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ESA takes Iceland to court for failing to include EEA financial rules in national law

Reykjavik skyline.

The EFTA Surveillance Authority (ESA) has referred Iceland to the EFTA Court for not transposing four regulations concerning financial services into its national legal order.

The four regulations were supposed to have been transposed into national law by March 2023. It is ESA’s role to ensure that a level playing field in financial services across the EEA.

ESA first sent Letters of Formal Notice concerning the regulations to Iceland in May 2023, and Reasoned Opinions in February 2024, succeeded by informal correspondence. ESA does not have any information to suggest that the acts have been incorporated into the national legal order

The EU regulations cover different aspects of financial services, including risk management procedures, registration of trade repositories, clearing obligations and derivatives. 

A referral to the EFTA Court is the third and final stage in ESA’s formal infringement proceedings against an EEA EFTA State. It is now up to the EFTA Court to rule on the matter.

Read ESA's decisions here, here, here and here.

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