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Telefaks: 22 24 27 86

Abonnement, løssalg og pris fåes ved henvendelse til:

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Trykk: 07 Gruppen AS - 03/2008

. 36 (2007–2008) Om lov om endringer i lov 12. juni 1981 nr. 52 om verdipapirfond mv. (regler om spesialfond)

241 379

Trykksak MI LJØMERKE T

omslag.indd 1 05.03.2008 09:18:34

Ot.prp. nr. 36

(2007–2008)

Om lov om endringer i lov 12. juni 1981 nr. 52 om verdipapirfond mv.

(regler om spesialfond)

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1 Proposisjonens hovedinnhold . . 5 10.2 Kredittilsynets høringsnotat . . . 44

10.3 Høringsinstansenes merknader . . . 45

2 Bakgrunn for lovforslaget . . . . 8 10.4 Departementets vurdering . . . 45

3 Særtrekk ved spesialfond 11 Investeringsområde absolutte (hedgefond mv.). . . 10 plasseringsregler . . . 48

11.1 Gjeldende rett . . . 48

4 Gjeldende rett . . . 12 11.2 Kredittilsynets høringsnotat . . . 49

4.1 Oversikt over norsk rett. . . 12 11.3 Høringsinstansenes merknader . . . 50

4.2 EØS-rett . . . 12 11.4 Departementets vurdering . . . 55

4.3 Utenlandsk rett . . . 13

12 Krav til diversifisering – 5 Overordnede vurderinger relative plasseringsregler . . . 57

nærmere om verdipapirfondloven 12.1 Gjeldende rett . . . 57

bør legge til rette for norske 12.2 Kredittilsynets høringsnotat . . . 58

spesialfond . . . 18 12.3 Høringsinstansenes merknader . . . 59

5.1 Oversikt over gjeldende rett . . . 18 12.4 Departementets vurdering . . . 60

5.2 Kredittilsynets høringsnotat . . . 18

5.3 Høringsinstansenes merknader . . . 19 13 Låneopptak, utlån av 5.4 Departementets vurdering . . . 19 finansielle instrumenter, sikkerhetsstillelse og short 6 Særlig om hensynet til handel. . . 61

investorbeskyttelse . . . 23 13.1 Gjeldende rett . . . 61

6.1 Kredittilsynets høringsnotat . . . 23 13.2 Kredittilsynets høringsnotat . . . 62

6.2 Høringsinstansenes merknader . . . 23 13.3 Høringsinstansenes merknader . . . 62

6.3 Departementets vurdering . . . 27 13.4 Departementets vurdering . . . 63

7 Anvendelsesområde . . . 31 14 Depotmottakers rolle . . . 64

7.1 Gjeldende rett . . . 31 14.1 Gjeldende rett . . . 64

7.2 Kredittilsynets høringsnotat . . . 31 14.2 Kredittilsynets høringsnotat . . . 64

7.3 Høringsinstansenes merknader . . . 32 14.3 Høringsinstansenes merknader . . . 65

7.4 Departementets vurdering . . . 35 14.4 Departementets vurdering . . . 69

8 Krav til prospekt . . . 37 15 Krav til verdiberegning, 8.1 Gjeldende rett . . . 37 kontroll og rapportering . . . 71

8.2 Kredittilsynets høringsnotat . . . 37 15.1 Gjeldende rett . . . 71

8.3 Høringsinstansenes merknader . . . 37 15.2 Kredittilsynets høringsnotat . . . 72

8.4 Departementets vurdering . . . 38 15.3 Høringsinstansenes merknader . . . 73

15.4 Departementets vurdering . . . 76

9 Krav til vedtektene for spesialfond . . . 39 16 Krav til risikostyring. . . 78

9.1 Gjeldende rett . . . 39 16.1 Gjeldende rett . . . 78

9.2 Kredittilsynets høringsnotat . . . 40 16.2 Kredittilsynets høringsnotat . . . 78

9.3 Høringsinstansenes merknader . . . 41 16.3 Høringsinstansenes merknader . . . 79

9.4 Departementets vurdering . . . 41 16.4 Departementets vurdering . . . 79

10 Utstedelse og innløsning av 17 Forvaltningsgodtgjørelse . . . 80

andeler . . . 44 17.1 Gjeldende rett . . . 80

10.1 Gjeldende rett . . . 44 17.2 Kredittilsynets høringsnotat . . . 81

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utenlandske fondsandeler enkelte andre lover . . . 90 i Norge. . . 84

