PR(07)43: Iceland fails to fully implement the Directive concerning disclosure requirements for companies


The EFTA Surveillance Authority today delivered a reasoned opinion to Iceland due to its failure to fully implement the Directive concerning disclosure requirements in respect of certain types of companies (2003/58/EC). Iceland was obliged to implement the Directive by 31 December 2006.

This Directive amends the First Company Law Directive (68/151/EEC)[1], which requires that certain companies must disclose documents and particulars such as, for instance, the instrument of constitution of a company, its statutes, the balance sheet and the profit and loss account for each year.

Iceland has failed to implement Article 1(3) of the amending Directive, which, inter alia, includes provisions on filing and keeping of documents and particulars by electronic means in a file opened in a central register, commercial register or companies register.

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 three months to take the measures necessary to comply with the reasoned opinion.

[1] First Council Directive 68/151/EEC of 9 March 1968 on co-ordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community.

For further information, please contact:

Mr. Hallgrímur Ásgeirsson
Director, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 60; or

Ms. Eeva Kolehmainen
Senior Officer, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 32

8 November 2007

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