In Norway, Oslo Stock Exchange operates three platforms for trading of listed shares, (i) Euronext Oslo Børs, (ii) Euronext Expand, and (iii) Euronext Growth Oslo. Oslo Børs and Expand are regulated markets, while Growth Oslo is a multilateral trading facility (“MTF“).
Oslo Stock Exchange operates two platforms for trading of listed bonds, (i) Euronext Oslo Børs (regulated market), and (ii) Nordic ABM, which is not a regulated market nor a multilateral trading facility nor an organized trading facility. Nordic ABM is therefore solely subject to the rules of Oslo Stock Exchange.
The resolution to admit an issuer to trading, is made by Oslo Stock Exchange. The prospectus authority is the Norwegian Financial Supervisory Authority (the “Norwegian FSA“). Compliance following admission is maintained by Oslo Stock Exchange and the Norwegian FSA.
Although not a member of EU, the regulatory framework for capital markets in Norway is largely aligned with EU directives and regulations trough the EEA agreement, making the Norwegian capital markets comparable to practice on the European markets. Regulation (EU) 2017/1129 (the “Prospectus Regulation“) and Regulation (EU) 596/2014 (the “Market Abuse Regulation“) are implemented directly in Norway as law, ensuring regulatory consistency with EU markets. Further, Directive 2004/25/EC on takeover bids (the “Takeover Directive“) is implemented in Norway, offering statutory protection for shareholders of listed companies.
Additionally, national regulation applies to issuers admitted to trading, including the Norwegian Securities Trading Act, the Norwegian companies act, as well as Oslo Børs’ rules setting out the admission criteria and regulating the continuing obligations for companies admitted to trading.
Generally, equity is more extensively regulated than debt. The Norwegian debt capital market holds its efficiency for raising funds as a trademark. Documentation for offerings is mostly based on Nordic Trustee standards and template agreements, marketed based on term-sheets and investor presentations.