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Ministry of Finance and Economic Affairs

Bill of legislation amending the Act on Financial Undertakings in response to ESA comments


The EFTA Surveillance Authority (ESA) published a press release today regarding its reasoned opinion that the Icelandic authorities have not adequately incorporated three provisions of Council Directive 2001/24/EC on the reorganisation and winding-up of credit institutions into Icelandic law.

The provisions in question are three exceptions to one of the principal rules laid down in the Directive, stating that the law of a credit institution’s home state shall apply to its reorganisation or winding-up proceedings. In this instance, the three exceptions concerned pertain to the right to set off, netting agreements, and detrimental acts. The provisions have been incorporated into Article 99, Paragraph 2 of the Act on Financial Undertakings, no. 161/2002, but ESA is of the opinion that implementation was not satisfactorily carried out.

The agenda for the current legislative session assumes that a bill of legislation amending the Act on Financial Undertakings in response to the ESA comments will be presented. It is expected that the bill will be presented before the end of this month.

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