E-10/24 EFTA Surveillance Authority v Iceland
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Deadlines: Motivation ministry: 15 July 2024 Written observations: 28 August 2024
Keywords: implementation; technical standards
Subject: - Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC; - Agreement on the European Economic Area: point 14i of Annex IX, and Article 7.
Facts of the case: The EFTA Surveillance Authority (ESA) brings an Action under Article 31 of the Agreement between the EFTA States on the Establishment of a Surveillance and a Court of Justice (EEA Agreement). ESA seeks a declaration from the Court that Iceland has failed to fulfill its obligations under the Act, referred to at point 14i of Annex IX to the EEA Agreement. This Act concerns technical standards supplementing Directive 2013/26.
The Government of Iceland does not dispute the facts of the case as brought forward in the application. The Government does dispute the statement which claims that they did not reply to the Authority’s reasoned opinion, because a letter was sent on 21 March 2024. Furthermore, the Government mentions that Regulations such as the Commission Delegated Regulation, that are based on technical standards, are generally implemented in the Icelandic internal legal order by rules from the Central Bank of Iceland. The Minister of Finance and Economic Affairs submitted a bill to provide the bank with a more secure legal foundation. The bill has been enacted as a legislative at on 21 June 2024. The Bank intends to issue rules to implement the Regulation, once the President has signed the Act and it has requested that it can be published.
Request to: 1. declare that Iceland has failed to fulfil its obligations under Article 7 of the EEA Agreement by failing to make the Act referred to at point 14i of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2021/923 of 25 March 2021 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards setting out the criteria to define managerial responsibility, control functions, material business units and a significant impact on a material business unit’s risk profile, and setting out criteria for identifying staff members or categories of staff whose professional activities have an impact on the institution’s risk profile that is comparably as material as that of staff members or categories of staff referred to in Article 92(3) of that Directive), as adapted by Protocol 1 to the EEA Agreement, part of its internal legal order, and 2. order Iceland to bear the costs of these proceedings.
Cited (recent) case-law: -
Policy Area: EZK
