Newsletters

New proposal to liberalise the strict Norwegian financial assistance regulations

The Norwegian Limited Companies Act (the “Act”) severely limits the possibility a target company has to provide financial assistance in connection wit…

Fast RIB boat in the ocean photo

Personal injury in the event of leisure accident, legal clarification

15 February 2019, the Norwegian Supreme Court delivered its judgment on a case in which the question was whether a business that offered RIB tours (ri…

A container ship on quit sea cloudy sky photo

Principal decision regarding a shipping agent’s liability from the Norwegian Supreme Court

On the 6th of February 2019 the Norwegian Supreme Court pronounced a principal decision regarding a shipping agent’s liability after failing to comply…

A club used i court photo

New judgment passed by the Supreme Court regarding non-statutory strict liability

On the 14th of January 2019 the Supreme Court of Norway passed a judgement (HR-2019-52-A), regarding non-statutory strict liability.

Broken chicken egg with Brexit decor photo

A brief status-update on Brexit and the effects on the insurance market - form our insurance team

Britain is set to leave the European Union on 29 March 2019. As long as Brexit negotiations are still ongoing, uncertainty surrounds the future of the…

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Stricter regulation of insurance intermediaries

The Financial Supervisory Authority of Norway ("FSAN") published in June this year a draft consultation paper on new domestic legislation implementing…

Abstract photo of metal

EFTA Surveillance Authority (ESA) approved a new ten year special tonnage tax regime for shipping in Norway 14 December 2017

The Norwegian tonnage tax scheme exempts maritime transport from the usual corporate tax rate. Ship owners will instead pay taxes based on ship weight…

Container ship in quiet waters, cloudy sky photo

Bareboat registration in and out of the Norwegian ship registries

In a consultation paper dated 5 December 2017 the Norwegian Government is proposing to open up for the bareboat registration of vessels in and out of…

Club used in court photo

Did you know that SANDS has 13 lawyers admitted to the Supreme Court of Norway?

We currently have a team of 13 lawyers admitted to the Supreme Court of Norway. This makes us one of the leading law firms in Norway in civil law. Dur…

Three ships drag a fish farm unit out into the open sea photo

World’s first ocean based fish farm unit

The first ocean based fish farm unit ever constructed was delivered in September 2017 by a Chinese shipyard to a Norwegian company and offloaded for o…

Freight ship steaming ahead in a Norwegian fjord photo

Supplytime 2017 | Liabilities - a simple guide

June 2017 saw the much heralded release by BIMCO of its new and improved version of the “SUPPLYTIME”; the popular time charter party for offshore supp…

What Is Your Agent Story?

The use of agents is normal practice in a range of industries, and very often crucial in order to succeed as a company, for example when entering into…

The EFTA Court’s judgment of 20th July 2017 in Case E-11/16 Mobil Betriebskrankenkasse v Tryg Forsikring means a change of practice for Norwegian insurance companies

Whilst on holiday in Norway in 2011, a German tourist was injured following a car accident with a Norwegian national. Mr Wille received emergency trea…

Competition Authority imposes multi-million fines on colluding book publishers

Norwegian Competition Authority (“NCA”) handed on March 22nd 2017 the down fines accumulating to MNOK 32 to four Norwegian book publishers. The publis…

Limitation of Liability in Commercial Contracts: Indirect and Consequential Loss

English law is frequently chosen as the governing law of the contract in international transactions, even though neither party to the agreement is Eng…

What can you legally tell your competitors when your suppliers aren’t listening?

European Union fined three battery recycling companies a combined 43.5 million euro for forming a cartel that artificially kept the purchasing price f…

The EFTA Court to consider jurisdictional issue in relation to cross-border recourse claims between insurance companies

On 31 August 2016 the Oslo District Court made a request for an Advisory Opinion in a case pending before it between Mobil Betriebskrankenkasse and Tr…

The construction industry within the transport sector | Major changes - great opportunities

The draft Norwegian Transport Plan will be finalised by Parliament in the spring. If all proposed projects are adopted, the Norwegian government will…

Limitation of liability in Commercial contracts

English law is frequently chosen as the governing law of the contract in international transactions, even though neither party to the agreement is Eng…

The Norwegian Competition Authority opens its first abuse case since 2007

On 23 November 2016 the Norwegian Competition Authority (the “NCA”) issued a statement of objections against Telenor, one of the largest mobile networ…

Proposed changes to the taxation of unit linked capital insurance - but the product’s fundamental attractiveness remains intact

On 27 October 2016 the Norwegian Ministry of Finance issued a hearing note in which it proposes changes to the tax rules for “fund accounts”. “Fund ac…

The Norwegian regulator suggests implementation of PRIIPs in Norwegian law

The Financial Supervisory Authority of Norway (FSAN) suggested by letter to the Ministry of Finance (MoF) on 31 October 2016 the implementation of the…

New EU Directive affects procedural handling time in insurance industries

A new Act on Complaints Bodies in Consumer Cases entered into force on 1st July 2016. The Act implements EU directive 2013/11/EU on alternative disput…

‘Best’, ‘reasonable’ and ‘all reasonable endeavours’ - what level of effort will do?

