Remember the Transparency Act! Deadline June 30

As we approach the mid-year mark, it is crucial to highlight the requirements set forth by the Norwegian Transparency Act. All large companies with ties to Norway and offering goods and services must adhere to the following mandates:

1. Update Due Diligence Assessments:
Companies must ensure their due diligence assessments are current, reflecting new guidelines and any changed factual circumstances.

2. Publish a Comprehensive Statement:
A detailed statement of the company's due diligence assessments for 2024 must be published by June 30.

3. Capture and Handle Information Requests:
Businesses are required to effectively manage and respond to any information requests.

The Consumer Authority's investigation in the fall of 2023 revealed that 1 in 5 companies had failed to publish their due diligence assessment statements. Additionally, potential issues may include inadequacies in the assessments, the content of the statements, and the handling of information requests.

Non-compliance with the Transparency Act can lead to severe penalties, including coercive fines and substantial violation fees.

To stay informed about important issues and ensure your business is aware of the key requirements, we invite you to read our comprehensive article: Åpenhetsloven: Dos and Don'ts i 2024.

At Rime, we are dedicated to assisting your company in navigating the complexities of the Transparency Act. Contact us today for professional guidance and support.

Contact one of our lawyers for more information about the Transparency Act:

Eleonore Foss
Senior Associate
Harald Sætermo