Background:
Equro Services AS provides clarity on the procedure for opening (Euronext Securities Oslo) “VPS accounts” for foreign investors, including American investors, in companies where we act as Account Operator Issuer (KU).
There are questions and uncertainties in the market regarding the contracting obligation described in the "Register Regulations" chapter 2.3.2.2 "Account Operator Investor". According to this rule, a KU does not have the right to reject the creation of a VPS account unless there is a valid reason related to the money laundering act or other equivalent legislation. We understand that navigating the regulations can be challenging, and therefore wish to provide guidance for companies looking to meet the needs of their foreign investors.
Recommended procedure for companies:
1. Encourage potential foreign investors to retain the shares through their local bank or financial institutions using their custody/nominee agreements.
2. If a foreign investor does not have access to such services, the company should refer them to its KU.
3. Should there be challenges with establishing a VPS account, the company might consider collaborating with Equro Services AS as KU to ensure a smooth process.
The benefits of Equro Services AS:
We offer support and guidance throughout the entire process and guarantee KU services that comply with all regulatory requirements. For further details on the "Register Regulations", visit Euronext Securities Oslo Rules for Registration Activities and Associated Additional Services here.
In an increasingly complex and regulated market, it becomes even more important for companies to have reliable systems and processes in place. Equro's digital share ledger represents such a solution, not only aiding in complying with the new EU regulations but also simplifying and streamlining shareholder administration.
Feel free to contact us if you want to know more about our solutions.
Did you know that we submit several thousand shareholder register reports via Altinn every year and are thus one of Norway's largest providers to the Norwegian Tax Administration?