News from Norway

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.

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!

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!

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.

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

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.

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.

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.

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.