Euronext Oslo Børs

Previous decisions and statements are contained in annual collections published by Euronext Oslo Børs. The collection consists of excerpts from Euronext Oslo Børs' decisions, letters and other statements that are assumed to be of interest because they illustrate interpretations or practices. In addition, all circulars for the year are included.

Circulars – archive
Consult our legal team to obtain older Circulars (history from 1998) [email protected]

The collections are only available in Norwegian, but some decisions and statements are in English.

Euronext Oslo Børs Appeals Committee settles appeals against decisions in accordance with Euronext Oslo Børs / Euronext Expand Rule Book II – Issuer Rules section 2.12, Euronext Growth Oslo Rule Book – Part II section 3.19, 4.6.5 and 5.6.3, and Euronext Oslo Rule Book II – Membership and Trading Rules for Euronext Oslo Børs and Euronext Expand section 2.9.6. 

NOTIS 2.12 / NOTIS 3.19 /NOTIS 4.6.6 / 2.9.6 : Mandate and procedure for the Euronext Oslo Børs Appeals Committee

Decisions made by Euronext Growth Appeals Committee before 1 April 2025:

Please note that the resolutions are usually only in Norwegian. 

Decisions made by Euronext Oslo Børs are made available in their entirety. If the decision includes information of confidential nature and as such exempted from the public, the specific information in question will be excluded from the version of the document that is made available.

Decisions and resolutions made before 1 April 2025 include historic resolutions made by Euronext Oslo Børs in its former capacity as take-over supervisory authority and former supervision with disclosure and delayed disclosure of inside information or buy-backs and price stabilisation. To the extent set out in the respective resolution, historic resolutions regarding inter alia dispensations and/or exemptions from mandatory offer obligations will continue to be effective following 1 April 2025. However, the overview below will not be updated with resolutions by the 

take-over supervisory authority or made in connection with the supervision of closure and delayed disclosure of inside information or buy-backs and price stabilisation made after 1 April 2025 by Norwegian Financial Supervisory Authority (NFSA) as competent authority.

Please note that not all decisions and statements are translated to English.

Relevant information on changes and other news connected to regulations applicable to Issuers, Members and Euronext Growth Advisors will be made available on the site 

Regulation news

Consultation – Member and Trading Rules – amendments in connection with updates and revision of the Issuer Rules 

7 FEBRUARY 2025

Reference is made to the consultation sent on 31 January 2025 regarding amendments and revisions to the Issuer Rules following the cessation of supervisory assignments delegated to Euronext Oslo Børs, and proposals for new rules on procedures for case processing, the appeals committee, and publication for issuers on Euronext Oslo Børs, Euronext Expand, and Euronext Growth Oslo. As communicated in the consultation on 31 January, Euronext Oslo Børs aims to ensure that the rules are correct, effective, and coherent. It is therefore proposed that the rules on procedures for case processing, appeals committee, and publication be incorporated into the regulations for Members where applicable. Furthermore, it is proposed that the respective member and trading rules have similar wording and fine sizes in the rules regarding violation charge and daily fine. These amendments are proposed in Euronext Rule Book II – Membership and Trading Rules for Euronext Oslo Børs and Euronext Expand ("Membership Rules") sections 2.9.4 through 2.9.7, and Euronext Growth Oslo Rule Book – Part II sections 4.6.5 through 4.6.7 and section 5.6.3, respectively. 

Furthermore, updates are necessary following the Norwegian Parliament’s resolution to transfer supervision of, among other things, buy-back programmes and price stabilisation from the market operator to the Financial Supervisory Authority (Nw. Finanstilsynet). The Membership Rules currently have a rule regarding price stabilisation and related information obligations towards Euronext Oslo Børs, see section 2.6 in the Membership Rules and the ancillary notice. As Euronext Oslo Børs will no longer have supervisory authority under MAR for such activities, it is proposed that section 2.6 and the ancillary notice be repealed.

These proposed changes are linked to the amendments proposed for the Issuer Rules set out in the consultation of 31 January 2025, and will be given effect as of the same date, expected on 1 April 2025. 

