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Stock exchange ownership: Norway to be brought to court for the second time

18.6.2014

PR(14)38

Two years after the EFTA Court handed down its judgment against Norway in the Stock Exchange case E-9/11, the EFTA Surveillance Authority decided today to refer Norway to the Court again. This time for a breach of its duty to comply with the judgment in a timely manner.

Following a judgment by the EFTA Court of July 2012, Norway was required to take immediate action in accordance with well established case law to bring its legislation on ownership of stock exchanges in compliance with EEA law. Norway has received two warnings from the Authority in February 2013 and June 2013.

Although the Norwegian Parliament, two years after the judgement is currently in the process of adopting a bill amending the Stock Exchange Act and the Securities Depositories Act with a view to complying with the judgment, the Authority has concluded that Norway has  fallen short of what is required from it and decided to refer the case to the EFTA Court.

 

For further information, please contact:

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




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