NT Services AS has been part of issuing one of the first Norwegian Depository Receipts (“NDRs”) assisting Floatel International Ltd. (Bermuda) together with Wikborg Rein (law firm) with the conversion of shares held by the Single Security Link (“SSL”) method to NDRs. The conversion was completed on 15 December 2022.
NDR is a new instrument type which has been developed as a result of the adoption of the European Union’s CSD regulation (“CSDR”). The new instrument type replaces the no longer permitted SLL method, making it possible to convert SLL shares into NDRs to adhere to the new regulation.
NT Services is among the first to be a licensed institution permitted to facilitate issuance of NDRs. We are happy to be part of the Floatel International’s Norwegian issuance and welcome conversations with any party interested in more information about NDRs and the related issuance process.
Please also see the related post from Wikborg Rein
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Nordic Trustee is an independent and conflict free service provider specialising in providing a wide range of financial services to the leverage finance and capital markets industry. Nordic Trustee is part of Ocorian group.