rapportering og rapportering til Finanstilsynet
Beherske norsk og engelsk både skriftlig og muntlig
Gjerne erfaring fra Visma og / eller Maestro og Escali

Vi kan tilby

Utfordrende og interessante oppgaver, og en flott mulighet for faglig utvikling
Jobbe i et raskt voksende og fremtidsrettet selskap
Stor innsikt i nordisk private equity-industri
Konkurransedyktig fordelspakke
Et godt arbeidsmiljø, både faglig og sosialt

Spørsmål og søknad

CV og karakterutskrift må vedlegges søknaden og sendes til hr@permian.no.

Søknadsfrist snarest. Søknader behandles fortløpende.

For mer informasjon, kontakt HR Manager Maria Nystedt på maria.nystedt@permian.se eller +46 765 42 23 97

Stillingsform: Heltidsstilling

Ansettelsesform: Fast

Sted: Permians kontor i Roald Amundsens gate 6 i Oslo, Norge.

Frist: Snarest

New and bigger office in Stockholm

Thu, 06 Oct 2022 06:41:10 GMT

As a result of the continued growth and development, Permian is expanding and relocating to new and bigger office spaces in Stockholm.

“We see a challenging market with geopolitical uncertainties and a declining economy, which affects all businesses. Despite this, we experience strong growth in the Permian group, with great demand for our services in the Nordic countries”, says Marianne Normann, Group CEO of Permian.

Since Permian started its journey on becoming the leading Nordic Fund administrator in 2015, the company has grown from 10 to nearly 70 employees.

"As part of the strong development, with more employees, we will soon upgrade to larger office premises in Stockholm, as we have outgrown the current premises. We look forward to welcoming our customers to Vasagatan 36 from 1 ^st November 2022.", says the CEO.

The Best Workplace in the Nordic Countries

Permian Group is a leading Nordic fund administrator with offices in Stockholm and Oslo. The group offers a complete set of business support services designed for funds, fund managers, investment firms, family offices, trusts, associations, and foreign companies seeking local representation in the Nordics.

"We play a part in making it possible for our clients to operate their businesses more effectively and efficiently", says Marianne.

She came to Permian from PwC in 2014 and has held various management positions in the group. She knows the market and the customers well, as well as the challenges that her colleagues face in their line of work.

“It is crucial that employees know they are valued to deliver top quality and be the preferred partner for our clients. We have set a goal to be the Best Workplace in the Nordic Countries".

Permian’s values – caring, precise and challenging – have been core in developing the company culture. "Growing fast makes it more challenging to develop a strong company culture. However, our customer satisfaction survey shows that our clients perceive us as kind, competent, experienced and hard-working, which makes me proud” says the CEO.

The Preferred Partner for our clients

To continue the development of Permian as the leading Nordic fund administrator, Marianne argues that Permian must keep investing in both people and IT.

“Digitization continues and we will therefore make significant investments in our IT platform and run several development projects in this area”.

Following the EU regulation and the coming Norwegian law on sustainable finance, it is an increased demand for risk and compliance services in both Sweden and Norway. “We have gained experience working with our Swedish clients when the EU regulation became effective last year and we experience an increased demand for these services both in Sweden and in the Norwegian market.”

In addition to fund administration and accounting, Permian has long experience in delivering depository services in Norway. “This year we have expanded the depository business to Sweden, where we see an increasing demand and expect further growth”, says Marianne.

Permian is a truly Nordic firm where our teams in Norway and Sweden work together every day and build on each other’s experience and strengths to develop the business so that Permian can reach the goal to become the best place to work.

SFDR Update – September 2022

Mon, 12 Sep 2022 18:29:17 GMT

On 9 September 2022, the Swedish Financial Supervisory Authority (SFSA) published an analysis of pre—contractual disclosures made about article 9 funds under the Sustainable Finance Disclosure Regulation (SFDR). The main conclusion of the SFSA was that the information provided about such funds was unclear.

The analysis included 30 UCITS funds registered in Sweden that were categorized as article 9 funds. An article 9 fund under the SFDR is a fund that has sustainable investments as its objective.

In the analysis, the SFSA concluded that, in general, the funds’ pre-contractual disclosures were unclear regarding:

what is considered to be a sustainable investment;
the description of the environmental or social objectives to which the fund contributes;
information regarding how sustainability risks were taken into account in the investment decision-making process; and
information regarding the likely impacts of sustainability risks on returns.

On the first point , regarding sustainable investment, the SFSA states that there was a lack of clarity in the pre-contractual disclosures how the companies make the assessment that an underlying asset qualifies as a sustainable investment.

Permian comment: The lack of clarity is presumably related to the difficulties in interpreting the definition of sustainable investment in article 2.17 of the SFDR. Despite such unclarity, the managers will need to make their own assessment of what a sustainable investment is based on such general definition.

On the second point , the SFSA states that for some funds, the description of the environmental or social objective was unclear in the pre-contractual disclosures.

Permian comment: We recommend that a description of the environmental and/or social objective is included in the pre-contractual disclosures. We also note that the SFSA’s analysis includes a few examples of such objectives.

On the third point , the SFSA states that the pre-contractual disclosures often only included a confirmation that sustainability risks were taken into account in the investment decision-making process but without providing further details about how it was taken into account. In addition, the SFSA also noted that some pre-contractual disclosures included too much information, and detailed technical terms which could be difficult for consumers to interpret.

Permian comment: We recommend that the information regarding sustainability risks includes details about how such risks are taken into account in the investment decision-making process and not only that they are taken into account.

On the fourth point , regarding the likely impacts of sustainability risks on returns, the SFSA states that the description about how risks could impact returns was generally not sufficiently clear and that it was not specific for the fund in question.

