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Chapter 9, 14 December 2010 Financial Markets Infrastructure

Chapter 9, 14 December 2010 Financial Markets Infrastructure (Settlement Finality, Financial Collateral Arrangements). Introduction. Due to its obligations arising from the EEA agreement, Iceland has fully transposed the provisions of the following directives into Icelandic legislation:

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Chapter 9, 14 December 2010 Financial Markets Infrastructure

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  1. Chapter 9, 14 December 2010 Financial Markets Infrastructure (Settlement Finality, Financial Collateral Arrangements)

  2. Introduction Due to its obligations arising from the EEA agreement, Iceland has fully transposed the provisions of the following directives into Icelandic legislation: • 98/26/EC on settlement finality in payment and securities settlement systems and • 2002/47/EC on financial collateral arrangements Implementation of directive 2009/44/EC, amending abovementioned 98/26/EC and2002/47/EC, is in process.

  3. Implementation of directive 98/26/EC Implemented with the adoption of Act No. 90/1999 respecting the Security of Transfer Orders in Payment System Entered into force on 10 December, 1999 Hyperlink: Act No. 90/1999 respecting the Security of Transfer Orders in Payment Systems (ENGLISH TRANSLATION)

  4. Implementation of directive 2009/44/EC, as regards 98/26/EC Directive 98/26/EC falls under the auspices of the Icelandic Ministry of Economic Affairs (MEA). MEA is preparing for implementation of 2009/44/EC. MEA foresees no hindrances in transposing it: Amendments are needed on Act No. 90/1999 respecting the Security of Transfer Orders in Payment System. Transposition deadline: 30 December, 2010 (adoptation and publication) 30 June, 2011 (application)

  5. Implementation of directive 2002/47/EC Implemented with the adoption of Act No. 46/2005 on Financial Collateral Arrangements Entered into force on 30 May, 2005 English translation not available.

  6. Implementation of directive 2009/44/EC, as regards 2002/47/EC Directive 2002/47/EC falls under the auspices of the Icelandic Ministry of Justice and Human Rights (MJHR). MJHR is preparing for implementation of 2009/44/EC. MJHR foresees no hindrances in transposing it: Amendments are needed on Act No. 46/2005 on Financial Collateral Arrangements. Transposition deadline: 30 December, 2010 (adoptation and publication) 30 June, 2011 (application)

  7. Withholding tax procedures I Commission Recommendation 2009/7924 on Fiscal Compliance Procedures Q. What kind of provisions does Iceland have on this issue? No withholding tax from interest shall be paid, or a lower rate used, according to double taxation agreements (Art. 3.8 of the Income Tax Rate No. 90/2003) A. Implementation is specified in regulation No. 1082/2009, which is in line with Com. Recommendation 2009/784/EC A. Art. 2 of Act No. 45/1987, on withholding of public levies at source, lists the type of income that falls under the scope of the Act.

  8. Withholding tax procedures II Commission Recommendation 2009/7924 on Fiscal Compliance Procedures Q. What kind of provisions does Iceland have on this issue? 2 application forms available for withholding tax relief RSK 5.42, application according to a DTA for exemption or partial relief from Icelandic taxation http://www.rsk.is/skjal/rsk_0542.en.pdf RSK 5.43, application according to a DTA for a refund of taxes paid in Iceland http://www.rsk.is/skjal/rsk_0543.en.pdf

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