# C_2023087EN.01004001.xml

| 9.3.2023 | EN | Official Journal of the European Union | C 87/40 |
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9.3.2023

EN

Official Journal of the European Union

C 87/40

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JUDGMENT OF THE COURT

of 17 November 2022

in Case E-7/22

EFTA Surveillance Authority v Iceland

(Failure by an EFTA State to fulfil its obligations – Failure to implement – Regulatory framework for markets in financial instruments)

(2023/C 87/13)

In Case E-7/22, EFTA Surveillance Authority v Iceland – APPLICATION for a declaration that Iceland has failed to adopt the measures necessary to make certain Acts concerning the regulatory framework for markets in financial instruments, incorporated into Annex IX (Financial Services) to the Agreement on the European Economic Area by Decisions No 85/2019 and No 100/2019 of the EEA Joint Committee, part of its internal legal order as required by Article 7 of that Agreement, the Court, composed of Páll Hreinsson, President, Per Christiansen and Bernd Hammermann (Judge-Rapporteur), Judges, gave judgment on 17 November 2022, the operative part of which is as follows:

The Court hereby:

| 1. | Declares that Iceland has failed to fulfil its obligations under Article 7 EEA by failing to make the following Acts, as adapted by Protocol 1 to the EEA Agreement, part of its internal legal order:






  a. | the Act referred to at point 31bag of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards concerning the information for registration of third-country firms and the format of information to be provided to the clients (1)); |
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1.

Declares that Iceland has failed to fulfil its obligations under Article 7 EEA by failing to make the following Acts, as adapted by Protocol 1 to the EEA Agreement, part of its internal legal order:

a.

the Act referred to at point 31bag of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards concerning the information for registration of third-country firms and the format of information to be provided to the clients (1));

| b. | the Act referred to at point 31bak of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets (2)); |
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b.

the Act referred to at point 31bak of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets (2));

| c. | the Act referred to at point 31bar of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions (3)); |
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c.

the Act referred to at point 31bar of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions (3));

| d. | the Act referred to at point 31bas of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (4)); |
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d.

the Act referred to at point 31bas of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (4));

| e. | the Act referred to at point 31baz of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (5)); |
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e.

the Act referred to at point 31baz of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (5));

| f. | the Act referred to at point 31bazb of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (6)); |
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f.

the Act referred to at point 31bazb of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (6));

| g. | the Act referred to at point 31bazc of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/586 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations (7)); |
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g.

the Act referred to at point 31bazc of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/586 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations (7));

| h. | the Act referred to at point 31bazp of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions (8)); |
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h.

the Act referred to at point 31bazp of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions (8));

| i. | the Act referred to at point 31bazt of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements (9)); |
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i.

the Act referred to at point 31bazt of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements (9));

| j. | the Act referred to at point 31bazu of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on information and requirements for the authorisation of investment firms (10)); |
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j.

the Act referred to at point 31bazu of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on information and requirements for the authorisation of investment firms (10));

| k. | the Act referred to at point 31bazz of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/2194 of 14 August 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to package orders (11)); |
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k.

the Act referred to at point 31bazz of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/2194 of 14 August 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to package orders (11));

| l. | the Act referred to at point 31bad of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (12)); |
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l.

the Act referred to at point 31bad of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (12));

| m. | the Act referred to at point 31bazk of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/953 of 6 June 2017 laying down implementing technical standards with regard to the format and the timing of position reports by investment firms and market operators of trading venues pursuant to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (13)); |
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m.

the Act referred to at point 31bazk of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/953 of 6 June 2017 laying down implementing technical standards with regard to the format and the timing of position reports by investment firms and market operators of trading venues pursuant to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (13));

| n. | the Act referred to at point 31bazl of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/980 of 7 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for cooperation in supervisory activities, for on-site verifications, and investigations and exchange of information between competent authorities in accordance with Directive 2014/65/EU of the European Parliament and of the Council (14)); |
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n.

the Act referred to at point 31bazl of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/980 of 7 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for cooperation in supervisory activities, for on-site verifications, and investigations and exchange of information between competent authorities in accordance with Directive 2014/65/EU of the European Parliament and of the Council (14));

| o. | the Act referred to at point 31bazm of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/981 of 7 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation in accordance with Directive 2014/65/EU of the European Parliament and of the Council (15)); |
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o.