Permian comment: Our recommendation is that asset managers conduct a proper ESG risk analysis for the fund in question and then disclose more detailed information in the pre-contractual disclosures regarding identified potential sustainability risks and potential impact on returns.

For the full SFSA analysis, please click here .

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Kristina Ekkeren: k ristina.ekkeren@permian.no

Fund Accountant/Redovisningskonsult (Junior och Senior)

Tue, 06 Sep 2022 10:10:48 GMT

Har du akademisk examen inom ekonomi, vill arbeta inom ekonomi och finansbranschen och få en inblick i den nordiska Private Equity-branschen, samt är en strukturerad och noggrann person? Vill du utvecklas med ett företaget i tillväxt, där vi också värnar om en god teamgemenskap? Då har vi tjänsten för dig! Permian fortsätter växa och vi söker drivna redovisningskonsulter till vårt kontor i centrala Stockholm.

Om Permian

Permian är en snabbväxande och innovativ ledande nordisk fondadministratör med kontor i centrala Oslo och Stockholm. Permiangruppen arbetar med investeringsbolag, riskkapitalfonder och fondförvaltare som tillsammans idag har 100 mdkr under förvaltning fördelade på ett ungefär hundra fonder och investeringsbolag. Som specialist inom fondadministration erbjuder Permian ett brett utbud av experttjänster till nordiska Venture-, Private Equity- och riskkapitalbolag, bl.a. rådgivning, fondadministration, fondförvaltnings-, förvaringsinstitut- och redovisningstjänster. Målsättningen är att minska de administrativa bördorna för kunderna med expertis, IT verktyg och effektivitet.

Företaget grundades i Oslo för 10 år sedan och idag är vi 65 personer på plats i Stockholm och Oslo.

Permian Administration AB är ett helägt dotterbolag i Permiangruppen och har kontor på Bryggargatan 5 centralt i Stockholm.

Arbetsbeskrivning

Som redovisningskonsult hos oss ansvarar du för bokföringsarbete för ett antal kunder samt deltar vid rapporteringar, kvartals- och årsbokslut. Tjänsten innebär många kontakter så väl internt som externt.

Huvudsakliga arbetsuppgifter:

Löpande bokföring
Kund- och leverantörsreskontra
Betalningar
Moms- och skatteredovisning
Avstämningar
Delaktig i period- och årsbokslut samt rapporteringar till kunder
Behjälplig vid implementering av IT-system

Kvalifikationer och egenskaper

Kanske har du nyligen tagit en akademisk examen inom ekonomi och ser fram emot det första jobbet inom ekonomi och finans? Eller så har du arbetat ett tag och är redo för nästa utmaning?

Som person är du nyfiken och tycker om att leta efter ständiga förbättringar för att uppnå effektivitet och enkelhet. Du är en prestigelös teamspelare och du är tydlig och bekväm i din kommunikation. Du har en hög servicekänsla och brinner för att hjälpa andra och vara ett stöd både internt och externt. Du är angelägen om att nå resultat och att hålla såväl deadlines som hög kvalitet i ditt arbete.

Vi ser gärna att du har goda kunskaper i Excel samt uttrycker dig väl i tal och skrift på såväl svenska som engelska. Erfarenhet av Fortnox och andra affärssystem är meriterande men inget krav, men vi tror att du har ett intresse för hur system och goda processer kan förbättra kvalitet och efektivitet.

Vi erbjuder

Utmanande och intressanta arbetsuppgifter
Ett omväxlande arbete med stort utrymme för professionell utveckling i ett framtidsinriktat företag
En fin miljö - både professionellt och socialt - baserat på våra tre kärnvärden: ”precise, challenging och caring”
En unik inblick i den nordiska Private Equity-branschen
Konkurrenskraftiga villkor
Möjlighet att styra din utveckling och dina ambitioner genom en individuell utvecklingsplan

Om du vill veta mer

Vid frågor kontakta HR-manager Maria Nystedt:

maria.nystedt@permian.se

+46 (0)76-542 23 97

Välkommen med din ansökan! Bifoga CV, personligt brev samt gärna betyg från universitet och gymnasium till hr@permian.se

Anställningsform: Tillsvidareanställning med 6 månaders provanställning

Start: Enligt överenskommelse, så snart som möjligt

Urval sker löpande.

SFDR Update – August 2022

Mon, 08 Aug 2022 11:04:11 GMT

During the month of July 2022, two interesting publications regarding the Sustainable Finance Disclosure Regulation (SFDR) were made: 1) publication of the SFDR regulatory technical standards in the Official Journal; and 2) publication of a report from the European Supervisory Authorities (ESAs) regarding principal adverse impact statement (PAI). The following article will give a short summary of both publications.

SFDR regulatory technical standards published in the Official Journal

On 25 July 2022, the regulatory technical standards (RTS) under the SFDR were published in the Official Journal as Commission Delegated Regulation (EU) 2022/1288.

The RTS includes details regarding certain disclosures under the SFDR, including for example templates for pre-contractual and annual reporting disclosures for article 8 and 9 funds as well as template for principle adverse impact statement.

This is a long-awaited publication confirming that the RTS will enter into force 1 January 2023 as expected. We recommend that asset managers (and other financial market participants) ensure that their disclosures are updated in accordance with the RTS no later than 1 January 2023. This notably relates to website disclosures.

Report from the ESAs regarding PAI disclosures

On 28 July 2022, the ESAs issued a report regarding principle adverse impact disclosures (PAI). The report was based on surveys conducted by National Competent Authorities.

Disclosures on PAI are mandatory for certain larger asset managers (and other large financial market participants) and voluntary to comply with for other asset managers that does not reach certain thresholds. The purpose of the PAI disclosures in terms of asset managers is to show investors the impact that the relevant portfolio companies have on the environment and other ESG indicators.