Stakeholders are invited to submit their comments to the consultation paper to [email protected] by 28 February 2025. 

The proposed amendments in their entirety are set out in the marked-up versions of the Member Rules and Euronext Growth Oslo Rule Book – Part II, available under the topic “Consultations” on Oslo | euronext.com.

Contact persons

Consultation – Issuer Rules – changes in connection with termination of supervision tasks assigned to Euronext Oslo Børs and thorough review and revision of the Issuer Rules

31 JANUARY 2025

Euronext Oslo Børs proposes extensive amendments to Rule Book II for Euronext Oslo Børs and Euronext Expand and to Rule Book II for Euronext Growth Oslo. The proposition is made in light of the Norwegian Parliament resolution to amend the Securities Trading Act to transfer supervisory authority related to disclosure obligations, delayed disclosure of inside information, buy-back programmes and price stabilisation from the market operator Euronext Oslo Børs, to the Financial Supervisory Authority of Norway.

Today, the Euronext Oslo Børs Rule Books set out rules that reflect Euronext Oslo Børs’ supervisory tasks, and it is thus necessary with an update of the rules. Euronext Oslo Børs furthermore intends to seize the opportunity to conduct a thorough review and revision of its rules, and to clear the Rule Books of rules that merely reproduce existing legislation, refer to outdated provisions, or rules that otherwise require updates. Euronext Oslo Børs’ aim is to ensure that the Rule Books are correct, efficient, and coherent.

The proposed changes to the Rule Books will be given effect in two stages. Changes prompted by the law amendments, intended to keep the Rule Books up to date, will be given effect as of the same date as the law amendments. Based on dialogue with the Norwegian Ministry of Finance, the law amendments are expected to enter into force as of 1 April 2025, with the changes to the Rule Books entering into effect accordingly. The other changes to the rule books proposed in this consultation will come into effect at a later date in 2025, expected during the second or third quarter of 2025.

The proposed amendments are further described in the consultation papers that are available under the topic “Consultations” on Oslo | euronext.com

With respect to the amendments expected to enter into force as of 1 April 2025, issuers and stakeholders are invited to submit their comments to the proposed changes by 21 February 2025. With respect to the changes expected to enter into force at a later point in time in 2025, comments are asked to be submitted by 28 March 2025. Comments to the proposed changes may be submitted to [email protected] within the said deadlines.

Contact persons

Consultation – Oslo Rule Book Part II – automatic admission of new shares and information obligation when issuing new shares

2 MAY 2024

Oslo Børs proposes to make clarifications of the rule on automatic admission to trading of new shares in the same share class as already admitted to trading (Oslo Rule Book Part II Section 4.2.5.5 second paragraph (Norwegian issuers) and Section 4.8.4.4 first paragraph (foreign issuers)). It is considered appropriate to make minor linguistic changes to the rule and to specify in the guidelines how this rule is currently practised.

Furthermore, Oslo Børs proposes to include a new obligation for issuers to inform Oslo Børs (Oslo Rule Book Part II Section 4.2.5.5 in a new third paragraph (Norwegian issuers) and Section 4.8.4.4 in a new second paragraph (foreign issuers)). The obligation will require issuers to provide information to Oslo Børs in connection with the issuance of new shares in the same class of shares as already admitted to trading on Oslo Børs or Euronext Expand. Oslo Børs, as a regulated market, shall have effective arrangements to ensure that issuers fulfil their obligations pursuant to Chapter 7 of the Norwegian Securities Trading Act relating to prospectus requirements, cf. the Norwegian Securities Trading Act Section 12-2 (3). The background for the rule is changes to the procedures and systems Oslo Børs will use for this.

The proposed amendments are further described in the consultation papers that are available under the topic “Consultations” on Oslo | euronext.com

Stakeholders are invited to submit comment on the proposed changes by 30 May 2024 at the latest to [email protected].

