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Internal Market: ESA closes case of incorrect implementation against Iceland




Iceland has amended its legislation connected to the reorganisation and winding-up proceedings of failed credit institutions. Therefore, the EFTA Surveillance Authority (ESA) closes a case of incorrect implementation of an EEA directive against Iceland.

The directive (2001/24/EC) ensures that when credit institutions in EEA States enter into reorganisation or winding-up proceedings, a single procedure is applied to all creditors and investors. This means that, as a general rule, the law of the home state of the credit institution applies. However, the directive foresees exceptions to the general rule. 

ESA sent a reasoned opinion to Iceland in February as Iceland had failed to adequately implement the directive, namely the said exceptions. Since then, the Icelandic Parliament has adopted an Act that remedies the identified shortcomings, and adequately implements the formerly outstanding Articles of the Directive into national law.
For further information, please contact:

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

Other EEA Institutions

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