Changes to the Icelandic Competition Act

The Icelandic newspaper Fréttablaðið published an article were Halldór Brynjar Halldórsson and Helga Óttarsdóttir discuss recent changes to the Icelandic Competition Act. In particular, the recent change removing the Competition Authority‘s powers to grant exemptions from Article 10 of the Competition Act (corresponding to Article 101 TFEU).

Overview of a hallway in a business building

The change will finally bring Icelandic Competition Law in conformity with the EU Merger Regulation no 1/2003 in that regard, replacing exemptions with self-assessment. The article discusses the effects of this change, emphasising the need for a thorough self-assessment before any cooperation is entered into.

Article full text (in Icelandic).

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