The main findings of the report are as follows:

the PAI disclosures of the financial market participants that were included in the survey were not very detailed; and
there was a low level of compliance with the details required for financial market participants to explain why they opted not to take PAI into account.

In addition, the report includes a few examples of best practices relating to PAI disclosures.

We recommend that asset managers (and other financial market participants) take the findings in the report into account when updating their website disclosures in accordance with the RTS as stated above.

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Kristina Ekkeren: k ristina.ekkeren@permian.no

SFDR Update – June 2022

Thu, 16 Jun 2022 10:59:56 GMT

Three clarifications regarding the interpretation of the Sustainable Finance Disclosure Regulation ("SFDR") have been made during Q2 of 2022.

The EU Commission and the European Securities and Markets Authority (“ESMA”) published a Q&A concerning certain questions of interpretation regarding the SFDR on 25 May 2022.

Firstly, the EU Commission stated in the Q&A that the duty to publish website disclosures and periodic reporting disclosures applies to all funds. This includes funds where no new investors were taken in and where no increases in commitments from investors was made after 10 March 2021. For funds that are closed however, the duty to update pre-contractual information no longer applies.

Secondly, the EU Commission stated that any manager opting out of the principle adverse impact (“PAI”) consideration at entity level (i.e., at manager level) may still consider PAI at a product level (i.e., at fund level).

With this in mind, managers should ensure that closed funds are categorised under the SFDR, meaning that the fund should be placed in the category of either article 6, 8 or 9. In addition, website disclosures and periodic reporting disclosures should be considered for all funds.

ESMA published a supervisory briefing on 31 May 2022 regarding the SFDR and the Taxonomy Regulation . The briefing outlines recommendations to the National Competent Authorities (“NCAs”) regarding their supervision of financial market participants under the SFDR and the Taxonomy. It refers to the regulatory technical standards that enters into force on 1 January 2023.

The briefing promotes a risk-based approach to supervision. The intensity and frequency of the sustainability related supervision of investment funds is determined based on the assessment of the risks affecting these funds. Concerning pre-contractual disclosures for funds categorised under article 8 or 9, the briefing states that it is likely that NCA’s will prepare checklists to assist them in verifying compliance with disclosure requirements. The briefing also includes for use by the NCA’s, a list of matters that is suggested to be highly relevant in this regard.

Permian assumes that the NCAs will focus on funds/managers where they assess there to be the greatest risk for greenwashing. Permian also notes that the NCAs have previously informed that they will start reviewing article 9 funds, which is in line with such risk-based approach.

On the subject on how to ensure a sufficient alignment with the SFDR, certain specific recommendations for the funds can be extracted from the briefing:

As marketing materials are likely to be reviewed by NCA’s, the funds should ensure that marketing materials and fund documentations are aligned when it relates to ESG disclosures.
To ensure that disclosures are sufficiently clear and not misleading, cross-references and hyperlinks should be avoided.
In the cases where a fund has a sustainable investment policy, such policy should be included in the fund documentation and the sustainable objectives or characteristics should be clearly identified.
Although the proportion of non-financial characteristics as criteria for the selection of underlying assets are an important part of the information provided to investors, only the characteristics clearly included in the investment decision-making process should be part of the disclosure.

As all authorised fund managers are required from 1 August 2022 to integrate sustainability risks in their portfolio, risk management processes and overall governance structure, the briefing encourages the NCAs to ensure a clear verification of compliance with these requirements. Thus, authorised funds should place a reasonable focus on the manner in which sustainability risks are integrated in their investment decisions.

Lastly, the briefing states that article 8 and 9 funds should ensure that there is in place a policy to assess good governance practices.

The European Supervisory Authorities (“ESA’s”) published a statement providing clarifications on the SFDR regulatory technical standards (“RTS”) on 2 June 2022. The clarifications covered the following aspects of the RTS:

use of sustainability indicators;
principal adverse impact (PAI) disclosures;
financial product disclosures;
direct and indirect investments;
taxonomy-related financial product disclosures;
“do not significantly harm” (DNSH) disclosures; and
disclosures for products with investment options.

Permian notes that the RTS are likely to enter into force 1 January 2023, presently depending on whether EU Parliament choose to exercise their right to oppose the implementation. Since the RTS includes more detailed disclosure obligations that the SFDR, this means that many fund managers will need to update their website disclosures ahead of 1 January. We recommend that ESA’s statement is taken into account when updating disclosures in accordance with the RTS.

Contacts:

Anna Berntson Petas: anna.berntson@permian.se

Kristina Ekkeren: Kristina.ekkeren@permian.no

Private equity junior fund accountant

Wed, 08 Jun 2022 18:20:44 GMT

Private equity junior fund accountant (redovisningskonsult)

Om Permian

Företaget grundades i Oslo för 10 år sedan och idag är vi 55 personer på plats i Stockholm och Oslo.

Permian Administration AB är ett helägt dotterbolag i Permiangruppen.

Arbetsbeskrivning

Huvudsakliga arbetsuppgifter:

Löpande bokföring
Kund- och leverantörsreskontra
Betalningar
Moms- och skatteredovisning
Avstämningar
Delaktig i period- och årsbokslut samt rapporteringar till kunder
Behjälplig vid implementering av IT-system

Kvalifikationer och egenskaper

Kanske har du nyligen tagit en akademisk examen inom ekonomi och ser fram emot det första jobbet inom ekonomi och finans? Eller så har du arbetat ett tag och är redo för nästa utmaning?

