One step closer to EuVECA in Norway
On 23 March 2018, the EEA Joint Committee decided to implement the EuVECA-regulation into the EEA Agreement. Norway is now one step closer to enabling Norwegian AIF managers to market venture capital funds to professional- and semi-professional investors within the EEA.
In Norway, the regulation has been through a consultation-process and the Ministry of Finance is currently working on its implementation in national legislation. As notified earlier by the legislator, Norwegian implementation will be carried out by amendments to the existing Norwegian act on management of alternative investment funds. It is still not certain when this will happen, but as part of the EEA agreement, it should now be implemented relatively quickly and verbatim.
In short, the EuVECA-regulation enables European registered AIF-managers to market venture-funds on a cross-border basis to professional- and semi-professional investors in the EU without having to apply for full authorisation under the AIFMD. An EuVECA-fund must invest 70% of its committed capital in “qualifying investments” such as non-listed small and medium sized enterprises (SME). The remaining 30% can be invested in any type of assets. Norway is ready for grasping the benefits that comes with the regulation. It will enhance the landscape for VCs and canalise more money into start-ups.
Permian monitors the EuVECA implementation-process closely and will keep you updated whenever the Norwegian Ministry of Finance decides to finalise the national implementation.
As for now – we are one step closer to EuVECA in Norway!
28 March 2018
Espen I. Størseth, firstname.lastname@example.org
Axel H. Daasvand, email@example.com