Chapter 9, 14 December 2010

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Chapter 9, 14 December 2010

Asset Management






Implementation of directive 85/611/EEC

Due to Iceland
´
s obligations arising from the EEA agreement, the
directive has been fully implemented into Icelandic legislation
with the following acts and regulations:



Act No.30/2003 on Undertakings for Collective Investment in
Transferable Securities (UCITS) and Investment Funds.


Act No. 161/2002 on Financial Undertakings.


Regulation No. 792/2003 on undertakings for collective investments in
transferable securities (UCITS) and investment funds.


Act No. 87/1998 on Official Supervision of Financial Activities.


Other relevant legislation.





Implementation of directive 88/220/EEC

The directive has been fully implemented with the following
legislation:



Act No. 30/2003 on Undertakings for Collective Investment in
Transferable Securities (UCITS) and Investment Funds.


Implementation of directive 2001/107/EC

The directive was originally implemented with the following
legislation:



Act No. 30/2003 on Undertakings for Collective Investment in
Transferable Securities (UCITS) and Investment Funds.


Act No. 161/2002 on Financial Undertakings.


Regulation No. 792/2003 on undertakings for collective investments in
transferable securities (UCITS) and investment funds.


Other relevant legislation.



Implementation of directive 2001/108/EC

The directive was originally implemented with the following
legislation:



Act No.30/2003 on Undertakings for Collective Investment in
Transferable Securities (UCITS) and Investment Funds.


Regulation No. 792/2003 on undertakings for collective investments in
transferable securities (UCITS) and investment funds.


Full implementation of directives 2001/107/EC
and 2001/108/EC

Following remarks from ESA, the following regulations and rules
were amended in order to ensure the full implementation of the
directives:



Regulation No. 924/2009 on changes of Regulation on UCITS and
Investment Funds No. 792/2003.


Regulation No. 925/2009, on foreign management companies
operating in Iceland, based on Art. 35 of Act on Financial Undertakings
No. 161/2002.


The Financial Supervisory Authority
´
s Rules No. 1065/2009, amending
rules No. 97/2004 on the financial statements of management
companies of UCITS.

Implementation of directive 2007/16/EC


The Directive has not been implemented yet.



The implementation will take place with a new Act on Undertakings for
Collective Investment in Transferable Securities (UCITS
-
funds),
Investment Funds and Professional Investor Funds, repealing the
former act No. 30/2003, but the bill has been submitted to the Icelandic
Parliament.



The new legislation will be further detailed by issuing a regulation,
which has already been drafted.

Implementation of directive 2009/65/EC and the
directives and regulations implementing it


Has not been implemented yet, but the Ministry of Economic Affairs is
aware of the fact that it has to be implemented in 2011 and will put
emphasis on finishing the implementation as soon as possible.



No rules in the directive nor its implementing directives and regulations
that could possibly create challenges in the transposition process.



The situation of investment funds in Iceland


How many UCITS funds have been authorised and how many non
-
UCITS funds?



27 UCITS funds have been authorised, thereof 10 umbrella funds with
35 sub
-
funds.


19 non
-
UCITS funds that are marketed to the public have been
authorised, thereof 4 umbrella funds with 7 sub
-
funds.




The situation of investment funds in Iceland

Are UCITS listed in the stock exchange?


No UCITS funds are presently listed in the stock exchange.



How many UCITS not authorised in Iceland market their units in
Iceland?


47 UCITS funds with 313 sub
-
funds that have not been authorised in
Iceland market their units in Iceland.


Implementation of rules on management
company passport


According to Article 37 of Act No. 161/2002 on Financial Undertakings,
UCITS management companies are allowed to provide services in
another EEA member state, a member state of the European Free
Trade Association or the Faeroe Islands without opening a branch.



Management companies are also allowed to

commence activities in a
state outside of the EEA, according to Article 38 of Act No. 161/2002,
but they must notify the Financial Supervisory Authority in advance.



According to

article 45 of Act 30/2003 on UCITS, an Icelandic UCITS is
allowed to market its unit shares outside of Iceland provided that the
UCITS notifies the Financial Supervisory Authority in Iceland and the
supervisory authority in the country where marketing is planned.