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Internal Market

Financial Services: Iceland must strengthen market abuse legislation

4.7.2012

PR(12)41

Iceland must strengthen its legislation to prevent insider dealing and market manipulation and abuses. This is the conclusion of a reasoned opinion delivered by the EFTA Surveillance Authority to Iceland today.


The Market Abuse Directive
[1] aims to rebuild markets in which investors and the public can trust. The rules on insider dealing and disclosure represent central aspects of the Directive. Iceland is, however, yet to correctly implement the rules on effective and complete disclosure to the public of inside information.

The Directive is a major step towards the creation of integrated financial markets in the EEA that investors and the public can trust in. Building investor and public confidence is necessary for sustained economic growth and wealth creation, and financial integration is crucial as it generates important economic benefits.

The Icelandic authorities have admitted the shortcomings and indicated that the matters will be rectified before the end of 2012.

Delivering a reasoned opinion is the second stage in infringement proceedings. The Authority may decide to bring the matter before the EFTA Court if Iceland fails to take satisfactory measures within two months of receiving the reasoned opinion.

 

For further information, please contact:

 

Mr. Trygve Mellvang-Berg
Press & Information Officer
tel. (+32)(0)2 286 18 66
mob. (+32)(0)492 900 187

 



[1] Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse).




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