Introduction

1. 14.1 Iceland implemented the Prospectus Directive by Act No. 31/2005, which amended the Act on Securities Transactions No. 33/2003. On 1 November 2007, Act No.33/2003 on Securities Transactions was replaced by a new Act on Securities Transactions No. 108/2007 (the ‘Securities Act’). The rules governing the publication of a prospectus in the event of a public offering of securities or a request for admission to trading on a regulated market were laid down in Chapter VI of the Securities Act. The aforesaid rules governing the publication of a prospectus were taken up practically unchanged in the Securities Act from the previous Act.

2. 14.2 Following the implementation of the Prospectus Directive into Icelandic law, four new regulations on public offering of securities and request for admission to trading on a regulated market were adopted. The purpose of these regulations is to implement further the requirements set by the Prospectus Directive. The aforesaid regulations are, first, Regulation No. 242/2006 on public offerings of securities with a total value of ISK210 million or more and the admission of securities to trading on a regulated market; second, Regulation No. 243/2006 on the adoption of Commission Regulation No. 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements; third, Regulation No. 244/2006 on public offerings of securities with a total value of ISK8.4 million to ISK210 million; and fourth, Regulation No. 245/2006 on official admission to trading on a regulated market.

3. […]