Norwegian Depository Receipts

Norwegian depository receipts (NDR) have now been issued, providing an innovative option for non-Norwegian companies to access the Norwegian market.

SSL out and SNDR in!

We see a growing market for NDRs, and other players are also considering entering this market. Read more to learn how we can assist your company in issuing NDRs in the Norwegian market.

As the first Registrar in the Norwegian market, Nordic Issuer is excited to announce that we now offer non-Norwegian companies can issue Norwegian Depository Receipts (NDRs) to target the Norwegian market. This instrument has been made possible due to the adoption of the European Union's Central Securities Depository Regulation (CSDR) (Regulation EU no 909/2014) in Norway. This instrument has been available in Euronext Securities Oslo VPS earlier but has now been re-launched by Nordic Issuer.

The previous method of registering shares through the Single Security Link (SSL) is no longer permitted in Norway. NDRs can be listed on one of the marketplaces on the Oslo Stock Exchange, traded on the Norwegian OTC market, or held privately.

We have worked closely with companies to convert their shares held by the SSL method to NDRs, as recently demonstrated by our assistance to several companies.

The NDRs represent the beneficial interests in an underlying share which will be held in deposit by a licensed institution in Norway, which will also act as the issuer of the NDRs. The NDRs will receive a Norwegian ISIN number, making it a more efficient way for foreign companies to make their shares available in Norway.