According to the Norwegian Law of Securities Trading (Lov om verdipapirhandel), as an extension of the European Union investment services regulations a Norwegian AS (Aksje Selskap) is allowed to conduct investment services when dealing with ownership in the silent partner of a GP/ LP structured investment vehicle. The silent partner, or LP is defined as: “silent participant: participant in a company where it is agreed that the participation will not appear as an external communicator on behalf of the vehicle and that the participant only has limited liability with a fixed amount”. Secondary Advisors AS is a Norwegian structured AS (Aksje Selskap) which will only advise accredited investors who own LP shares as defined above. Any given LP share must exceed EUR 700 000 in value. An accredited investor is defined as:

(a) eligible counterparties mentioned in the Securities Trading Act section 10-14 second paragraph,
(b) a legal person who meets at least two of the following three requirements for the size of the business:
a. The accounting balance of an amount in Norwegian kroner corresponding to at least EUR 20 000 000
b. annual net sales of NOK amounting to at least EUR 40 000 000
c. equity of an amount in Norwegian kroner corresponding to at least EUR 2000 000
(c) other institutional investors whose main activity is to invest in financial instruments, including specialization companies for securitization.

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