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Chapter 9, 15 December 2010 Financial Markets Infrastructure (Securities Markets)

Chapter 9, 15 December 2010 Financial Markets Infrastructure (Securities Markets). Introduction.

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Chapter 9, 15 December 2010 Financial Markets Infrastructure (Securities Markets)

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  1. Chapter 9, 15 December 2010 Financial Markets Infrastructure (Securities Markets)

  2. Introduction Most EU directives and regulations cited under this part of the Agenda (Securities Markets) have been incorporated into the EEA Agreement and, consequently, transposed into Icelandic legislation. Minor exceptions. The difference in implementing EU directives and EU regulations, cf. EEA Agreement.

  3. Implementation of Directive 2000/64/EC (Exchange of Information with Third Countries) Implemented in year 2000 with amendments on already existing Act No. 87/1998 on Official Supervision of Financial Activities (ENGLISH TRANSLATION).

  4. Implementation of Directive 2001/34/EC(Securities on Stock Exchanges) Originally implemented in 2002. Transposition now found in following Acts and Regulation: Act No. 110/2007 on Stock Exchanges (ENGLISH TRANSLATION) Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION). Regulation No. 245/2006 on the Official Listing of Securities in a Stock Exchange (ENGLISH TRANSLATION)

  5. Implementation of Directive 2003/71/EC(Prospectus Directive) Originally implemented in 2005. Transposition now found in following Act and Regulation: Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION) Regulation No. 242/2006 on Public Offers of Securities where the total consideration of the offer is more than EUR 2500000 and on the admission of Securities to Trading (English translation not available).

  6. Implementation of Directive 2008/11/EC(amending Prospectus Directive)

  7. Implementation of Commission Regulation (EC) 809/2004(implementing Prospectus Directive) Implemented with Icelandic Regulation No. 243/2006 implementing EU Regulation No. 809/2004 (ICELANDIC). (English translation not available). The EU Regulation is an annex to the Icelandic regulation; word-by-word implementation.

  8. Implementation of Commission Regulation (EC) 1787/2006(amending Commission Regulation 809/2004) Implemented with Regulation No. 169/2007 amending Reg. No. 243/3006, implementing EU Regulation 1787/2006/EC (ICELANDIC). (English translation not available).

  9. Implementation of Commission Regulation (EC) 211/2007 (amending Commission Regulation 809/2004) Implemented with Regulation No. 324/2008 amending Reg. No. 243/2006, implementing EU Regulation 211/2007 (ICELANDIC) (English translation not available).

  10. Implementation of Commission Regulation (EC) 1289/2008 (amending Commission Regulation 809/2004) Implemented with Regulation No. 215/2010 amending Reg. No. 243/2006, implementing EU Regulation 1289/2008 (ICELANDIC). (English translation not available).

  11. Implementation of Commission Regulation (EC) 1569/2007 (Accounting Standards) This Regulation has not been implemented yet in Iceland, although it has been incorporated into the EEA Agreement. However, no hindrances are foreseen in transposing it. The MEA plans to present a bill of law to Althingi Parliament including provisions implementing this EU Regulation in 2011.

  12. Implementation of Directive 2003/6/EC(MAD) Originally implemented in 2005. Transposition now found in following Act, Regulation and Rules: Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION) (Chapters XII.-XIII) Regulation No. 630/2008 on Inside Information and Market Abuse, as amended with Regulation No. 887/2008 (ENGLISH TRANSLATION) Rules No. 987/2006 on Treatment of Insider Information and Insider Trading + FME Manual (ENGLISH TRANSLATION)

  13. Implementation of Directive 2008/26/EC(amending MAD) This Directive regards the implementing powers conferred on the Commission. It has not been incorporated into the EEA Agreement. Consequently, it has not been implemented in Iceland.

  14. Implementation of Commission Directive 2003/124/EC (implementing MAD) Originally implemented in 2005. Transposition now found in previously mentioned (cf. MAD slide): Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION) (Chapters XII.-XIII) Regulation No. 630/2008 on Inside Information and Market Abuse, as amended with Regulation No. 887/2008 (ENGLISH TRANSLATION) Rules No. 987/2006 on Treatment of Insider Information and Insider Trading + FME Manual (ENGLISH TRANSLATION)

  15. Implementation of Commission Directive 2003/125/EC (implementing MAD) Originally implemented in 2005. Transposition now found in the Act, Regulation and Rules cited on previous slide regarding implementation of Commission Regulation 2003/124/EC (cf. MAD slide). See also: Rules No. 1013/2007 on Investment Recommendations (ICELANDIC) (English translation not available).

  16. Implementation of Commission Regulation (EC) 2273/2003(implementing MAD) Originally implemented in 2005. Transposition now found in previously mentioned (cf. MAD slide): Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION) (Chapters XII.-XIII) Regulation No. 630/2008 on Inside Information and Market Abuse, as amended with Regulation No. 887/2008 (ENGLISH TRANSLATION) Rules No. 987/2006 on Treatment of Insider Information and Insider Trading + FME Manual (ENGLISH TRANSLATION)

  17. Implementation of Commission Directive 2004/72/EC (implementing MAD) Transposition now found in the Act, Regulation and Rules cited on previous slide regarding implementation of Commission Regulation 2273/2003/EC (cf. MAD slide).

  18. Implementation of Directive 2004/39/EC(MiFID) Legislation implementing MiFID entered into force on November 1, 2007: Act No. 108/2007 on Securities Transactions (ENGLISH TRANSLATION) Act No. 110/2007 on Stock Exchanges (ENGLISH TRANSLATION) Act No. 161/2002 on Financial Undertakings (ENGLISH TRANSLATION)

  19. MiFID, continued Act No. 87/1998 on Official Supervision of Financial Activities (ENGLISH TRANSLATION) Act No. 98/1999 on Deposit Guarantees and Investor-Compensation Scheme (ENGLISH TRANSLATION) Act No. 30/2003 on UCITS (ENGLISH TRANSLATION)

  20. Implementation of Directive 2006/31/EC(amending MiFID) See previous slide on MiFID. Legislation took account of this amending Directive: Entered into force on November 1, 2007.

  21. Commission Directive 2006/73/EC(implementing MiFID) Implemented with Regulation No. 995/2007 on Investor Protection and the Business Conduct of Financial Undertakings (ENGLISH TRANSLATION).

  22. Commission Regulation (EC) 1287/2006(implementing MiFID) Implemented with Regulation No. 994/2007 on the transposition of EU Regulation No. 1287/2006, implementing MiFID etc. (ENGLISH TRANSLATION). See also Regulation No. 191/2008 on reporting of transactions pursuant to Article 30 of Act No. 108/2007 on securities transactions (ENGLISH TRANSLATION)

  23. Implementation of Directive 2008/10/EC(amending MiFID) This Directive regards the implementing powers conferred on the Commission. It has not been incorporated into the EEA Agreement. Consequently, it has not been implemented in Iceland.

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