Iceland Stock Exchange receives new operating licence

Effective today, July 1st, the Iceland Stock Exchange has been issued an operating licence as a stock exchange and a regulated securities market by the Minister for Industry and Commerce in accordance with the Act on Stock Exchanges and Regulated Securities Markets no. 34/1998. This is the first exchange licence to be issued under this law and in effect confirms that the Iceland Stock Exchange fulfills all the requirements of Icelandic law and the relevant E.U. directives. Previously, there was a separate Act on the Icelandic Stock Exchange which granted the exchange monopoly on exchange activities. When the new law came into effect in April 1998, the Iceland Stock Exchange immediately lost its monopoly and was given until July 1st 1999 to fulfill additional requirements under the new law. These included: Changing the exchange from a self-owned institution to a limited company with shareholders (which came into effect January 1st 1999), amending the rules of the exchange, adding Ethics Rules and obtaining insurance cover for third-party liability. The minister also has signed three new regulations, supplementing the Act on Stock Exhanages etc., which became effective today, concerning listings requirements, disclosure and take-overs. The exchange has amended its set of rules to fulfill the requirements of the new regulations and the amendments also take effect today.