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PR(09)89: Iceland fails to fully implement the Financial Conglomerates Directive

9.12.2009

The EFTA Surveillance Authority today delivered a reasoned opinion to Iceland due to its failure to fully implement the Financial Conglomerates Directive 2002/87/EC.

The aim of the Directive is to enhance the prudential soundness and effective supervision of financial conglomerates, which are large financial groups active in different financial sectors, often across borders. Furthermore, it aims at promoting convergence in national supervisory approaches. The Directive enhances financial stability between sectors and is a significant improvement in the protection of depositors, insurance policy holders and investors.

The Directive should have been fully implemented into national law by 1 August 2005. The parts of the directive that have yet to be implemented concern mainly insurance and reinsurance undertakings.[1]

The purpose of the reasoned opinion is to give Iceland a last chance to take corrective measures before the Authority decides whether to bring the matter before the EFTA Court. Iceland has been given two months to take the measures necessary to comply with the reasoned opinion.

 

For further information, please contact:

Mr Eirik Ihlen
Officer, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 78

Mr Bjørnar Alterskjær
Deputy Director
Legal & Executive Affairs
Tel. (+32)(0)2 286 18 98

 
 
Brussels, 9 December 2009
 

 

[1]According to information from the Icelandic Government, Articles 2(6), 24(1) and 28(5-6) of the Directive have not yet been implemented. Article 2(6) of the Directive concerns the definition of reinsurance undertakings. Article 24(1) of the Directive regulates certain acquisitions of holdings in non-life insurance undertakings. Article 28(5-6) of the Directive relate to calculation of the adjusted solvency of insurance undertakings in an insurance group.




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