Nominee

This service offers fund managers access to virtually the same functionality and degree of service as Euronext Securities Oslo provides for fund management companies with funds registered in Euronext Securities Oslo. The nominee register takes the place of the manager’s own customer register. The nominee register can also include holdings in funds that are not Euronext Securities Oslo-registered.

Euronext Securities Oslo provides well-established procedures for nominee registration in relation to:

• Registering investors’ holdings.
• Generating messages to investors to report changes to their holdings.
• Reporting to the tax authorities.
• Providing investors with information on their holdings of securities using VPS Client Services on the internet.
• Regular checking of personal information, account numbers and postcodes.
• Back-up and disaster recovery.

The nominee is responsible for ensuring that the totals of securities held on the deposit accounts reconcile with the securities actually held by the nominee in its name. Euronext Securities Oslo offers specific functions for simplifying reconciliation between the registers if the main nominee register is also held with Euronext Securities Oslo.

The legal status of a nominee account differs from that of a normal VPS account. This has the following implications for the investor:

• Registration of holdings on the nominee account does not provide legal protection for the holdings under the terms of the Securities Register Act.
• When changes are made to the holdings on the account, a nominee confirmation is produced rather than a notification.
• A nominee account can only be operated by the nominee that is the owner of the account.
• Investors cannot grant mandates in favour of other account operators over holdings that are held on a nominee account.
• Transfers are only permitted between nominee accounts operated by the same nominee. In the event of routine corporate actions, dividend payments, etc. the nominee will be responsible for taking appropriate action on behalf of the investor.

Euronext Securities Oslo has made arrangements for normal VPS accounts and nominee accounts to be clearly distinguished from each other, and nominee register accounts are identified with their own ISIN.