Prospektforskriften

Prospektforskriften is a Norwegian regulation that governs the requirements for prospectuses in connection with public offerings of securities. The regulation is formally known as the "Regulation on Prospectuses for Public Offerings of Securities" and represents Norway's implementation of the European Union's Prospectus Regulation (EU) 2017/1129.

The regulation applies to companies seeking to offer securities to the public in Norway or seeking admission to trading on a regulated market. It establishes the legal framework for when a prospectus is required, what information must be included, and the approval process that must be followed.

Under Prospektforskriften, issuers must prepare a prospectus that contains all information necessary for investors to make informed decisions about the securities being offered. The prospectus must include detailed information about the issuer, the securities being offered, risk factors, financial information, and corporate governance matters. The regulation also specifies exemptions from the prospectus requirement, such as offerings below certain thresholds or offerings to qualified investors only.

The Norwegian Financial Supervisory Authority (Finanstilsynet) serves as the competent authority responsible for reviewing and approving prospectuses under the regulation. The authority examines whether the prospectus meets all legal requirements and contains sufficient information for potential investors.

Prospektforskriften aims to ensure investor protection while maintaining efficient capital markets. By requiring comprehensive disclosure of relevant information, the regulation helps create transparency in the securities market and enables investors to assess investment opportunities appropriately.

The regulation has been amended several times to align with evolving European legislation and to address changes in market practices. It represents an important component of Norway's financial regulatory framework, even though Norway is not a member of the European Union, as it implements EU-derived legislation into Norwegian law.