FATCA is aimed directly at foreign financial institutions, including ODIN Forvaltning AS, requiring them among other things to commit to reporting customer information to the US authorities.
In 2013 Norway and the United States signed an intergovernmental agreement regarding FATCA, as a result of which financial institutions in Norway were imposed certain reporting obligations under Norwegian law. The Norwegian authorities then pass on relevant information to the US tax authorities. The agreement entered into force on 27 January 2014 and has been implemented in Norwegian law in chapter 5 of the Tax Assessment Act through Combined Regulation no. 1092 of 17 September 2013 on the duty of disclosure of third parties. The FATCA rules impose a duty on Norwegian financial institutions to identify and report financial accounts held by US account holders, to register with the US tax authorities and convey information about transactions involving payments with a US source, and provide information on payments to non-participating financial institutions (institutions that do not meet the requirements defined in the FATCA legislation).
The fact that ODIN Forvaltning AS is required to provide information about financial account holders means that we need to identify any US customers. When creating new accounts, ODIN is required to obtain a self-declaration from the customer and assess whether the information provided in the self-declaration seems reasonable. ODIN is also obliged to go through its existing accounts to identify US account holders.
The Norwegian Tax Administration has published a guide on reviewing financial accounts with a view to implementing FATCA in Norway.
ODIN Forvaltning AS meets all the requirements laid down in the FATCA legislation. The company is registered with the United States’ Internal Revenue Service (IRS) via its FATCA portal and has been assigned a so-called GIIN (Global Intermediary Identification Number). ODIN Forvaltning AS’ GIIN is ZU 66BD.00000.SP.578 and its status is “Reporting Entity”.
ODIN Forvaltning AS and the company’s funds are not otherwise registered with the US financial supervisory authority – the Securities and Exchange Commission (SEC). The Securities Act (Regulation S) requires that all securities marketed or sold to people residing in the United States shall be registered with the supervisory authorities. This is to protect the interests of US investors and give them access to correct information about the securities.
Since ODIN Forvaltning AS is not registered with SEC, we therefore cannot let customers in this category subscribe for units in our funds.