E-4/24 EFTA Surveillance Authority v Iceland
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Deadlines: Motivation ministry: 26 June 2024 Written observations: 12 August 2024
Keywords: Implementation; shareholders
Subject: - Agreement on the European Economic Area (Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement: Point 10g of Annex XXII.
Facts of the case: The EFTA Surveillance Authority (hereafter: 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. ESA seeks a declaration from the Court that Iceland has failed to fulfil its obligations under the Act referred to at point 10g of Annex XXII to the Agreement on the European Economic Area. The Act in this application concerns the long-term engagement of shareholders with the companies in which they invest.
On 31 May 2022, the ESA has sent a letter of formal notice to Iceland that it has failed to take the necessary measures to make the Act part of its internal legal order and/or by failing to notify the ESA. On 6 October 2022, the Icelandic Government replied to the letter and stated that they had indeed not taken the necessary measures. After more letters, the ESA delivered a reasoned opinion on 19 April 2023, in which Iceland was given two months to take the measures. Iceland mentioned that the implementation would be further delayed. On 27 March 2024, Iceland had still not complied with the reasoned opinion, and ESA decided to bring the matter before the Court.
Iceland has submitted a defence, in which it states that the facts of the case are correct and undisputed. Iceland mentions that last year a bill of law implementing the Act had been proposed, but that the presenting of the bill to the Parliament was delayed. They state that the bill is included in the Legislative Calendar for the 2024 fall legislative session and will be presented to the parliament then.
ESA requests the Court 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 10ga of Annex XXII to the EEA Agreement (Commission Implementing Regulation (EU) 2018/1212 of 3 September 2018 laying down minimum requirements implementing the provisions of Directive 2007/36/EC of the European Parliament and of the Council as regards shareholder identification, the transmission of information and the facilitation of the exercise of shareholders rights), 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: JenV