the Act referred to at point 31bazm of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/981 of 7 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation in accordance with Directive 2014/65/EU of the European Parliament and of the Council (15));

| p. | the Act referred to at point 31bazn of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/988 of 6 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State (16)); |
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p.

the Act referred to at point 31bazn of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/988 of 6 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State (16));

| q. | the Act referred to at point 31bazq of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1093 of 20 June 2017 laying down implementing technical standards with regard to the format of position reports by investment firms and market operators (17)); |
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q.

the Act referred to at point 31bazq of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1093 of 20 June 2017 laying down implementing technical standards with regard to the format of position reports by investment firms and market operators (17));

| r. | the Act referred to at point 31bazs of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1111 of 22 June 2017 laying down implementing technical standards with regard to procedures and forms for submitting information on sanctions and measures in accordance with Directive 2014/65/EU of the European Parliament and of the Council (18)); |
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r.

the Act referred to at point 31bazs of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1111 of 22 June 2017 laying down implementing technical standards with regard to procedures and forms for submitting information on sanctions and measures in accordance with Directive 2014/65/EU of the European Parliament and of the Council (18));

| s. | the Act referred to at point 31bazv of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1944 of 13 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the consultation process between relevant competent authorities in relation to the notification of a proposed acquisition of a qualifying holding in an investment firm in accordance with Directives 2004/39/EC and 2014/65/EU of the European Parliament and of the Council (19)); |
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s.

the Act referred to at point 31bazv of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1944 of 13 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the consultation process between relevant competent authorities in relation to the notification of a proposed acquisition of a qualifying holding in an investment firm in accordance with Directives 2004/39/EC and 2014/65/EU of the European Parliament and of the Council (19));

| t. | the Act referred to at point 31bazw of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 laying down implementing technical standards with regard to notifications by and to applicant and authorised investment firms according to Directive 2014/65/EU of the European Parliament and of the Council (20)); |
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t.

the Act referred to at point 31bazw of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 laying down implementing technical standards with regard to notifications by and to applicant and authorised investment firms according to Directive 2014/65/EU of the European Parliament and of the Council (20));

| u. | the Act referred to at point 31bazze of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the transmission of information in accordance with Directive 2014/65/EU of the European Parliament and of the Council (21)); |
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u.

the Act referred to at point 31bazze of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the transmission of information in accordance with Directive 2014/65/EU of the European Parliament and of the Council (21));

| v. | the Act referred to at point 31bazt of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2019/462 of 30 January 2019 amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the Bank of England from the pre- and post-trade transparency requirements in Regulation (EU) No 600/2014 of the European Parliament and of the Council (22)). |
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v.

the Act referred to at point 31bazt of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2019/462 of 30 January 2019 amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the Bank of England from the pre- and post-trade transparency requirements in Regulation (EU) No 600/2014 of the European Parliament and of the Council (22)).

| 2. | Orders Iceland to bear the costs of the proceedings. |
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2.

Orders Iceland to bear the costs of the proceedings.

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(1)  OJ L 313, 19.11.2016, p. 11.

(2)  OJ L 87, 31.3.2017, p. 117.

(3)  OJ L 87, 31.3.2017, p. 152.

(4)  OJ L 87, 31.3.2017, p. 166.

(5)  OJ L 87, 31.3.2017, p. 229.

(6)  OJ L 87, 31.3.2017, p. 368.

(7)  OJ L 87, 31.3.2017, p. 382.

(8)  OJ L 155, 17.6.2017, p. 1.

(9)  OJ L 259, 7.10.2017, p. 11.

(10)  OJ L 276, 26.10.2017, p. 4.

(11)  OJ L 312, 28.11.2017, p. 1.

(12)  OJ L 137, 26.5.2016, p. 10.

(13)  OJ L 144, 7.6.2017, p. 12.

(14)  OJ L 148, 10.6.2017, p. 3.

(15)  OJ L 148, 10.6.2017, p. 16.

(16)  OJ L 149, 13.6.2017, p. 3.

(17)  OJ L 158, 21.6.2017, p. 16.

(18)  OJ L 162, 23.6.2017, p. 14.

(19)  OJ L 276, 26.10.2017, p. 12.

(20)  OJ L 276, 26.10.2017, p. 22.

(21)  OJ L 340, 20.12.2017, p. 6.

(22)  OJ L 80, 22.3.2019, p. 13.

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