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.

Hulda Árnadóttir and María Kristjánsdóttir, attorneys at LEX and managers of GH Sigurgeirsson Intellectual Property (GHIP) – a subsidiary of LEX were interviewed in the Icelandic newspaper Fréttablaðið today. In the interview, they discuss among other things recent changes to trademark laws in Iceland, one of the main changes is that registration for so-called non-traditional trademarks is now possible.
They also discuss the impact of the pandemic on trademark registration and point out the importance of companies learning what requirements trademarks must fulfill in order to be registered and protected. They also mention the sharp increase in the number of companies and owners of well-known brands taking a stand on political matters and the demand from consumers for a sustainability policy, which has become louder.

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 also discusses what necessary actions companies need to take following the court’s decision.

Please contact Lára Herborg Ólafsdóttir and Erla S. Árnadóttir regarding consult on this matter.

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. Chapter XXI. of the Bankruptcy Act stipulates that it is possible to complete bankruptcy proceedings with composition agreement.

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 certification marks. Also, on 1 September 2020, a new supplementary Trademarks Regulation no. 850/2020 entered into force in Iceland, replacing the older Trademarks Regulation no. 310/1997.

María Kristjánsdóttir, attorney at LEX wrote an article where she discusses the main amendments of the act.

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 the EEA. The aim of these rules is to strengthen competition in the field of payment services and facilitate the access of new parties to the market.

The main changes following the proposed Act are that the scope of the law will be expanded and new parties, so-called PISP´s and AISP´s, will fall under the scope of the law.

It is interesting to look at the interplay between market development and competition considerations that are dominating in the provisions of PSD2, with the security and privacy considerations on which privacy rules are based.

It is important for payment processors and information service providers to carefully consider whether the user’s satisfactory consent is in place, when it comes to the processing of personal data.

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 AIFs in Iceland.

The new act applies to managers who operate or market one or more AIFs in Iceland or in other states within the EEA, regardless of the form of the manager, the form of the AIF and whether they are open-end or closed-end funds.

Those who intend to operate or market AIFs in Iceland are required to have an operating license or be registered with the Central Bank of Iceland. Whether a manager is subject to an operating license or a registration obligation depends on various factors, including the total assets under management of the relevant management company and whether the manager has an operating license in another EEA state or has been registered within another EEA state. Managers with an operating license and registered managers have the sole right to operate and market AIFs in Iceland.

Stefán Orri Ólafsson (stefan@lex.is), Partner at LEX, has in recent years provided advice to both domestic and foreign fund managers who have wanted to market their funds in Iceland and on other aspects in the field of Icelandic fund legislation.

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 around the world and was set to be “technically neutral”. Despite those objectives, there seems to be tension in the application of the rules when it comes to blockchain technology.

In the article, Lára Herborg discusses blockchain technology and why it has been difficult to reconcile the use of blockchain technology with current data protection legislation.