18.1 Gjeldende rett . . . 84 21 Økonomiske og administrative 18.2 Kredittilsynets høringsnotat . . . 85 konsekvenser . . . 91 18.3 Høringsinstansenes merknader . . . 85

18.4 Departementets vurdering . . . 85 22 Merknader til de enkelte

bestemmelsene . . . 92 19 Tilsyn . . . 87

19.1 Gjeldende rett . . . 87 Forslag til lov om endringer i lov

19.2 Kredittilsynets forslag. . . 88 12. juni 1981 nr. 52 om verdipapirfond

19.3 Høringsinstansenes merknader . . . 89 mv. (regler om spesialfond). . . 97

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Ot.prp. nr. 36

(2007–2008)

Om lov om endringer i lov 12. juni 1981 nr. 52 om verdipapirfond mv.

(regler om spesialfond)

Tilråding fra Finansdepartementet av 14. mars 2008, godkjent i statsråd samme dag.

(Regjeringen Stoltenberg II)

1 Proposisjonens hovedinnhold

Finansdepartementet fremmer i denne proposisjo- nen forslag til endringer i lov 12. juni 1981 om ver- dipapirfond. Det foreslås at det åpnes for en ny kategori verdipapirfond som skal betegnes spesial- fond. Spesialfond vil omfatte hedgefond og lig- nende fondskonstruksjoner som får adgang til å benytte et videre spekter av investeringsteknikker enn det verdipairfondloven nå tillater. Investerin- ger i denne type fond vil kunne medføre høyere risiko for tap sammenlignet med investeringer i alminnelige verdipapirfond. Det foreslås derfor krav til informasjon som skal gis ved markedsfø- ring av andeler i spesialfond.

I et høringsnotat utarbeidet av Kredittilsynet som Finansdepartementet sendte på høring i januar 2005, foreslo Kredittilsynet lovendringer som vil legge til rette for etablering av norske spe- sialfond etter verdipapirfondloven. Høringsinstan- sene var gjennomgående positive til dette. Kredit- tilsynet foreslo at spesialfond bare skulle kunne til- bys «profesjonelle investorer». For privatpersoner innebar forslaget et krav om en finansformue på minst 5 millioner kroner og et minstekrav om at investeringen i fondet utgjør minst 500.000 kroner.

Høringsinstansene var gjennomgående kritiske til denne delen av forslaget. Det ble blant annet reist spørsmål ved om formue kunne anses som en indi- kasjon på profesjonalitet. Bakgrunnen for lovforsla- get er nærmere beskrevet i kapittel 2.

«Hedgefond» benyttes som en fellesbetegnelse for fond som forvaltes på en mer fleksibel måte enn tradisjonelle verdipapirfond, og der målsetningen ofte er å skape positiv avkastning uavhengig av markedsutviklingen. Det er dermed snakk om en uensartet gruppe kollektive investeringer, hvor investeringsstrategi og risiko varierer betydelig og hvor forvalters kompetanse ofte har større betyd- ning for fondets avkastning sammenlignet med tra- disjonelle verdipapirfond. I kapittel 3 gis en nær- mere redegjørelse for særtrekk ved spesialfond (hed- gefond mv.).

Verdipapirfondloven er i dag til hinder for eta-

blering av norske spesialfond, fordi regelverket for

verdipapirfond ikke tillater slike investeringsstra-

tegier som spesialfond benytter. Loven er ikke til

hinder for at norske investorer kjøper andeler i

utenlandske spesialfond. Dette kan skje over inter-

nett, gjennom finansielle rådgivere eller gjennom

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avtaler om aktiv forvaltning. Utenlandske spesial- fond kan imidlertid ikke markedsføres i Norge.

Det gis en oversikt over gjeldende rett i kapittel 4.