Contact persons

Consultation - Euronext Growth Oslo - Accounting standards for admission to trading

30 JUNE 2023

Oslo Børs propose to amend the rules regarding which accounting standards issuers may use when applying for their shares to be admitted to trading on Euronext Growth Oslo and as part of continuing obligations. According to current rules, issuers may  use accounting principles that apply for SMEs, e.g. NRS 8 Norwegian generally accepted accounting principles for small companies. Target audience for financial statements prepared according to such standards are normally limited. As issuers admitted to trading on Euronext Growth Oslo are freely transferrable and the target audience thus should be assumed to be wider, we suggest that issuers no longer may use accounting principles for SMEs.

The proposed amendments are further described in the consultation paper below. Please find attached mark-up versions of the English language and Norwegian language Euronext Growth Oslo Rulebook Part II.

Stakeholders are invited to submit comment on the proposed changes by 11. August 2023 to [email protected]

Contact persons:

Consultation regarding the Euronext Growth Oslo Rulebook Part II and notices – EGA etc.

14 FEBRUARY 2022

The purpose of this consultation is to present the amended rules in Euronext Growth Oslo Rulebook Part II, and to provide all stakeholders with an opportunity to provide feedback on the changes. The main and material amendments relate to Euronext Growth Advisors. Oslo Børs has also conducted a complete review of the Euronext Growth Oslo Rule Book Part II in relation to definitions, language, references and clarification of ambiguities. Furthermore, a new notice 2.3 is proposed, which contains more extensive guidance on the information to be included in the information document in connection with admission to trading.

The proposed amendments are further described in the consultation paper below. Mark-up versions of the Norwegian language and English language Euronext Growth Oslo Rulebook Part II and notice 2.2, and the new notice 2.3, are also attached below.

Stakeholders are invited to comment on the proposed changes by 1 March 2022 to [email protected] .

Contact persons:

Consultation regarding the Membership and Trading Rules– clearing of subscription rights

1 FEBRUARY 2022

The purpose of this consultation is to present the new regulations governing the Membership and Trading Rules regarding clearing of subscription rights on Oslo Børs, Euronext Expand and Euronext Growth Oslo, and to offer our members an opportunity to provide feedback on the changes.

The proposed amendments are further described in the consultation paper below.

Members and other stakeholders are invited to comment on the proposed changes by 14 February 2022 to [email protected] .

Contact persons:

Consultation regarding the Trading Rules on Euronext Growth – clearing and settlement

7 JUN 2021

The purpose of this consultation is to present the new regulations that will govern the Trading Rules regarding clearing and settlement arrangements on Euronext Growth, and to offer our members an opportunity to provide feedback on the changes.

The proposed changes are further described in the consultation paper below.

Members and other stakeholders are invited to comment on the proposed changes by 14 June 2021 to  [email protected].

Contact persons:

Consultation letter regarding changes to the issuer rules - MAR

On 27 November 2020, the Government of Norway resolved that the bill to implement EU’s regulation on market abuse (MAR) shall enter into force on 1 March 2021. This will imply certain amendments to the rules for issuers on Oslo Børs, Euronext Expand and Euronext Growth Oslo.

The proposed amendments are further set out in the Consultation letter below. Issuers and other stakeholders are invited to comment on the proposed changes by 15 February 2021 to [email protected].

Contact persons

Consultation regarding the ETF Rules

09/10/2020

Following the acquisition of Oslo Børs by Euronext in June 2019, and as communicated previously, trading on Oslo Børs and Oslo Axess will migrate onto the Euronext trading platform Optiq on 9 November 2020 for equities and on 30 November 2020 for derivatives and fixed income.

As part of the acquisition by Euronext, the issuers of exchange traded funds (ETF) at Oslo Børs will become part of the Rule Book regime in Euronext. This involves more harmonization with Euronext’s Issuer Rules, both in terms of structure and content.

The proposed amendments are further set out in the Consultation letter below.

Issuers and other stakeholders are invited to comment on the proposed changes by 23 October 2020 to [email protected].

