On Jun. 24, 2025, NOR GVT reminded application of rules on UBOs from Jul. 31, 2025.
Obligation to register beneficial owners comes into effect from said date, from Aug. 1 2025, Brønnøysund Registers will follow up on non-compliance with orders and fines.
NOR GVT submitted for consultation proposals for changes to the rules on access to information in the register of beneficial owners, following uncertainty created by ECJ.
Will provide increased transparency about the physical persons behind companies.
Transparency is a central tool for countering money laundering and terrorist financing.
Follows NOR GVT Dec. 2022 beneficial owner register update after ruling, see #80090.
Proposals
NOR GVT wants to establish a register of real rights holders as quickly as possible.
Proposed to provide access to the relevant authorities and financial intelligence units, as well as reporting obligations; ECJ decision does not deal with these groups.
Propose a regulatory authority, to provide more detailed rules on access for others.
Effectiveness
Consultation deadline Jan. 19, 2024.
Apr. 2024 Access to Register
On Apr. 5, 2024, NOR GVT proposed that the media, civil society organizations and higher education institutions should have statutory access to the information in registers for beneficial owners, in addition to public authorities and reporting entities.
On same day, NOR GVT proposed various changes in financial market area, #207608.
Under the proposal, regulations may also provide access to other groups.
The register will be an important tool in the work against money laundering, terrorist financing and financial crime, and aim is to establish as open a register as possible.
Ministry proposes (Prop. 74 LS), which includes amendments to Act no. 2 of Mar. 1, 2019 consisting of amending section 11 of the Act on access to registered information, so that it provides a framework for gradually opening up access for different groups.
In Jun. 2024, NOR GVT issued act amending financial market legislation, see #207608.
In Sep. 2024, NOR GVT proposed amendments to Act on the Register of Beneficial Rights Holders mainly consequential following changes adopted Jun. 2024, #224694.
Enterprises/other legal entities can now register information about beneficial owners.
To allow companies time to adjust, a 10-month phase-in period will be implemented.
The obligation to register the information about one's beneficial owners enters into force on Oct. 1, 2024, but the rule on coercive fines does not apply until Jul. 31, 2025.
Also the deadline to submit annual accounts for 2024 to register of company accounts.
Ministry of Finance adopted certain regulatory amendments concerning the register.
In the consultation, many requests were made for further access to the register.
Many of the proposals require further assessments, including of possible technical solutions, which would delay the opening of the register.
In any case, the Ministry will take these inputs with it in further work on the register.
In Oct. 2024, NOR GVT outlined measures against money laundering, see #231017.
In Dec. 2024 NOR GVT detailed new regulations on ownership of shares, see #236421.
Jun. 2025 NOR GVT Release
On Jun. 24, 2025, NOR GVT reminded application of rules on UBOs from Jul. 31, 2025.
Obligation to register beneficial owners comes into effect from said date, from Aug. 1 2025, Brønnøysund Registers will follow up on non-compliance with orders and fines.
