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Latest from Oslo Børs on the ammendments to the ETF Rules

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6/2012: Amendments to the ETF Rules

For: Issuers of ETFs listed on Oslo Børs

Date: 10/08/2012

Oslo Børs has adopted amendments to the ETF Rules as a consequence of the new Norwegian Securities Funds Act and the related legal regulations (the Securities Funds Regulations). The new legislation implements EEA rules that correspond to the UCITS IV Directive. The legislation also implements certain changes that are not the result of changes to the EEA rules. These legislative changes have made it necessary to amend the ETF Rules.

The amendments can be summarised as follows:

•Amended references to Acts and Regulations where relevant (Sections 1.1 and 1.2)

•The Securities Funds Act introduces requirements for a new document to provide key information for investors. When an ETF is to be admitted to listing, the key investor information and the prospectus must be inspected and approved by Oslo Børs. In addition, any subsequent changes to the key investor information must be publicly disclosed (Sections 2.3, 2.5.1 (2) item 2, and 2.6)

•Minor changes to the requirements for the content of a prospectus for admission to listing of an ETF as a consequence of amendments to the prospectus rules for securities funds (Section 2.3.2)

•Certain minor changes to make allowance for the possibility of a different allocation of responsibilities between the fund management company and the fund in the case of foreign registered funds (Sections 1.3, 2.5.1 (2) item 6, 2.5.1 (3), 2.5.4 and 3.6)

The amendments to the ETF Rules are of only minor significance and have been made as a direct consequence of changes in legislation. Accordingly, the amendments have been made without an external consultation process.

The amendments come into effect from the date of this Circular.

Yours sincerely

OSLO BØRS ASA

Anders Brodin            Torbjørn R. Vik

Deputy CEO           Specialist – Exchange Traded Products

Viewers can log on and read the EFT Rules here:    Encl – ETF rules

 

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