Vi erbjuder

Utmanande och intressanta arbetsuppgifter
Ett omväxlande arbete med stort utrymme för professionell utveckling i ett framtidsinriktat företag
En fin miljö – både professionellt och socialt – baserat på våra tre kärnvärden: ”precise, challenging och caring”
En unik inblick i den nordiska Private Equity-branschen
Konkurrenskraftiga villkor
Möjlighet att styra din utveckling och dina ambitioner genom en individuell utvecklingsplan

Om du vill veta mer

Vid frågor kontakta HR-manager Maria Nystedt på 076-5422397 eller maria.nystedt@permian.se

Välkommen med din ansökan! Bifoga CV, personligt brev samt betyg från universitet och gymnasium till hr@permian.se

Anställningsform: Tillsvidareanställning med 6 månaders provanställning

Start: Enligt överenskommelse, så snart som möjligt

Urval sker löpande.

Utkontraktering – Nye regler

Fri, 18 Mar 2022 08:20:07 GMT

Alle foretak under tilsyn fra Finanstilsynet må føre oppdatert oversikt over avtaler om utkontraktering. Avtaler som er kritisk eller viktig for foretaket må meldes til Finanstilsynet, men noen typer foretak er unntatt fra meldeplikten.

Ny forskrift om meldeplikt ved utkontraktering av virksomhet trådte i kraft 1. januar 2022. Flere foretakstyper skal omfattes av meldeplikten. Forskriften regulerer blant annet hvilke utkontrakteringsavtaler som skal meldes, hva meldingene skal inneholde og hvilke foretak som er unntatt fra meldeplikten.

Som følge av forskriften har Finanstilsynet publisert rundskriv 7/2021 Veiledning om utkontraktering, 21. desember 2021, som erstatter rundskriv 3/2020. Rundskrivet gir veiledning på:

HVA som regnes som utkontraktering,
BEGRENSNINGER i adgangen til å utkontraktere, og
HVORDAN foretak under tilsyn må identifisere, vurdere og håndtere risikoen knyttet til utkontraktering.

HVA: Det er utkontraktering når et foretak velger å la et annet foretak utføre oppgaver på vegne av foretaket, også om begge foretak er i samme konsern eller i en konsernlignende gruppe. Rundskrivet lister opp en rekke gode eksempler på oppgaver, og definerer hvilke av disse oppgavene som er å regne som utkontraktering, og hvilke som ikke er å regne som utkontraktering. Videre presiseres det at utkontrakteringsavtalen må gi foretaket de rettigheter som er nødvendig for at utkontrakteringen kan anses forsvarlig. Det listes også opp en rekke konkrete krav til avtaleverket.

BEGRENSNINGER: Foretaket må ha fastsatte strategier og overordnede retningslinjer for risikostyring og internkontroll, og kan bare utkontraktere virksomhet dersom det anses forsvarlig. Dette forutsetter at parten det utkontrakteres til har kompetanse og kapasitet, og at foretaket selv har ressurser til å sikre nødvendig styring og kontroll med utkontraktert virksomhet. Før foretaket inngår avtale om utkontraktering, må foretaket gjøre en grundig vurdering av oppdragstaker og underleverandører der det er aktuelt. Veiledningen inneholder en sjekkliste til bruk i vurderingen. Videre må foretaket sikre at Finanstilsynet kan føre tilsyn med utkontraktert virksomhet.

Et foretak kan ikke utkontraktere oppgaver i et slikt omfang at foretaket selv ikke har tilstrekkelige ressurser til å følge opp og eventuelt avvikle utkontrakteringsavtaler, og sikre kontinuitet dersom oppgavene skal tas tilbake. Konsesjonspliktig virksomhet kan ikke utkontrakteres i et omfang som innebærer at foretaket fremstår som et tomt skall.

I vurdering av om det er forsvarlig å utkontraktere, må det gjøres en samlet vurdering av betydningen av oppgavene for den operasjonelle virksomheten. Finansforetak kan i utgangspunktet ikke utkontraktere kjerneoppgaver. Rundskrivet gir eksempler på hva som anses som kjerneoppgaver for bank og forsikring. Rundskrivet gir også veiledning på hvilke kontrollfunksjoner og kontrolloppgaver som kan utkontrakteres.

HVORDAN: Styrets ansvar for å sørge for forsvarlig organisering av foretakets virksomhet omfatter også de delene av virksomheten som er utkontraktert. Strategi og overordnede retningslinjer for risikostyring og internkontroll, herunder foretakets risikoprofil og risikorammer (der det er aktuelt), må dekke utkontraktert virksomhet. Styret må fastsette prinsipper og overordnede retningslinjer for hvordan utkontraktering skal skje, følges opp og overvåkes. Det er daglig leders ansvar å iverksette tiltak som sikrer styring og kontroll i samsvar med prinsippene og retningslinjene fra styret. Kritiske eller viktige utkontrakteringsavtaler skal alltid behandles i styret.

Foretaket må ha retningslinjer og rutiner som sikrer at foretaket har en samlet oversikt over alle avtaler om utkontraktering, det vil si at oversikten inneholder nødvendige opplysninger og vurderinger og at den oppdateres løpende. Veiledningen stiller konkrete krav til detaljeringsgrad for disse retningslinjene.

Foretaket må sikre at det har tilstrekkelig kapasitet og kompetanse, samt vurdere hvordan det skal sikres tilgang til nødvendig kapasitet og kompetanse for å sikre kontinuitet hvis oppgavene tas tilbake. Foretakets beredskapsplaner må omfatte utkontraktert virksomhet.

