Electronic shareholders’ meetings, in part or in full, can be an optimal option. Kristín Edwald, attorney and partner at LEX discusses e.g., authorization for electronic shareholders’ meetings pursuant to Act no. 2/1995 on public limited companies, electronic implementation and increased general knowledge of online meetings in “Áramót” a magazine published yearly by the Icelandic Business Reviews Viðskiptablaðið and Frjáls Verslun.

Lára Herborg Ólafsdóttir, attorney and partner at LEX, wrote an article in the business section of the Icelandic newspaper Morgunblaðið on December 23rd, which focuses on the protection of whistle-blowers in new Act no. 40/2020 which will enter into force at the end of the year. The law is intended to protect all employees, in both the public and the private sector, who report information or share data in good faith regarding violations of the law or other reprehensible conduct in the activities of their employer. The law obliges certain companies inter alia to establish clear procedures in this regard.

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.

Hulda Árnadóttir, Partner and María Kristjánsdóttir, Associate recently published this chapter on Pharmaceutical trademarks in Iceland in Pharmaceutical Trademarks 2021.

Pharmaceutical Trademarks 2021 is published by Law Business Research on lexology.com

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.

There has been a heated debate over a new constitution in Iceland. Eydís Ýr Jónsdóttir, a lawyer at LEX law offices, wrote an article on the Icelandic news site Vísir, where she discusses the basic role of a constitution, what is a constitution? What role is it intended to play? What matters belong in the constitution and what is better to implement with general legislation?

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.

The IFLR1000 is the guide to the world’s leading financial and corporate law firms and lawyers. Recently the IFLR1000 released their latest ranking, the 30th edition and LEX has yet again, been ranked in Tier 1, in Financial and Corporate as well as Project Development.

Ólafur Haraldsson, Stefán Orri Ólafsson and Guðmundur Ingvi Sigurðsson are ranked as Highly Regarded in this latest ranking and Gunnar Viðar is ranked as Notable practitioner for 2020. They are all attorneys and partners at LEX.