Birgir Már Björnsson, attorney and partner at LEX, discusses inheritance in the business section of the Icelandic newspaper Morgunblaðið today. In recent judgments of the Icelandic Supreme Court in cases no. 7/2020 and 8/2020 the interplay between the domicile rule of Icelandic inheritance law and the American rule on a specific form of partnership rights, so-called joint tenancy with a right of survivorship (JTWROS) was tested. The conclusion of the Supreme Court was to deviate from the domicile rule and let the legal position instead be determined by the law of the foreign state. Through the exercise of foreign cohabitation rights, such as JTWROS, a party resident in Iceland may be able to deprive their heir of the compulsory inheritance in whole or in part, even though Icelandic law applies to his estate and the property has been registered as the deceased’s property until death.
Stefán Orri Ólafsson, attorney and partner at LEX, wrote an article in the Icelandic newspaper Fréttablaðið, where he discusses a bill for a new law on market abuse which is intended to replace the current provisions of the law on securities transactions on the handling of insider information, insider trading and market manipulation. The proposed law will implement Regulation of the European Union and the Council (EU) no. 596/2014 on market abuse (MAR). One of the new measures prescribed by the bill is special provisions on so-called market soundings. The implementation of these provisions will have a significant impact on market participants in Iceland, including issuers of listed financial instruments, large investors and market advisers. These market participants will need to adopt new, more formal procedures when communicating on the basis of market soundings.
Birgir Már Björnsson, attorney and partner at LEX law offices, wrote an article in the business section of the Icelandic newspaper Morgunblaðið yesterday, where he discusses the role of a company’s board according to corporate law and points out that among the decisions that a board is responsible for is an assessment of whether the company’s operations have become such that the conditions for continuing the operations are no longer met. It is important now in unprecedented times that board members of accounting entities are aware of their obligations under the Bankruptcy Act and the effects of their inaction in those circumstances. At the same time it is urgent that board members consider in good time the possibilities for restructuring operations and have free and, as the case may be, forced agreements tried for this purpose.
LEX Law Offices is among 3% of Icelandic companies that meet the strict conditions of the Icelandic business paper Viðskiptablaðið and the business information provider Keldan and is Exemplary Company in Operation in 2020.
LEX has been recognised as one of Iceland’s strongest companies in the year 2020. Only 2% of Icelandic companies meet these requirements. We are proud of this recognition which is a testament to the excellent operation of our law firm.
Erla S. Árnadóttir, attorney and partner at LEX wrote an article in the Icelandic newspaper Fréttablaðið, where she points out one of the effects of Britain’s withdrawal from the European Union when it comes to the processing of personal data. British law now requires that data controllers and processors who process data that are not established in the UK must appoint a representative to the British data protection authorities. Icelandic companies that process personal data about British parties should investigate further whether the requirement applies to them.
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