New requirements for access to the share register, shareholder registry, and nominee-registered shares
Starting February 1, a new regulation will come into effect, making it easier to determine who owns shares in Norwegian companies. The regulation covers access to the share register, the shareholder registry, and nominee-registered shares. It establishes rules for faster and easier access to these registers, including requirements that information must be available free of charge and delivered electronically within three days. It also clarifies requirements for companies with nominee-registered shares, contributing to better oversight of foreign owners. This change means that companies should have an efficient way to keep their share registers up to date.
Below, you will find an overview of what this regulation means for you and your company, as well as how Equro can help you comply.
What does the new regulation entail?
According to company law, all companies are legally required to maintain an updated share register. The new regulation reinforces this requirement by ensuring greater transparency and accessibility. Companies must now be prepared to provide digital access to their share register within three business days upon request.
Here are the key points from the regulation:
• Updated share register: The share register must always be up to date, ensuring that the information provided upon request is accurate.
• Response deadline: Companies must provide digital access to the share register within three business days after a request is received.
• Changes during processing: If changes occur in the share register between the time the request is received and when access is granted, this must be disclosed.
• Limitations on information: Personal details such as email addresses, national identification numbers, bank account numbers, and historical data must not be included.
• Cost coverage: Companies must cover the costs of fulfilling requests, up to 12 requests within six months from the same person.
• Availability: The share register must be made available during general meetings.
Why is this important?
With this regulation, authorities aim to strengthen shareholders' rights and make it easier to access information about a company's ownership structure. For companies, it presents an opportunity to professionalize share management while ensuring compliance with legal requirements.
How can Equro help you?
Equro offers a market-leading digital share register that makes it easy for companies to comply with the new requirements.
Our system provides:
• Automatic updates: An up-to-date share register with minimal manual effort.
• Easy sharing: A digital share register that simplifies providing access to those who request it.
• Full overview: A clear view of company ownership, including changes. The system allows you to generate reports of shareholders and retrieve a full history of transactions, payments, and more.
• Support for general meetings: A system that can be used during general meetings.
For more information on how Equro can help your company, visit www.equro.com.
Who should act now?
This regulation applies to all companies, but those already in our system or using Euronext Securities Oslo (VPS) with subsidiaries and sister companies may particularly benefit from a digital share register. It helps ensure efficient share management and legal compliance. Upon request, you can easily grant access to the share register through a single provider. Consolidating everything in one place makes administration significantly easier.
For companies that have their share register recorded in VPS, there is a requirement to have the owners behind nominee-registered shares available six weeks before the general meeting. This means you should contact your account operator issuer at least eight weeks before the general meeting. Feel free to reach out to us if you have any questions about this.
Take the step toward a digital future
By implementing a digital share register now, your company can not only ensure compliance with the new regulation but also achieve better control and oversight of share ownership. With Equro's market-leading solution, you have everything you need to get started.
Contact us today to ensure your company is prepared for future requirements!