Finanstilsynsloven § 4c og den nye forskriften gjelder alle foretak under tilsyn. Forskriften inneholder:

Krav til samlet oversikt over utkontrakteringsavtaler
Hvilke avtaler som skal meldes til Finanstilsynet
Krav til meldingen
Hvilke foretak som er unntatt fra meldeplikten

Forvaltere for verdipapirfond og forvaltere av alternative investeringsfond er unntatt fra meldeplikten under forskrift til finanstilsynsloven, men er underlagt en noe mer begrenset meldeplikt etter verdipapirfondloven og AIF-loven, og har likevel meldeplikt for utkontraktering som gjelder investeringstjenester. Alle foretak under tilsyn skal ha en oppdatert oversikt over avtaler om utkontraktering, selv om foretaket er unntatt fra meldeplikten.

Forslag til plan for implementering:

Påse at strategi og overordnede retningslinjer for risikostyring og internkontroll, herunder foretakets risikoprofil dekker utkontraktert virksomhet
Sørge for tilfredsstillende dokumentert risikovurdering før en tjeneste utkontrakteres
Gjennomgå eksisterende avtaler, og vurder om disse er utkontraktering eller ikke i henhold til veiledningen. Vurder om avtalene ivaretar formkravene i veiledningen.
Vurder behov for fornyet dokumentert vurdering av oppdragstaker i samsvar med sjekklisten i veiledningen
Vurder behov for fornyet dokumentert vurdering av omfang og art av utkontraktert virksomhet, og dokumenter forsvarlighetsvurderingen
Utarbeid oversikt over samtlige utkontrakteringsavtaler med detaljeringsnivå i henhold til veiledningen
Vurder om det foreligger avtaler som medfører meldeplikt
Påse at selskapet har rutiner for (minimum) årlig gjennomgang av utkontraktert virksomhet

Vi kan bistå med implementeringen.

Ta gjerne kontakt med oss:

Roald Albrigtsen ( roald.albrigtsen@permian.no /+47 992 59 350)

Meet Mattias – Our Head of Business Development

Mon, 28 Feb 2022 08:26:16 GMT

For the last six months, Mattias Ekvall has been Head of Group Sales and Business development at Permian. What inspires Mattias and what are his ambitions for 2022?

“Six months within the Permian Group has confirmed my first impression. The Permian team truly shares my love for challenges and caring for each other as we work to solve them” says Mattias.

For the last six months, Mattias has led Permian’s sales team, worked to develop new business opportunities, and supported our clients in operating their businesses better and more efficiently.

“Mattias was the perfect match for us, something we understood in our very first meeting,” says Marianne Normann, CEO of Permian Group.

The perfect match

“The Permian Group has experienced rapid development in the last couple of years, and we are happy to have Mattias with us for a challenging, but exciting journey ahead,” says Marianne Normann, CEO of Permian Group.

As Head of Group Sales and Business Development, Mattias’s responsibilities include overseeing sales strategy and execution.

“I feel lucky to be a part of a challenging, very hardworking – and caring team,” says Mattias.

Extensive experience from the industry

Before joining Permian in the late summer of 2021, Mattias was a Senior Client Relationship Manager at Brummer & Partners in Stockholm. He has more than fourteen years of experience from the financial industry.

Permian Group’s mission statement is “Everything correct” and important values in working towards that goal are to be precise and dare to challenge each other.

“Important values also include being team players with deep respect for each other and our customers. Mattias has already shown that he is a positive, hardworking, and caring team player,” says Marianne.

Mattias new year’s resolutions

Part of the reason Mattias wanted to join Permian, was the company culture.

“The very first time I met representatives from Permian, I could sense the warmth in the organization. It is important for me that we obtain this unique, caring company culture, while still growing” says Mattias.

His ambitions apart from developing new business opportunities and services, also include sharing news more frequently.

“As we are growing, we will need new ambitious team players. Therefore, we will spend more time on sharing stories about projects that we are lucky enough to work on” says Mattias.

Ny lov og forskrift om register over reelle rettighetshavere

Mon, 04 Oct 2021 06:31:01 GMT

Norske selskaper og andre juridiske personer får plikt til å utarbeide et internt register over sine reelle rettighetshavere, det vil si de fysiske personene som står bak enheten. Senere vil det bli krav om registrering i Brønnøysund.

Loven som ble vedtatt i februar 2019 har ikke trådt i kraft i påvente av tilhørende forskrift. Den 21. juni 2021 ble forskriften vedtatt, og deler av loven og deler av forskriften trer i kraft allerede 1. november 2021.

Loven og forskriften skal bidra til at allmennheten, offentlige myndigheter og rapporteringspliktige etter hvitvaskingsloven får bedre tilgang på informasjon om eierskap og kontroll over norske selskaper og andre juridiske personer. Åpenhet om selskaper og andre juridiske konstruksjoner skal bidra til at de ikke kan misbrukes for ulovlige formål. Et tiltak er åpenhet om de fysiske personene som står bak juridiske konstruksjoner, kalt “reelle rettighetshavere”.

Registreringspliktige, det vil si juridiske personer, enheter og andre sammenslutninger, samt forvaltere av utenlandske juridiske arrangementer skal innhente og lagre opplysninger om sine reelle rettighetshavere. Opplysningene skal registreres i et register som skal opprettes i Brønnøysund. Registeret skal være tilgjengelig for alle. Forskriften presiserer hvilke juridiske personer, enheter og andre sammenslutninger og forvaltere av utenlandske juridiske arrangementer som pålegges plikter. Det gjøres visse unntak, blant annet for børsnoterte foretak. Verdipapirfond opprettet i samsvar med verdipapirfondloven har unntak fra lov om register over reelle rettighetshavere.

