The Norwegian Ministry of Trade, Industry and Fisheries has adopted a new regulation that makes it easier to find out who owns shares in Norwegian companies. The regulation takes effect on 1 February 2025 and is part of the government's five-point plan for greater transparency around share ownership.
But what does it mean for businesses, and how can you make sure your company complies with the new requirements without drowning in admin? In this article, we walk through the main points of the regulation and show how Unlisted can make the process easier.
What is this new regulation?
The new regulation covers access to the share register, the shareholder register, and nominee-registered shares. It sets rules for faster and easier access to share registers and shareholder registers, including requirements that the information must be available for free and delivered electronically within three days. It also clarifies the requirements for companies with nominee-registered shares, which improves visibility into foreign ownership.
"This regulation is an important step in strengthening trust in society. Transparency around share ownership is essential for ensuring a healthy, functioning economy."
Cecilie Myrseth, Minister of Trade and Industry
From 1 February 2025, every company must have a digital, continuously updated share register that can be made available for inspection at short notice.
Key facts about the regulation
- Free, digital access to share registers and shareholder registers.
- Three-day deadline for delivering the information.
- Requirement to make the share register and shareholder register available at the company's general meeting.
- Rules on who covers the cost of providing the information.
- Access to the underlying owners behind nominee-registered shares.
What is a share register?
A share register is an overview of all shareholders in a limited company and how many shares each one holds. It must be kept continuously up to date as changes occur. Several legal requirements apply to the format of the share register and how it's maintained; these are set out in Chapter 4 of the Norwegian Companies Act (aksjeloven).
Beyond a list of how many shares each shareholder owns, there are rules about what information the company must hold on each shareholder, and the requirement that this information be stored for 10 years. After a capital increase, the board must make sure new shares are entered in the share register from the point at which the shares carry rights in the company. Once a shareholder is entered in the register, the company must notify them. You also need to maintain an overview of share classes and any pledges.
Free access to one of Norway's most solid share registers
Unlisted offers all companies the option to set up a free digital share register that meets every Norwegian legal requirement. The share register in Unlisted's ownership portal is interactive, and you can invite shareholders to different levels of access and a personalized shareholder portal. You can also easily grant time-limited access to others on request, which makes it straightforward to comply with the new regulation. This is all free for any company with up to 25 shareholders.
How Unlisted helps with simpler ownership management
Unlisted is designed to make shareholder administration straightforward, efficient, and hassle-free, especially given the new requirements. Here's how we can help your business:
1. Automated shareholder register
Our platform has automation built in, so the share register stays up to date. With everything in one place, you can easily keep an overview and make sure the information is always accurate.
2. Error-free reporting
Avoid the manual errors that lead to fines or discrepancies. Our platform generates ready-made reports that align with regulatory requirements, so you can be confident everything is in order.
3. Clear historical record
With Unlisted, you can easily pull up historical data and see changes in share ownership over time. That makes it easy to handle audits or respond to questions from authorities.
4. Tailored solutions
Every company is different. Our software offers different solutions for different companies, from basic administration to more advanced shareholder management.
Start simply and for free today, on a platform that can grow with your business.