Contact persons

Consultation regarding the ABM rules for issuers

05/10/2020

Following the acquisition of Oslo Børs by Euronext in June 2019, reporting of trades in bonds registered on Nordic ABM will migrate onto the Euronext trade reporting platform Saturn on 30 November 2020.

There will not be made substantial amendments to the ABM-rules as a consequence of the migration, but there are a few proposed amendments due to equivalent changes being made to the rules for issuers with bonds listed on Oslo Børs. The amendments will enter into force from 30 November 2020.

The proposed amendments are further set out in the Consultation letter below.

Issuers and other stakeholders are invited to comment on the proposed changes by 20 October 2020 to [email protected].

Contact persons

Consultation regarding the Trading Rules on Merkur Market

14/09/2020

The purpose of this consultation is to present the new regulation that will govern the Trading Rules on Merkur Market after the migration to Optiq, and to offer our members an opportunity to provide feedback on the changes.

Following the acquisition of Oslo Børs by Euronext in June 2019, and as previously communicated, trading on Merkur Market will migrate onto the Euronext trading platform Optiq on 9 November 2020, simultaneously as the migration of trading with equity securities on Oslo Børs and Oslo Axess.

Members and other stakeholders are invited to comment on the proposed changes by 5 October 2020 to [email protected].

Contact persons

Consultation regarding the Issuer Rules on Merkur Market

14/09/2020

Following the acquisition of Oslo Børs by Euronext in June 2019, and as previously communicated, trading on Merkur Market will migrate onto the Euronext trading platform Optiq on 9 November 2020, simultaneously as the migration of trading with equity securities on Oslo Børs and Oslo Axess.

As part of the acquisition by Euronext, the issuers of shares on Merkur Market will become part of the Rule Book regime in Euronext (Euronext Growth Markets Rule Book). This involves more harmonisation with Euronext’s issuer rules, both in terms of structure and content. Furthermore, Merkur Market will as part of the harmonisation process be renamed to Euronext Growth, operated by Oslo Børs as one of several Euronext Growth Markets under Euronext.

The proposed amendments are further set out in the Consultation letter below.

Issuers and other stakeholders are invited to comment on the proposed changes by 5 October 2020 to [email protected].

Contact persons

Consultation regarding Issuer Rules

07/07/2020

Following the acquisition of Oslo Børs by Euronext in June 2019, and as communicated previously, trading on Oslo Børs and Oslo Axess will migrate onto the Euronext trading platform Optiq on 9 November 2020 for equities and on 30 November 2020 for derivatives and fixed income.

As part of the acquisition by Euronext, the issuers of Shares and bonds on Oslo Børs and Oslo Axess will become part of the Rule Book regime in Euronext. This involves more harmonization with Euronext’s Issuer Rules, both in terms of structure and content. Furthermore, Oslo Axess will as part of the harmonization process be renamed to Euronext Expand. The Issuer Rules for Shares will continue to apply for Issuers of Shares, Equity Certificates, Depository Receipts and other Financial Instruments with characteristics similar to Shares to the extent appropriate.

The proposed amendments are further set out in the Consulation letter below.

Issuers and other stakeholders are invited to comment on the proposed changes by 31 August 2020 to [email protected].

Contact persons

Listing rules for share issuers

Linn Cathrin Slettedal

Senior Manager, Primary Market

[email protected]

+47 95 75 69 83

Listing rules for bond issuers

Liv I. Grønlien

Senior Manager, Primary Market

[email protected]

+47 99 27 92 91

Consultation regarding Nordic ABM Member and Trade Reporting Rules

06/07/2020

The purpose of this consultation is to present the new regulation that will govern Nordic ABM Member and Trade Reporting Rules after the migration to Saturn, and to offer our members an opportunity to provide feedback on the changes.

Following the acquisition of Oslo Børs by Euronext in June 2019, and as communicated previously, reporting of trades in bonds registered on Nordic ABM will migrate onto the Euronext trade reporting platform Saturn on 30 November 2020.

