On February 1, 2025, a new regulation on access to the shareholder register, shares registered in Central Securities Depository (CSD), and trustee-registered shares entered into force. This introduces new obligations for private and public limited companies, requiring them to provide more rapid access to the information. The new rules are part of the Norwegian government’s plan to increase transparency in share ownership. The new obligations are outlined below.
More about the Shareholder Register and CSDs
All private and public limited companies are required to keep books on their shareholders and the number of shares they own.
Private limited companies may keep books either through a shareholder register (a document prepared by the company) or registration in a CSD (Norwegian: “verdipapirsentral” or “VPS”). Registration in a CSD is mandatory for public limited companies.
Who may request access – and to what?
Norwegian company legislation already grants anyone access to the company’s shareholder register or CSD. With the new regulation, anyone may request the company a copy of registered information by email. As a main rule, such access shall be given free of charge.
Shareholder registers and CSDs may contain information on digital address, personal identification numbers, bank account numbers, or historical information. However, such information shall not be disclosed.
The companies must also ensure that the shareholder register or CSD is available at the general meeting. However, it is up to the company to decide how this is facilitated.
Deadlines for providing access
The new regulation tightens the deadlines for granting access once a request is received:
- Shareholder register: Within three business days
- CSD: One business day
To comply with these deadlines, companies should have efficient procedures for keeping their records up to date.
Transparency in trustee-registered shares
For trustee-registered shares, where a trustee is listed instead of the actual owner, companies must once a year disclose:
- The names of the actual owners
- The number of shares they own, and
- Their country of residence
Trustee-registered shares are also subject to special access rules. As the process of providing ownership information can be complex, the companies may claim reimbursement of costs incurred in connection with providing access.
The company must inform the requester about the costs within two business days of receiving the request, following the requesters deadline of one week to confirm whether they maintain the request. If the request is maintained, the company must provide access without delay and within six weeks at the latest.
Summary of the new access rules
The new regulation on access to the shareholder register, CSD and trustee-registered shares enhance transparency in ownership of private and public limited companies. It is important to be aware of the new deadlines and access requirements. Efficient procedures for keeping books on ownership up to date will be a key to stay compliant with the regulation.
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