News
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PSD2 is finally incorporated into the EEA-agreement
On 7 June 2019, the Norwegian Government (King in Council) resolved to authorize the EEA-committee, in its 13 June meeting, to incorporate PSD2 (Directive 2015/2366/EU) into the EEA-agreement.
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A guarantor's protection pursuant section 66 of the Norwegian Act on Financial Contracts and Financial Assignments (the Financial Contracts Act)
The Financial Contracts Act section 66 regulates a financial institution's right to release a mortgaged property or other security that was furnished or that was assumed would be furnished when the guarantee was executed, i.e. when the guarantee contract was entered into. If a financial institution does not comply with the section, then the guarantor will no longer be bound by the guarantee.
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Welcome to Norway and Nor-Shipping!
On behalf of the Shipping and Offshore group in Simonsen Vogt Wiig we would like to welcome all national and international friends and colleagues to Nor-Shipping. We hope to see many of you during the week on the various events.
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Norwegian upstream Parent Company Guarantee challenged in court for the first time
For the first time, Norwegian courts have ruled on a case regarding the scope of the Parent Company Guarantee (PCG) for licensees on the Norwegian Continental Shelf (NCS). Borgarting Court of Appeal recently overturned a District Court judgement and largely accepted the Norwegian government's interpretation of the PCG's scope of applicability. Although the ruling, which is likely to be appealed, provides some clarity, the question of whether tax claims are covered was not resolved.
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Electronic closing rooms in aviation finance – something for the shipping industry?
The Cape Town Convention and electronic registration of security interests has modernised the aviation finance industry. Would the shipping industry benefit from implementing a similar system?