Members and other stakeholders are invited to comment on the proposed changes by 31 August 2020 to:

Pernille Woxen Burum

Attorney – Market Surveillance

[email protected]

+47 22 34 17 49

Other contact persons

Bodil Østby

Head of Fixed Income

[email protected]

+47 41 63 83 89

Consultation regarding Member and Trading Rules

10/06/2020

The purpose of this consultation is to present the new regulation that will govern Member and Trading Rules after the migration to Optiq, and to offer our members an opportunity to provide feedback on the changes.

Following the acquisition of Oslo Børs by Euronext in June 2019, and as communicated previously, trading on Oslo Børs and Oslo Axess will migrate onto the Euronext trading platform Optiq on 9 November 2020 for equities and on 30 November 2020 for derivatives and fixed income.

Members and other stakeholders are invited to comment on the proposed changes by 10 July 2020 to:

Pernille Woxen Burum

Attorney – Market Surveillance

[email protected]

+47 22 34 17 49

Other contact persons

Torbjørn Vik

Head of Equities & Head of Client Relations

[email protected] 

+ 47 99 69 18 91

Bodil Østby

Head of Fixed Income

[email protected] 

+47 41 63 83 89

Consultation Regarding Change of Derivatives Rules

19/05/2020

Following the acquisition of Oslo Børs by Euronext in June 2019, and as communicated previously, the Oslo Børs Derivatives Market will migrate onto the Euronext trading platform Optiq on 30 November 2020. The migration will also include a change of Derivatives CCP from SIX x-clear AG to LCH SA.

The purpose of this consultation is to present the new regulation that will govern derivatives trading and products after the migration to Optiq, and to offer our members an opportunity to provide feedback on the changes.

The attached document will:

• provide an overview of the new regulatory framework for Derivatives
• list the main changes for current members

In no circumstance should this consultation be considered an exhaustive list of changes, or a complete representation of the Euronext regulatory framework.

Subject to the successful migration of the Oslo Børs Derivatives Market to Optiq, the Euronext regulation will enter into force for Oslo Børs Derivatives on and from 30 November 2020.

Members and other stakeholders are invited to comment on the proposed changes by 15 June 2020 to:

Anders Holen

Head of Trading – Derivatives

[email protected]

+47 22 34 17 62

Kjell Vidjeland

Head of Legal

[email protected]

+47 22 34 17 27

Code of Practice for Corporate Governance

The current version of the Norwegian Code of Practice for Corporate Governance from 14 October 2021 is available here. https://nues.no/eierstyring-og-selskapsledelse-engelsk/

In its role as an operator of securities marketplaces, Oslo Børs plays a central role in helping to ensure good corporate governance among the companies listed on Euronext Oslo Børs and Euronext Expand.

The Euronext Oslo Børs Code of Practice for IR

Euronext Oslo Børs wishes to contribute, through the Euronext Oslo Børs Code of Practice for IR (the Code of Practice for IR), to maintaining high standards of quality in the information provided by listed companies. Relevant, accessible and up-to-date information generates interest and confidence – and is essential for liquidity.

The Code of Practice for IR has been prepared for companies that have shares listed on Euronext Oslo Børs or Euronext Expand. It also applies insofar as it is relevant to companies that have equity certificates listed on Euronext Oslo Børs, and may also be an appropriate source of guidance for companies admitted to trading on Euronext Growth Oslo (operated by Euronext Oslo Børs). The Code of Practice for IR has been prepared by Euronext Oslo Børs in collaboration with the Norwegian Investor Relations Association (NIRA), and is based on the NIRA’s and Euronext Oslo Børs’ joint views on best practice for reporting financial and other IR information.

Listed companies must comply with a number of laws and regulations, and it is important that IR personnel are aware of the relevant provisions. Several of the themes addressed by this Code of Practice for IR are governed by detailed laws and regulations. We would like to emphasise that the Code of Practice for IR does not replace these. In some areas the Code of Practice for IR is more comprehensive than the regulatory framework.

Euronext Oslo Børs´ intention is to revise the Code of Practice for IR on a regular basis.

