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All of SKAGEN's funds are authorised by the Financial Supervisory Authority of Norway (Finanstilsynet). The management company, SKAGEN AS, has approval from the Norwegian FSA to carry out the regulated activity of fund management.
How is SKAGEN regulated?
Both the management of the funds and the operations of the management company are regulated by Norwegian law and regulations, implementing EU Directives, circulars from the Norwegian FSA in addition to industry standards and recommendations adopted by the Norwegian Fund and Asset Management Association.
When SKAGEN markets its funds outside of Norway, we follow the relevant laws and regulations in the country we are operating in.
The main law governing SKAGEN's activities is the Act on Securities Funds. This act regulates the size of SKAGEN's investments in individual companies, the redemption rights of clients, and also places requirements on the management company in terms of healthy operations and internal controls.
Who supervises the funds and the management company?
The individual funds and the management company SKAGEN AS are supervised by the Norwegian FSA. Every quarter SKAGEN reports to the authorities in addition to having a continual open dialogue related to the funds and the law. The Norwegian FSA has the power to perform on-site inspections of the management company and to request additional information from SKAGEN as required.
Internal controls and procedures are an integral part of daily operations. The leaders of all the areas of operation carry out a continuous assessment to ensure that internal controls and procedures are implemented. Twice a year a summary assessment is carried out to gauge whether internal control has been implemented to a satisfactory standard. The auditing company EY carries out the audits and offers advice on how SKAGEN should implement internal control. External audits are carried out once a year by PriceWaterhouseCoopers AS.