Screening meeting, between Iceland and European Union on chapter 6 of the EU acquis, Company law, ended yesterday in Brussels. At the meeting, which went on over the day, experts from Iceland and the European Union compared the legislation of chapter 6, which covers company law and specifies rules for the presentation of annual and consolidated accounts. As part of the EEA-Agreement, Iceland has adopted the company law acquis into its legislation without any exemptions or adjustments. If Iceland joins the EU, Iceland doesn't need to do any legislative revisions in the area of chapter six.
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The European Union law is divided in 33, in addition to two chapters on Institutions and Other issues. Before formal negotiations on individual chapters begin, an analytical overview of the national legislation of the applicant state is performed, to evaluate its degree of harmonization with EU law and what needs to be negotiated upon. The comparison is referred to as screening. Two screening meetings are scheduled around most chapters. At the former one, the Commission explains the acquis to Iceland and at the latter one Iceland introduces its legislation. Only one meeting is scheduled around chapters which Iceland has adopted fully in its legislation through the EEA-Agreement.
The Icelandic Ministry for Foreign Affairs has published the timetable for the screening meetings, which are expected to be concluded in June 2011. Further information about the content of individual chapters and Iceland's negotiation committee is to be found at the Ministry's website on Iceland's accession talks, europe.mfa.is.