Account operator for issuer
The following types of entity may be authorised as account operators: Commercial banks, savings banks, credit institutions that issue bonds, fund management companies and investment firms authorised to provide investment services as defined in Section 2-1, first paragraph items 2, 3 or 6 of the Securities Trading Act.
Further information on the criteria for becoming an Account operator and the at any time applicable terms therefore may be found here.
We can simplify your daily routines with our web-based products and services for operating securities accounts and for settlement, together with related services. Our service portfolio includes applications to support issuers in raising capital and managing their shareholder registers, and to give issuers and investors the reassurance that they will be able to exercise their rights as owners of securities.
An entity that wishes to become an account operator for VPS must enter into an account operator agreement with VPS.
Account operator for shares and equity certificates
VPS registration for shares and equity certificates is carried out by an account operator for shares and equity certificates (KUA).
The account operator is responsible for ensuring that the shareholder register for each issuer that they represent is correctly registered with VPS. This means that the account operator’s duties include ensuring that investors who have subscribed for shares when a company is first established, or who are original owners of shares or equity certificates that are converted to electronic registration with VPS, receive the correct shares/equity certificates on their VPS accounts.
Other duties carried out by the account operator include registering company information and keeping it up-to-date, as well as registering and carrying out corporate actions (such as dividend payments, share issues, share splits etc.).
VPS has extended its services to ensure that ETFs can be registered and traded using VPS in the same way as shares and equity certificates. Fund units in an ETF can be held on a VPS account, and trades in ETFs between investment firms can be settled using the VPS settlement system on the same terms as trades in shares.
Account operator for bonds
VPS registration for issuers of bonds and short-term bonds (i.e. short-term interest-bearing securities in the Norwegian market known as ‘sertifikater’) is carried out by an Account operator for bonds (KUO). The KUO account operator carries out all the required tasks on behalf of the issuer of the bond issue in question.
The account operator’s responsibility includes registering and keeping up to date all the information about the term and conditions of the loan issue. This will, for example, include information on whether the interest rate is fixed or floating, the date from which interest starts to accrue, interest payment dates, dates for repayment instalments if appropriate, and the final maturity date. The account operator is also responsible for all the payments to be made in respect of the loan, including calculating interest, instalment payments, payments arising from any put/call options etc.
VPS provides reliable systems for KUOs to help them carry out their duties efficiently, including systems for interest payments, issues of indexed bonds and other types of corporate actions.