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Internal Market: Iceland to the EFTA Court over financial services

13.12.2017

PR(17)36

EN | IS

Iceland has failed to implement EEA legislation concerning alternative investment fund managers on time. The EFTA Surveillance Authority (ESA) has therefore today decided to bring Iceland before the EFTA Court.

In order to achieve an efficient and stable Single Market for financial services, we must ensure that all significant market players are subject to coherent rules and supervision through the entire EEA,” says Helga Jónsdóttir, ESA college member.

„Tilkoma-stodugs-og-skilvirks-innri-fjarmalamarkadar-veltur-a-thvi-ad-allir-markadsadilar-fylgi-sameiginlegum-reglum-og-eftirliti“--1-The directive (2011/61/EU) and relevant secondary legislation establish a legal framework for the authorisation, supervision and oversight of managers of a range of alternative investment funds (AIFM), including hedge funds and private equity. It was adopted as a response to the financial crisis, aiming to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The directive should have been implemented into the Icelandic law by 1 October 2016.

Lodging a case at the EFTA Court is the last step in a formal infringement procedure. Prior to this, Iceland has been informed about ESA's view and had a chance to bring forward its arguments as well as to settle the case by complying within the applicable deadline.

 

For further information, please contact:

Ms. Anne Vestbakke
Head of Communications
tel. +32 2 286 18 66
mob. +32 490 57 63 53




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