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PR(09)20: Iceland fails to respond to the Authority’s requests for information on the Financial Conglomerates Directive


The EFTA Surveillance Authority has decided to send a reasoned opinion to Iceland due to its failure to respond to the Authority’s requests for information regarding the implementation of the so called Financial Conglomerates Directive[1] into Icelandic legislation.

The aim of the Directive is to enhance the prudential soundness and effective supervision of financial conglomerates, which is 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.

Iceland should have implemented the Directive by 1 August 2005. In a fax of 30 November 2005, the Icelandic Government notified national measures considering ensuring full implementation of the Directive.

On several occasions, the EFTA Surveillance Authority has asked the Icelandic Government to submit information on how the Directive has been implemented into Icelandic legislation. The Authority has not received the requested information.

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, or


Mr. Inge Hausken Thygesen
Press & Information Officer, Legal and Executive Affairs Directorate
Tel. (+32)(0)2 286 18 66 or (+32)(0)475 81 3

Brussels, 25 February 2009

[1]Directive 2002/87/EC

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