On July 16th the European Court of Justice in case no. C-311/18 (Schrems II) issued its decision concerning the legitimacy of Facebook’s disclosure of personal information from servers in Ireland to the United States. Lára Herborg Ólafsdóttir, partner at LEX, discusses the decision and its consequences in an article in the icelandic newspaper Viðskiptablaðið. She… Read more »
Birgir Már Björnsson, partner at LEX wrote an article in business section of the icelandic newpaper Morgunblaðið, where he discussed composition agreements in bankruptcy proceedings. Despite the fact that in the event of bankruptcy, the company’s owners lose dominance and rights over it, they still have the opportunity to recover their company from bankruptcy proceedings…. Read more »
On 1 September 2020, Icelandic act no. 71/2020, amending the Icelandic Trademarks Act no. 45/1997, entered into force. The act implements the European Union trademark directive 2015/2436 into Icelandic law. It contains various new provisions and harmonizes the EU and EEA trademark systems, not only regarding trademarks but also regarding collective marks and guarantee and… Read more »
Lára Herborg Ólafsdóttir, partner at LEX, wrote an article in the business section of the icelandic newpaper Morgunblaðið, in which she discusses the interplay between financial technology and privacy law, as Iceland takes first steps in the implementation process of Directive no. 2015/2355/EC (PSD2) and harmonizing the rules on payment services with those applicable in… Read more »
Iceland has finally implemented the EU directive on Alternative Investment Fund Managers (AIFMD) with the enactment of Act no. 45/2020 which came into force this spring. Although the Icelandic regulator has in practice observed part of AIFMD’s provisions this is a much needed and pleasing step whereas comprehensive legislation is now applicable to AIFMs and… Read more »
As of yesterday, the Icelandic Act no. 78/2019, implementing the NIS Directive has taken effect. Lára Herborg Ólafsdóttir, partner at LEX, wrote an article in the business section of the icelandic newspaper Morgunblaðið today where the new laws and their effect on icelandic society is introduced.
Yesterday, Rapyd‘s acquisition of the entire share capital in the Icelandic payment institution KORTA hf. was finalised. Stefán Orri Ólafsson and Fanney Frímannsdóttir, attorneys at LEX Law Offices, acted as legal advisors to Rapyd in the acquisition.
Lára Herborg Ólafsdóttir, partner at LEX wrote an article in the business section of the Icelandic newspaper Morgunblaðið today on data protection and blockchain technology. The GDPR, which was implemented into Icelandic law with Act no. 90/2018 on Data Protection and the Processing of Personal Data, was inter alia meant to respond to technological developments… Read more »
On May 29th a purchase agreement was signed under which the seafood company Brim hf. sold a group of investors in Akranes all share capital in Norðanfiskur ehf. Norðanfiskur specializes in the production, sale and distribution of seafood to restaurants in the domestic market, as well as the sale of consumer packages in stores all… Read more »
Arnar Þór Stefánsson, partner at LEX, wrote an article in the business section of the icelandic newspaper Morgunblaðið today where he discusses the allocation of cases to the judges. There must be a certain understanding for the effectiveness of the judicial system, meaning that it may be appropriate for a particular judge or judges to… Read more »
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