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PR(10)23: Financial services: Iceland brought to court for failure to fully implement Directive

21.4.2010

The EFTA Surveillance Authority today decided to bring Iceland before the EFTA Court regarding Iceland's failure to fully implement the Financial Conglomerates Directive.[1]

The Directive should have been fully implemented into national law by 1 August 2005.

Prior to this court referral, the Authority issued a letter of formal notice in September last year and then delivered a reasoned opinion to Iceland in December.

The parts of the Directive that have yet to be implemented concern mainly insurance and reinsurance undertakings.[2]

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.

 

For further information, please contact:

Mr Xavier Lewis
Director
Legal & Executive Affairs
Tel. (+32) (0)2 286 18 30

 
Brussels, 21 April 2010

 

[2] 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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