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Internal Market: Iceland must adopt legislation on markets in financial instruments

9.7.2014

PR(14)47

Iceland must adopt legislation to implement fully EEA legislation on markets in financial instruments. This is the conclusion of a reasoned opinion adopted by the EFTA Surveillance Authority today.

The MiFID Directive (2004/39/EC) is a central piece of legislation that aims at establishing a comprehensive regulatory regime governing the execution of transactions in financial instruments throughout the entire EEA. In this respect, the Directive promotes fair, transparent, efficient and integrated financial markets. Furthermore, the Directive ensures a high level of protection for investors and safeguards market integrity by establishing harmonised rules and requirements that govern the activities of authorised financial intermediaries.

The Authority has identified shortcomings in the Icelandic legislation that relate to information on the use of so-called tied agents as well as deadlines within which certain information needs to be communicated to competent authorities of other EEA EFTA states.

The Icelandic authorities have admitted the shortcomings but have not yet adopted the necessary legislation to fully comply with the Directive.

A reasoned opinion is the second stage in infringement proceedings. The Authority may bring the matter before the EFTA Court if Iceland fails to take the measures necessary to comply with the reasoned opinion within two months.

 

For further information, please contact:

Mr Ólafur Einarsson
Director, Internal Market Affairs Directorate
tel. (+32)(0)2 286 18 73

 




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