no 22/10 Changes to the Clearing Rules


REGULATORY NOTICE 

Lysaker, 13 April 2010

As a consequence of the changes to the Norwegian VAT Act relating to the tax treatment of emission allowances (/en/asa/Quotes-and-market-information/Exchange-information/2010/no-1810-Changes-in-Norwegian-VAT-legislation-applicable-to-emission-allowances/ reference is made to clearing and exchange information no 18/10 ), NASDAQ OMX Oslo announces that changes to the /en/asa/clearing/Rulebook/ Clearing Rules  for Financial Electricity Contracts and Allowance Contracts will be made with effect from 19 April 2010.

  
According to the changes to the Norwegian VAT Act, it is the buyers that must report and pay VAT to the Norwegian Tax Authorities in respect of certain domestic trades of emission allowances. Previously, it was the sellers that had to charge the VAT and pay the VAT to the authorities on such trades. As a consequence, all Cash Settlement Amounts relating to such emission allowances will be charged exclusive of VAT and the respective buyers of the emission allowances will be obliged to report and pay the applicable VAT to the Norwegian Tax Authorities. All Norwegian members are requested to provide their VAT number and information whether they are registered for VAT in Norway to the co@nasdaqomx.com Clearinghouse  no later than 19 April 2010.
Section 7.3.2 of the Clearing Rules will be changed and will have the following wording:
“All Cash Settlement Amounts shall be exclusive of VAT, with the exemption that the Clearinghouse will charge VAT if this is required under applicable law.”  
For further information, please contact NASDAQ OMX Stockholm AB: 

Claes Jessing, Tax Lawyer, phone +46 8 405 61 26

Media requests: 
Thomas Skålnes, corporate communications, NASDAQ OMX Commodities,  
phone +47 6752 8080/+47 9340 7300

About NASDAQ OMX Commodities
NASDAQ OMX Commodities is the brand name for offerings related to commodities within NASDAQ OMX Group, Inc and is not a legal entity.  NASDAQ OMX Commodities provides access to the world's largest power derivatives exchange and one of Europe's largest carbon markets, through Nord Pool ASA. NASDAQ OMX Commodities also provide clearing services through NASDAQ OMX Stockholm AB and its Norwegian branch NASDAQ OMX Oslo, acting as an authorised clearinghouse. N2EX is the brand name for NASDAQ OMX Commodities' and Nord Pool Spot AS' offering in the UK power market and NASDAQ OMX Stockholm AB is the authorized clearinghouse. NASDAQ OMX Commodities has more than 385 participants from 22 countries covering a wide range of energy producers, consumers and financial institutions.  For more information about NASDAQ OMX Commodities, visit http://www.nordpool.com www.nordpool.com  and http://www.nasdaqomx.com/commodities www.nasdaqomx.com/commodities .
 

About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,800 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com www.nasdaqomx.com .