Fra 1. november må de registreringspliktige identifisere sine reelle rettighetshavere og innhente opplysninger om disse fysiske personene. Opplysningene omfatter navn, fødselsnummer eller D-nummer, bostedsland og statsborgerskap. Fremgangsmåten for å identifisere den enkelte reelle rettighetshaver må dokumenteres, herunder hvorfor og på hvilket grunnlag personen er å anse som reell rettighetshaver. Opplysningene må holdes oppdatert og lagres internt hos den registreringspliktige. De reelle rettighetshaverne og andre relevante enheter har opplysningsplikt til den registreringspliktige.

Registeret i Brønnøysund er foreløpig ikke etablert og kravet til registrering i offentlig register trer ikke i kraft nå. Det er ikke kjent når det vil skje.

En reell rettighetshaver er en fysisk person som oppfyller ett eller flere av følgende kriterier:

Eier mer enn 25 prosent av eierandelene i den registreringspliktige.
Direkte eller indirekte kan stemme for mer enn 25 prosent av stemmerettighetene i den registreringspliktige, i tilfeller der fordelingen av stemmerettigheter avviker fra eierandelene.
Direkte eller indirekte kan utpeke eller avsette mer enn halvparten av den juridiske personens eller sammenslutningens styremedlemmer eller tilsvarende.
På annen måte enn angitt i punktene over utøver kontroll over den registreringspliktige.

En fysisk person har indirekte kontroll når vedkommende direkte eller gjennom andre juridiske personer, enheter, sammenslutninger eller arrangementer, har rett til å stemme for halvparten eller mer av stemmerettighetene, eller utpeke eller avsette halvparten eller mer av styremedlemmene eller tilsvarende, i juridiske personer, enheter, sammenslutninger eller arrangementer som alene eller til sammen innehar nevnte posisjoner i registreringspliktig. Forskriften gir utfyllende regler om hva som må dokumenteres.

Ta gjerne kontakt med oss vedrørende disse nye reglene. Vi kan bistå med implementeringen.

Kontakt:

Marianne Normann (mn@permian.no /+47 416 92662) eller Susanne Berge Hansen (sbh@permian.no / 975 21 191)

EuVECA (og EuSEF) forordningene ble innført i Norge fra 1. august 2021

Fri, 13 Aug 2021 06:31:02 GMT

De nye bestemmelsene i AIF-loven åpner for at norske forvaltere kan etablere alternative investeringsfond med enklere markedsføringsregler og som kan yte lån.

Dette gir også helt nye muligheter for svenske fond og forvaltere til å markedsføre sine EuVECA-fond i Norge. De forvalterne som har forsøkt å nå venture investorer over grensen mellom Norge og Sverige har til nå eksempelvis måttet etablere doble fondsstrukturer.

Forvaltere som kun er registrert, det vil si som ikke har konsesjon under AIF loven, kan forvalte EuVECA-fond som kan markedsføres i andre EØS-stater (som normalt forutsetter konsesjon). Slike fond kan også markedsføres til ikke-profesjonelle investorer, forutsatt en minstetegning tilsvarende EUR 100 000.

Formålet med reglene for EuVECA-fond, er å øke kapitaltilgangen til små og mellomstore bedrifter. Reglene skal gi større markedstilgang til lavere kostnader for forvaltere.

Forordningen er en form for underkategori til AIFMD (Alternative Investment Fund Managers Directive), og i EU ble begge reguleringene innført i 2013. Selv om navnet indikerer at man spesielt har tenkt på forvaltere av venture capital fond, handler det i realiteten om regulering av forvaltere som sikter på å investere i «små og mellomstore bedrifter» (SMB).

EuVECA-forvaltere kan etter en relativt enkel registrering markedsføre sine fond i EU. Kravene til registrering er at minst 70 % kapitalen i fondet (etter avsetning for kostnader) skal investeres i selskaper som på investeringstidspunktet oppfyller visse kriterier:

De er ikke børsnotert
De har ikke flere enn 250 ansatte (i EU 499, vi avventer tilpasning i Norge) og
Omsetningen er ikke høyere enn EUR 50 millioner eller
Total balanse er ikke høyere enn EUR 43 millioner
De er ikke kollektive investeringsfond eller holding-selskap
De er ikke en kredittinstitusjon, verdipapirforetak eller forsikringsselskap

Det er noen ytterligere presiseringer, men i praksis vil mange norske forvaltere kunne registrere seg som EuVECA-forvaltere.

Merk også at:

Et EuVECA fond kan ikke gires på fondsnivå
30 % av kapitalen (etter avsetning for kostnader) kan investeres fritt.
Av 30 % -andelen kan et EuVECA fond også yte lån.
EuVECA fond må ikke etableres med eget AIF-depot

Et EuVECA fond kan markedsføres mot investorer som:

1) investerer et beløp ikke mindre enn EUR 100 000 (unntak for forvalter) og

2) avlegger en skriftlig erklæring på at de forstår risikoen i produktet.

Dette er klart og tydelig sammenlignet med MIFID kriteriene som gjelder under AIFMD. Merk spesielt at man unngår de ofte vanskelige vurderingene relatert til eventuell omklassifiseringen av ikke-profesjonelle investorer som ber om å bli behandlet som profesjonelle.

Permian har arbeidet med EuVECA reguleringen i Sverige siden 2015 og hjelper gjerne med både registrering og drift av fond. Ta kontakt med oss om dere er interessert!

Kontakt:

Axel Høvo Daasvand ( ahd@permian.no )

Rita Granlund ( rita.granlund@permian.no )

Anna Berntson ( anna.berntson@permian.se )

Simplified note requirements for small companies

Fri, 02 Jul 2021 06:33:20 GMT

Changes to the Norwegian Accounting Act (NAA) regarding simplified note requirements for small companies took place 1 July 2021. The changes are a result of the EU-Directive putting limits on what can be required of small entities. The purpose is to have simplified rules for small businesses.