Det understrekes at investeringer i spesialfond, avhengig av fondets mandat og risikoprofil, vil kunne medføre høyere risiko for tap sammenlignet med investeringer i alminnelige verdipapirfond.

Ved vurderingen av om det bør åpnes for etable- ring av spesialfond etter verdipapirfondloven, har departementet særlig vurdert hensynet til finansi- ell stabilitet og investorbeskyttelse. Departemen- tet kan ikke se at hensynet til finansiell stabilitet til- sier et forbud mot at det etableres spesialfond etter verdipapirfondloven. Spesialfond kan spille en positiv rolle i det finansielle system, utenlandske hedgefond vil uansett kunne ta posisjoner i det nor- ske markedet, og norske finansinstitusjoner og investorer vil uansett kunne gi lån til, og investere i, utenlandske spesialfond. Når det gjelder hensy- net til investorbeskyttelse, må det foretas en avvei- ning mellom investorenes berettigede forventning om beskyttelse og spesialfondenes behov for flek- sibilitet. Etter departementets vurdering vil hensy- net til investorene kunne ivaretas på en hensikts- messig måte ved å kreve at spesialfond bare kan selges til allmennheten gjennom en investerings- rådgiver med konsesjon etter verdipapirhandell- oven eller forvaltningsselskapet selv, dersom det har gitt melding om at det yter tilleggstjenesten investeringsrådgivning. I tillegg foreslås særskilte informasjonskrav for denne type fond. Etter depar- tementets syn er det verken nødvendig eller hen- siktsmessig å forbeholde investeringer i norsketa- blerte spesialfond for profesjonelle investorer. Det er gjort nærmere rede for spørsmålet om verdipa- pirfondloven bør legge til rette for spesialfond i kapit- tel 5, mens hensynet til investorbeskyttelse drøftes særskilt i kapittel 6.

Det foreslås å presisere i lovteksten at andelsei- ere i verdipapirfond (herunder spesialfond) ikke er ansvarlige overfor fondets kreditorer.

Etter departementets vurdering er det for øvrig ikke hensiktsmessig å tilpasse verdipapirfondlo- ven til såkalt private-equity eller venturevirksom- het. Ved den nærmere utformingen av forslaget, er det derfor ikke lagt vekt på de særlige behovene knyttet til slik virksomhet, se nærmere omtale av anvendelsesområdet i kapittel 7.

Det grunnleggende kravet om at andelseierne må få det risikonivået som er «utlovet», fastholdes gjennom et krav til vedtektsfesting av investerings- område, strategi, risikorammer og retningslinjer for måling og styring av risiko, se nærmere omtale av vedtektene i kapittel 9. Det skal fremgå av spesi- alfonds vedtekter at det er et spesialfond. Vedtek-

tene skal angi fondets investeringsområde, stra- tegi, risikorammer og retningslinjer for kontroll og styring av risiko som gjør det mulig til enhver tid å kontrollere og bedømme risikoen forbundet med fondets posisjoner og hvordan posisjonene påvir- ker fondets risikoprofil. Vedtektene skal også angi om adgangen til å utstede eller innløse andeler er tidsbegrenset, og i så fall hvor hyppig andelsver- dien skal beregnes og kunngjøres i perioder hvor fondet verken er åpent for tegning eller innløsning.

Vedtektene skal inngå i fullstendig prospekt, og vil på den måten bli gjort tilgjengelig for investorer før de tegner andeler i fondet. Ved stadfestelsen av vedtekter for spesialfond, skal Kredittilsynet foreta en vurdering av om vedtektene beskriver en hen- siktsmessig ramme for kontroll med og styring av den finansielle risiko.

Det foreslås at tiden et spesialfond er åpent for tegning av nye andeler skal kunne begrenses i fon- dets vedtekter, og at det kan vedtektsfestes at fon- det kan lukkes i forhold til innløsningskrav for en periode på inntil ett år. Adgangen til å begrense innløsningsadgangen imøtekommer spesialfonds behov for kontroll med likviditetsrisikoen i visse perioder. Forutberegneligheten for investorene ivaretas gjennom krav til vedtektsfesting av eventu- elle begrensninger, samt at investorene sikres en minste likviditet gjennom kravet til at fondet i det minste må være åpent for innløsning én gang i året, se nærmere omtale av utstedelse og innløsning av andeler i kapittel 10.