English law is frequently chosen as the governing law of the contract in international transactions, even though neither party to the agreement is Eng…

Competition Law: Court of Justice of the European Union clarifies responsibility for sub-contractors’ anti-competitive behaviour

In its recent judgment in case C-542/14 VM Remots, the Court of Justice of the European Union (hereinafter “the Court”) made important clarifications…

Time Charters - Remedies available to a shipowner where the time charterer redelivers the ship early

Recently we have seen several early redeliveries. In difficult market conditions this is not a surprising development as it will be beneficial for a c…

Transposition of UCITS V into Norwegian law

The UCITS V Directive (2014/91/EU) which amends the UCITS IV Directive (2009/65/EC) was published in the Official Journal (OJ) on 28 August 2014 and c…

Euphemism of the day – «Certain changes to the rules on public administration of insurance undertakings»

It has long been well known that Silver Pensjonsforsikring AS (Silver) has been facing major challenges in trying to meet the capital requirements of…

New guidance signals dramatic shift towards criminal sanctions for individual offenders in competition law matters

The Minister of Trade, Industry and Fisheries has recently called for harsher sanctions against individuals responsible for infringing the Competition…

Oil & energy: New model sale and purchase agreement

The Norwegian Oil & Gas Association initiated a project early last year aiming at revising the model agreement for sale and purchase of exploration li…

The Private Equity Review 2016

SANDS has contributed to The Private Equity Review, fifth edition, by supplying the Norwegian chapter. The Review is published by Law Business Researc…

Norwegian financial assistance regulations - liberalization is expected

In February this year, the Norwegian Ministry of Industry and Fisheries issued a consultation paper proposing certain amendments to the financial assi…

Significant changes to the Norwegian Competition Act

In December last year the Ministry of Trade, Industry and Fisheries put forward a draft bill containing proposals for significant reform of the Norweg…

Commission report on the functioning of the Insurance Block Exemption Regulation may signal significant legal changes

On 17 March 2016, the European Commission published a report on the functioning of the Insurance Block Exemption Regulation (Regulation 267/2010), whi…

Oslo – a ‘New World City’

“’New World Cities’ attract a disproportionate share of global investments as the investors look for value beyond the core group of ‘Established’ and…

Competition concerns in the waste management sector?

A new report from the Nordic Competition Authorities refers to a less than optimal use of resources in the waste management sector. Competition author…

Strict new EU data protection rules target “Big Data”

Citizens are given control of their own data – significant new responsibilities conferred upon businesses processing personal data.

Increasing the transparency in the Norwegian bond market

The Ministry of Finance has requested the Norwegian FSA (FSAN) to draft legislation that may allow issuers of bonds to require information about the i…

Increasing the transparency in the Norwegian bond market!

The Ministry of Finance has requested the Norwegian FSA (FSAN) to draft legislation that may allow issuers of bonds to require information about the i…

The Norwegian Government Pension Fund Global – Strengthens CSR profile and takes further steps towards infrastructure investments

The Norwegian right-wing Government recently submitted its annual white book to the Parliament on the management of the Government Pension Fund Global…

The Norwegian Government Pension Fund Global – Strengthens CSR profile and takes further steps towards infrastructure investments

The Norwegian right-wing Government recently submitted its annual white book to the Parliament on the management of the Government Pension Fund Global…

The International Comparative Legal Guide – Insurance & Reinsurance 2015

Steenstrup Stordrange has contributed to the International Comparative Legal Guide – Insurance & Reinsurance 2015, by supplying the Norwegian chapter.…

UCITS update – The Norwegian regulator takes action against closet-tracking

Earlier this month, the Norwegian regulator took action against alleged mis-selling of a fund that charges high fees for active management but, in the…

It took 20 years… but the Norwegian mass market is finally open to European hedge fund managers

Investment funds for sale to the general public – in other words, open-ended collective investment structures of which shares may be redeemed on a reg…

Norway chases carried interest taxation

Since 2012, Norwegian tax authorities have focused on the way Norwegian private equity firms have structured their carried interest payments.

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