NThe NAA § 1-6 defines a small company as being a reporting entity that does not fall within the definition of large companies in NAA § 1-5 (such as companies with listed shares/bonds and certain regulated businesses), and that does not exceed two of the three thresholds: income of NOK 70 million, a balance sum of NOK 35 million, and number of average full-time employees not exceeding 50.

The biggest change for small reporting entities is all the note requirements that no longer are required. The following previous requirements have been repealed:

NAA 7-35- It is no longer necessary to elaborate any further on the use of the principles, it is just necessary to state which accounting principle one applies
NAA § 7-35 second paragraph – The effect of a change in accounting principles, errors in previous annual accounts and correction of these kinds of errors, as well as reclassifications, are no longer a note requirement
NAA 7-35 fourth paragraph –If the accounts are presented in a currency other than the accounting currency one does no longer need to disclose the accounting currency and the conversion rate in notes
Parts of the provision of NAA 7-36 – There isno longer a requirement to give note information about group relations and affiliates
NAA 5-8and § 7-37 – There is no longer a requirement to disclose acquisition cost for financial instruments and derivatives valued at fair value
NAA 7-38 second paragraph – It is not necessary to specify operating costs that are not specified by typein the income statement
NAA 7-39- No requirement to inform about change in the depreciation plan for fixed assets
NAA § 7-39 fourth paragraph – Not required to disclose research and development costs
NAA § 7-40 fourth paragraph – Not required to disclose a specification of other provisions for liabilities (NAA § 6-2 D I nr 3)
NAA 7-42 first to third paragraph – You no longer have to expose/state who has the right to vote, the share capital, the ownersetc. in your notes
NAA § 7-44 -There is no longer a requirement to give note information about the salary, remuneration, severance pay etc. to the general manager, members of the board or the corporate assembly
NAA 7-43 a- The note requirement of mandatory occupational pension is abolished
NAA 7-45 is partially changed – The provision on loans or collateral in favour of the general manager and chairman of the board, will partially be changed. It will be adapted to the provision in the directive

In addition, one other important change is made to the notes, but applies for all companies, not only the small ones: Note information to the balance sheet and the income statement shall be listed in the same order as the lines in the balance sheet and the income statement ( NAA § 7-1 a).

Contacts:

Permian: post@permian.no

Anette Burum: abu@permian.no

Ny lov om bærekraftig finans

Mon, 21 Jun 2021 06:31:02 GMT

Regjeringen la frem forslag om en ny lov om bærekraftig finans den 4. juni 2021. Lovforslaget gjennomfører EU-forordninger om offentliggjøringskrav og en taksonomi for bærekraftig økonomisk aktivitet. AIF-forvaltere blir underlagt loven, og et alternativt investeringsfond (AIF) defineres i loven som et finansielt produkt.

Formålet med loven er å vri private investeringer i bærekraftig retning. Det skal bli lettere å investere bærekraftig, ved å sikre en felles forståelse av hva som kan kalles grønt eller bærekraftig i finansmarkedene.

Finanstilsynet skal føre tilsyn med foretakenes etterlevelse av lovkravene.

EUs offentliggjøringsforordning pålegger finansmarkedsdeltakere (foretak i finansiell sektor som har porteføljeforvaltning som del av sin virksomhet, herunder AIF-forvaltere), og finansrådgivere (herunder AIF-forvaltere som yter investeringsrådgivning), å opplyse om hvordan hensynet til bærekraftrisiko er integrert i risikovurderinger og investeringsrådgivning. Foretakene og rådgiverne skal også opplyse om eventuelle negative bærekraftvirkninger av investeringsbeslutningene.

De fleste av kravene i forordningen trådte i kraft 10. mars 2021 i EU. Reglene i forordningen om periodisk rapportering skal tre i kraft 1. januar 2022. Det er uavklart hvorvidt reglene gjelder registrerte AIF-forvaltere uten konsesjon*. Innen EU hvor reglene trådte i kraft 10. mars, har noen registrerte AIF-forvaltere valgt å implementere reglene, mens andre har valgt å vente til det kommer en avklaring fra regulatoriske myndigheter.

EUs taksonomiforordning etablerer rammeverket for et klassifiseringssystem (taksonomi) for bærekraftig økonomisk aktivitet. Det blir krav om at de som tilbyr investeringsprodukter, må opplyse om hvor stor andel av underliggende investeringer som er bærekraftige etter taksonomien når produktet markedsføres som grønt eller bærekraftig. Europakommisjonen skal fastsette utfyllende regler med nærmere kriterier for hvilke aktiviteter som skal kunne regnes som bærekraftige. Det første settet med kriterier ble lagt frem i april, og skal gjelde fra 1. januar 2022.

Taksonomiforordningen fastsetter at tilleggskravene i offentliggjøringsforordningen som angår miljømålene i taksonomiforordningen skal gjelde dels fra 1. januar 2022 og dels fra 1. januar 2023. Kommisjonen skal innen 30. desember 2022 vurdere hvordan forordningen har virket

Konsekvens for AIF-forvaltere

AIF-forvalter skal på sine nettsteder offentliggjøre opplysninger om sine retningslinjer for integrering av bærekraftrisikoer i sin investeringsbeslutningsprosess. AIF-forvalter må også offentliggjøre og ajourføre opplysninger om de tar hensyn til de viktigste negative konsekvensene av investeringsbeslutninger for bærekraftfaktorer eller ikke. Dersom det ikke tas slike hensyn, må det klart begrunnes og opplyses om når man eventuelt skal ta hensyn til negative konsekvenser, dersom relevant. Loven stiller ytterligere detaljerte minimumskrav til opplysningene.

