Norwegian companies choosing a share register solution face a decision that is rarely final: should the share register be kept in a separate register, or should the shares be registered in Euronext Securities Oslo (ES-OSL, formerly VPS)? The answer depends on where the company is today. But companies grow, restructure, list and delist, and the question that really matters is not what the answer is now, but whether your provider can follow you when the answer changes. Equro offers both a digital share register with account operation in its own register, and account operation for share registers registered in Euronext VPS. Equro is the only provider in the Norwegian market that acts as account operator in both. In this article, we explain the difference, how transitions are handled in both directions, and why it pays to have one provider all the way.
What is the difference between a share register in Equro and a share register registered in VPS?
Both solutions are a share register – the record of who owns the shares in the company. The difference lies in where the share register is registered, and which regulations and infrastructure apply. In both cases, Equro can act as account operator, meaning the party that registers ownership, maintains the share register and handles changes on behalf of the company. The solutions are built for different stages of a company's life.
Solution 1: Share register and account operation in Equro. Equro's digital share register is a digital share register for private limited companies (AS), where both the share register and the account operation are kept in Equro's own register. It handles changes in ownership and share capital, submits capital changes directly to Altinn, and eliminates the sources of error that come with Excel-based share registers. The company can run it itself, or let Equro handle the ongoing administration through our issuer services. Shareholders get free access to their own holdings, transaction history and annual statements through Investor Web.
Solution 2: Share register in Euronext VPS, with account operation by Equro. Equro Issuer Services is the solution for companies whose share register is registered in Euronext Securities Oslo (ES-OSL). The shares are registered in the central securities depository, while Equro is the company's account operator and handles the registration and maintenance of the share register there. VPS registration is mandatory for public limited companies (ASA) and listed companies, and is also recommended for companies preparing for a listing. Private limited companies (AS) can also choose, through their articles of association, to register their shares in VPS, for example when the number of shareholders grows or when individual shareholders require VPS registration. This gives the company registration and day-to-day administration in a regulated CSD environment, with support for corporate actions, Norwegian depository receipts and investor communication at listed-company level. Equro also assists with the registration process itself.
What sets Equro apart from other providers?
Most providers in the Norwegian market have specialised in one of these two models. The banks that act as account operators are well equipped to operate share registers in VPS, but do not run their own share register platforms for unlisted companies. Software providers offering digital share registers for private limited companies, on the other hand, are not account operators in VPS and have no role in Euronext Securities Oslo.
This means that a growing company, going from an AS with a handful of shareholders to an ASA with a listing in sight, often ends up changing provider in the middle of its most demanding phase. Equro is alone in offering both models under one roof: share register and account operation in its own register, and account operation for share registers in VPS. This means that choosing between a share register in Equro and a share register in VPS does not have to mean choosing a new provider when the company's status changes.
What it means in practice to have both solutions with the same provider
Growing towards a listing. A company that starts with its share register and account operation in Equro and later plans a listing will at some point need to move its share register to VPS. With two providers, this is a full change of provider: new onboarding, new data migration, and a new party that has to familiarise itself with the company's ownership history. With Equro as account operator on both sides, it becomes an upgrade of an existing customer relationship: the same contacts, the same understanding of the history, and the best possible transition rather than a break.
The way back. Companies that delist, or convert from an ASA to an AS, may want to move their share register out of VPS and into a separate register. With Equro, it can be moved to the Equro register, with the same account operator as before. Leaving VPS requires specialist expertise, one example being the need to unwind nominee structures.
Groups with a mixed structure. Many groups have a listed or VPS-registered parent company and several unlisted subsidiaries. With two providers, the group has to deal with two sets of procedures and two points of contact for what is in practice one task. With Equro at both levels – the parent company's share register in VPS and the subsidiaries' share registers in Equro – reporting and procedures for general meetings and corporate actions can be coordinated across the group.
Advice that knows both sides. Because Equro acts as account operator in both solutions every day, our advice on which model fits best is not just theoretical. We also handle the practical execution if your needs change in a year or two.
Example: from a share register in Equro to a share register in VPS
A growth company starts out as an AS with a small number of shareholders and has both its share register and account operation in Equro. Capital changes go straight to Altinn, and administration is light and inexpensive. Two funding rounds and a founder exit later, the company has 60 shareholders, is planning a listing on a growth market, and suddenly needs to move its share register to VPS and handle corporate actions and investor communication at a whole new level.
With a provider that only offers share registers outside VPS, the company now has to procure a new account operator in VPS: a new supplier assessment, new onboarding, and migration of the entire ownership history to a party that has never seen it before. With Equro, the share register is moved from the Equro register to Euronext VPS, while Equro continues as account operator. Instead, it becomes an upgrade of an existing relationship. The history is known, the contacts are the same, and the transition to the stock exchange becomes easier in what is already a demanding process.
Prepared for listing with IPOready
Euronext VPS offers companies on their way to the stock exchange a dedicated preparation programme, IPOready. The programme runs over six months. Participants receive workshops and individual coaching on topics such as the listing process, corporate governance, financial communication and post-listing obligations. Good preparation also means having the share register in order. With Equro as account operator both before and after the move to VPS, that part of the listing is already in place.
How Equro can help you with your share register and account operation
Wherever your company stands today, Equro can follow you throughout the journey:
Share register for AS: Digital share register and account operation in the Equro register – self-service or managed, with direct submission to Altinn.
VPS registration and account operation: The share register is registered in Euronext Securities Oslo VPS, and Equro is the account operator responsible for registration, day-to-day administration and corporate actions – Equro Issuer Services.
Listed-level investor relations: Account opening for Norwegian and international investors, and ongoing investor communication through Equro Investor Web.
Safe transition: The same provider, the same customer relationship and the same understanding of the ownership history when the company changes status – in both directions.
Advice from day one: We help you choose the right model now, and we are still there the day the company changes.
Frequently asked questions about share registers and account operation
What is the difference between a share register and account operation?
The share register is the record of who owns the shares in the company. Account operation is the work of registering and maintaining this record, including recording purchases and sales of shares, share issues, demergers or mergers and other corporate actions. With Equro, you can have both the share register and account operation in the Equro register, or have the share register registered in VPS with Equro as account operator.
Do all limited companies have to register their shares in VPS?
No. VPS registration (Euronext Securities Oslo, ES-OSL) is mandatory for public limited companies (ASA) and listed companies, but an ordinary private limited company (AS) can choose to keep its share register and account operation outside VPS, for example in the Equro register. An AS can also choose to register its shares in VPS. Equro can act as account operator in both cases.
Can we move our share register from Equro to VPS later?
Yes. Companies growing towards a listing often move their share register from a separate register to VPS. With Equro as account operator both before and after, the transition takes place as an upgrade of an existing customer relationship rather than a full change of provider.
What is Euronext Securities Oslo (VPS)?
Euronext Securities Oslo (ES-OSL), formerly known as VPS (Verdipapirsentralen), is the Norwegian central securities depository (CSD) where shares in public limited companies, listed companies and private limited companies that choose to do so are registered electronically and operated by an account operator. Equro is an account operator in ES-OSL.
Why should we choose a provider that offers account operation both in its own register and in VPS?
Because needs change over a company's life cycle. A provider that offers only one of the models cannot follow the company through growth, listing, delisting or group changes – which usually means changing provider exactly when it is most demanding to do so.
Get in touch
Start where you are, grow when you need to. Contact us today for a no-obligation review of which solution suits your company – now and in the years ahead. Read more at equro.com, or contact us directly to talk about your share register.