Formålet med lovforslaget er, som nevnt, å åpne for fond som har en annen forvaltningsstra- tegi, og kan benytte et større spekter av investe- ringsteknikker enn det verdipapirfondloven nå til- later. Spesialfond vil derfor ha behov for unntak fra en del av reglene i verdipapirfondloven. I kapittel 11 drøftes unntak fra verdipapirfondlovens absolutte plasseringsbegrensninger, dvs. unntak fra reglene om hvilke aktiva et verdipapirfond kan investere i og unntak fra ulike likviditetskrav. I kapittel 12 drøftes spesialfondenes behov for unntak fra rela- tive plasseringsregler, dvs. unntak fra krav til risi- kospredning og plasseringsbegrensninger i for- hold til utsteder.

Et annet særtrekk ved spesialfonds forvalt- ningsvirksomhet, er at de kan ta opp lån og selge aksjer de ikke eier (short salg). Slike teknikker legger bl.a. til rette for at spesialfond kan ha en positiv avkastning i fallende markeder. I kapittel 13 drøftes spesialfondenes behov for unntak fra de alminnelige reglene om låneopptak, utlån av finan- sielle instrumenter, sikkerhetsstillelse og shortsalg.

Reguleringen av fondets depotmottaker står

sentralt i verdipapirfondloven. Depotmottaker er

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gjerne en bank eller lignende, og skal oppbevare alle fondets midler (oppbevaringsfunksjonen) og føre tilsyn med at forvaltningsselskapet holder seg innenfor lov, forskrift og fondets vedtekter (kon- trollfunksjonen). I tråd med Kredittilsynets forslag foreslår departementet en presisering av depot- mottakers plikter, uavhengig av om vedkommende er depotmottaker for et spesialfond eller alminne- lig verdipapirfond. Det foreslås videre at depotmot- taker for spesialfond skal pålegges enkelte særlige kontrolloppgaver. Depotmottakers rolle for spesial- fond drøftes nærmere i kapittel 14.

I kapittel 15 omtales nærmere regler om verdi- beregning, kontroll og rapportering for spesialfond.

Disse reglene er av sentral betydning for at poten- sielle og eksisterende investorer skal få et riktig bilde av verdien av sine eiendeler i fondet og fon- dets utvikling. Departementet foreslår her en sær- regel for spesialfond, som innebærer at fondet peri- odevis skal rapportere til investor, Kredittilsynet og depotmottaker om den faktiske risikoen fondet har tatt i rapporteringsperioden. På den måten kan investor (og Kredittilsynet og depotmottaker) følge med på om fondet har tatt større eller mindre risiko enn det som er fastsatt i fondets vedtekter.

I kapittel 16 gjøres rede for de krav som skal stil- les til risikostyringen i spesialfond, mens spesialfon- denes behov for særregler om forvaltningsgodtgjø- relse drøftes i kapittel 17.

I tråd med gjeldende rett bør det være adgang for utenlandske spesialfond (hedgefond mv.) til å markedsføre seg i Norge, forutsatt bl.a. at det uten- landske fondet er underlagt en regulering som gir norske investorer beskyttelse minst på linje med den beskyttelse de har ved investering i et norsk spesialfond. Markedsføring og salg av utenlandske fondsandeler i Norge omtales i kapittel 18.

De generelle reglene om tilsyn med verdipapir- fond anses i all hovedsak å gi et hensiktsmessig rammeverk for tilsyn med spesialfond, jf. nærmere omtale i kapittel 19.

Det foreslås enkelte tekniske justeringer i andre lover, jf. omtale i kapittel 20.

Forslagets økonomiske og administrative konse- kvenser beskrives i kapittel 21.

Enkelte av de foreslåtte lovbestemmelsene for-

utsetter utfyllende forskrifter. Den nærmere utfor-

mingen av slike forskrifter vil departementet

komme tilbake til på vanlig måte.

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