Utkast til lov gir utvidede krav til store selskaper, blant annet når det gjelder krav til erklæringer, informasjon på finansproduktnivå og krav til informasjon i selskapsrapportering. Plikten gjelder minimum banker, forsikringsforetak og noterte foretak med mer enn 500 ansatte (foreløpig grense). Finansmarkedsdeltaker som er morselskap i et stort konsern, hvor konsernet på konsolidert grunnlag har mer enn 500 ansatte, skal på sine nettsteder offentliggjøre og holde a jour en erklæring om sine retningslinjer for behørig aktsomhet med hensyn til de viktigste negative konsekvensene av investeringsbeslutninger for bærekraftfaktorer.

AIF-forvalter som yter investeringsrådgivning, skal på sine nettsteder offentliggjøre opplysninger om sine retningslinjer for integrering av bærekraftrisikoer i sin investeringsrådgivning. Videre må det gis ajourførte opplysninger om man tar hensyn til de viktigste negative konsekvenser for bærekraftfaktorer eller ikke, og dersom relevant i tilfelle når de har til hensikt å ta hensyn til slike negative konsekvenser.

Som finansmarkedsdeltaker og eventuelt finansrådgiver skal AIF-forvalter i sin godtgjørelsespolitikk ta med opplysninger om hvordan politikken er forenlig med integrering av bærekraftrisikoer, og offentliggjøre dette på sitt nettsted.

Før avtale eller kontrakt inngås, må AIF-forvalter legge frem opplysninger om hvordan bærekraftrisikoene er integrert i deres investeringsbeslutninger, og resultatene av de sannsynlige konsekvensene av bærekraftrisikoen for avkastningen på det finansielle produkter, dvs AIF-fondet, de tilbyr. Dersom bærekraftrisikoen ikke anses relevant, må det gis en klar og kortfattet redegjørelse om årsakene til dette. Det er en tilsvarende bestemmelse for investeringsrådgivning. For AIF-forvalter skal opplysningene gis sammen med opplysninger til investorene/prospekt.

Dersom et finansielt produkt, det vil si et alternativt investeringsfond (AIF) fremmer miljømessige og/eller sosiale egenskaper, forutsatt at selskapene som det investeres i følger god styringspraksis, stilles det krav til opplysninger om hvordan disse egenskapene oppnås. Det må også opplyses om eventuell utpekt indeks (inkl metode) som referanseverdi underbygger disse egenskapene. Dersom et AIF har bærekraftig investering som mål (uten utpekt indeks som referanseverdi), må det redegjøres for hvordan målet skal nås. Tilsvarende må det opplyses om eventuelle klimamål. Europeiske tilsynsmyndigheter har utarbeidet utkast til tekniske reguleringsstandarder for dette.

Dersom en AIF-forvalter tilbyr et AIF som fremmer miljømessige eller sosiale forhold eller som har bærekraftig investering som mål, skal forvalteren på sin nettside gi ajourført informasjon om dette per fond. Tilsvarende må forvalteren gi informasjon i årsrapporten. Det stilles også krav til at markedsføring ikke er i strid med forordningen.

Nytt direktiv om selskapsrapportering om klima- og bærekraftrelaterte forhold

EU kommisjonens forslag til nytt direktiv om selskapsrapportering om klima- og bærekraftrelaterte forhold («Corporate Sustainability Reporting Directive», CSRD), foreslås å innføre krav om revisjon av bærekraftrapporteringen, og digitalisering av informasjonen som rapporteres. Kravene om revisjon og digitalisering er foreslått å gjelde også for rapporteringen foretakene skal gjøre etter taksonomiforordningen artikkel 8. Etter Kommisjonens forslag skal de nye kravene gjelde fra 2023.

Økte krav til store selskaper som gjelder fra 1. juli 2021 i Norge

Den 13.april 2021 ble det vedtatt tilleggskrav i regnskapsloven §3-3c når det gjelder bærekraft. Store foretak skal utarbeide en redegjørelse om samfunnsansvar som minst omhandler miljø, sosiale forhold, arbeidsmiljø, likestilling og ikke-diskriminering, overholdelse av menneskerettigheter og bekjempelse av korrupsjon og bestikkelser. Opplysningene skal gis i det omfang som er nødvendig for å forstå foretakets utvikling, resultat og stilling og konsekvenser av foretakets virksomhet.

Redegjørelsen skal gis i årsberetningen eller i annet offentlig tilgjengelig dokument.

Kravene gjelder store selskaper slik de er definert i regnskapsloven §1-5, dvs selskaper som ikke er små etter regnskapslovens § 1-6 (som møter minst to av kravene: mer enn MNOK 70 i omsetning, mer enn MNOK 35 i balansesum og mer enn gjennomsnittlig antall ansatte i året på 50). Plikten omfatter blant annet alle allmenaksjeselskaper, foretak som har utstedt noterte aksjer, egenkapitalbevis eller rentepapirer og banker, uavhengig av størrelse. Endringene i regnskapsloven trer i kraft 1. juli 2021.

*Etter publikasjon av denne artikkelen har vi forespurt Finanstilsynet (FT), og har fått tilbakemelding på at FT har tolket Disclosure Regulation og den norske offentliggjøringsforordningen slik at den omfatter både AIF-forvaltere med autorisasjon og registrerte AIF-forvaltere. Utgangspunkt er derfor at registrerte AIF-forvaltere også faller inn under forordningen, men FT vil legge vekt på eventuelle uttalelser fra EU-Kommisjonen om spørsmålet.

Kontakt:

Permian: post@permian.no

Rita Granlund: rita.granlund@permian.no

Anna Berntson: anna.berntson@permian.se