For listed companies wishing to highlight compliance with the Code of Practice, the following wording is proposed on the company’s website:

“We comply with the Euronext Oslo Børs Code of Practice for IR of 1 March 2021”

Compliance with the Code of Practice will be based on a «comply or explain» principle. Any deviations from the Code of Practice shall be explained on the company’s website, as further described in section 3.1.

Code of Practice for legal provisions of relevance for investors to be provided on the company website

A large portion of the companies listed on Euronext Oslo Børs are foreign, and the proportion of foreign shareholders in many of the listed companies is high. It can be challenging for investors and other market participants to locate and digest the information they need about legal provisions that are relevant to trading in listed companies. Euronext Oslo Børs therefore recommends that companies listed on Euronext Oslo Børs or Euronext Expand post information on their website about the rules that apply in relation to the company in respect of the matters outlined below.

• Provisions on disclosure of large shareholdings (flagging requirements)
• Takeover regulation
• Squeeze-out provisions
• Squeeze-out and sell-out provisions
• The Norwegian tax exemption method
• Home state

Norwegian companies
Euronext Oslo Børs has prepared an example of such a presentation for Norwegian listed companies, which will be updated on an ongoing basis in the event of changes in relevant legislation. Companies wishing to make use of this example should consider whether there are any additional company-specific matters that should be addressed, for example relevant provisions in the articles of association or sector-specific legislation.

According to Key legal information - Example

Foreign companies
Foreign companies listed on Euronext Oslo Børs or Euronext Expand that choose to make such information available on their websites must prepare corresponding presentations themselves, based on the relevant rules applicable in relation to the company. Companies may in this regard refer to the Norwegian example for guidance on scope and level of detail.

Below is an overview of listed companies. Euronext Oslo Børs is providing this list as an aid and guidance for the market participants.

The list includes the following information:

• which market the company is listed on
• which home state the company belongs to
• whether the company is primary or secondary listed
• whether the company is subject to Norwegian take over rules (mandatory and voluntary bid rules)
• whether the company is subject to the EU/EEA rules regarding shared jurisdiction/choice of law

Download Listed companies' home state - Noterte selskapers hjemstat

Disclaimer

Euronext Oslo Børs is providing this overview as a tool and guidance for market participants.

Euronext Oslo Børs does not accept any responsibility for the overview containing complete and correct information about each company. The content of the overview has been reviewed by Euronext Oslo Børs prior to publication, however Euronext Oslo Børs will not be liable for any financial damages as a consequence of any errors or omissions in the overview. Euronext Oslo Børs will aim to keep the overview updated, however we do not assume any responsibility with respect to the overview at any time being updated with full and correct information for each company.

The overview does not include companies that have applied for listing on Euronext Oslo Børs or Euronext Expand Oslo, which have not yet been listed. The information in this overview is subject to change without prior notice.

It should be noted that the overview of the home state for the listed companies does not provide information on the jurisdiction for tax purposes.
 

Rule Books:

• Euronext Oslo Børs & Euronext Expand (Oslo Axess)
  • Harmonised rules
  • Non harmonised rules
• Euronext Growth Oslo (Merkur Market)
  • Harmonised rules
  • Non harmonised rules
• Euronext ABM (Nordic ABM)

The issuer rules are available as PDFs in our Regulation section 

Disclosure of major shareholdings

The disclosure of major shareholding is the obligation to inform the market of changes in the holding of large proportions of shares, rights to shares or voting rights in issuers whose shares are admitted to trading on a regulated market with Norway as their home state.

Receipt and disclosure of major shareholdings

Through regulations, the regulated market on which the shares are admitted to trading has been assigned to receive and publish the disclosures. Euronext Oslo Børs is thus the recipient of major shareholding notifications concerning companies with Norway as their home state that are listed on the main market Euronext Oslo Børs and Euronext Expand Oslo.

Major shareholding notifications shall be sent by e-mail to Market Administration at Euronext Oslo Børs for publication: [email protected]

Received notifications are published between 08:00 and 17:30 on trading days.

Finanstilsynet supervises compliance with the disclosure rules. For further information, please visit Finanstilsynet’s official website: www.finanstilsynet.no