Sustainability and Competition Global Practice Guide |
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Iceland |
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(Europe)
Firm
LOGOS
Contributors
Helga Óttarsdóttir |
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| Are ESG measures/sustainability agreements included in your jurisdictional competition regime? | Such agreements are subject to the same competition regulations as any other agreements, decisions, and concerted practices within the jurisdiction. Specific provisions regarding ESG measures or sustainability agreements are however not in force. |
| If ESG measures/sustainability agreements are not included in your jurisdictional competition regime, do you foresee any new regulations coming into place in 2022? | No. |
| Has your Authority issued any guidance on the role, if any, of ESG in the competition law analysis applied to mergers or other conduct? | No such guidance has to date been issued by the Icelandic Competition Authority. |
| Has your jurisdiction issued guidance regarding competitor collaborations or participating in industry working groups, and if so, do they specifically address ESG? | The Icelandic Competition Authority has issued guidelines on the application of Article 15 of the Competition Act no. 44/2005, the parallel of which is Article 53, Paragraph 3, of the EEA Agreement, on exceptions from the prohibition of collusive agreements. ESG measures are, however not addressed explicitly. |
| Can parties seek specific guidance from authorities on proposed ESG initiatives? | As of now, the scope of such guidance would be the same as that of the Icelandic Competition Authority’s administrative guidance in general. According to Article 7, Paragraph 1, of the Administrative Procedures Act No. 37/1993 an authority shall provide those who apply to it with the necessary assistance and guidance in cases that fall within its competence. However, explicit and reliable information regarding a corporation’s legal status in light of the substantive law at hand, prior to actual, administrative decisions, is not to be expected, as any agreements, decisions, and concerted practices subject to the Competition Act No. 44/2005 are at the sole risk of the corporation. |
| How, if at all, does your jurisdiction quantify or calculate the ESG effects? | Not applicable. |
| What does your legal authority currently permit even if your agency is not yet active on this topic? | ESG-related exemptions from competition regulations are subject to the same conditions as any other agreements, decisions and concerted practices within Icelandic jurisdiction. These conditions are as follows: The agreement, decision or concerted practice contributes to improving the production or distribution of goods or to promoting technical or economic progress, while allowing consumers a fair share of the resulting benefit, and does not:
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| Are there precedents that involved ESG/sustainability matters in your country? If so please provide a short description. | Parties to decisions of the Icelandic Competition Authority have made sustainability-related arguments, cf. decisions No. 6/2016 and 11/2017. However, such pleadings do not seem to have had any meaningful impact on the application of competition rules in the Authority’s decisions, as of yet. |
| Is there specific antitrust regulation in your jurisdiction to be aware of which might give rise to private or class action ESG litigation? | No such, specific antitrust regulations are in force in Iceland. Such lawsuits would be subject to general rules of procedure and tort law. |
Sustainability and Competition Global Practice Guide
Such agreements are subject to the same competition regulations as any other agreements, decisions, and concerted practices within the jurisdiction. Specific provisions regarding ESG measures or sustainability agreements are however not in force.
No.
No such guidance has to date been issued by the Icelandic Competition Authority.
The Icelandic Competition Authority has issued guidelines on the application of Article 15 of the Competition Act no. 44/2005, the parallel of which is Article 53, Paragraph 3, of the EEA Agreement, on exceptions from the prohibition of collusive agreements. ESG measures are, however not addressed explicitly.
As of now, the scope of such guidance would be the same as that of the Icelandic Competition Authority’s administrative guidance in general. According to Article 7, Paragraph 1, of the Administrative Procedures Act No. 37/1993 an authority shall provide those who apply to it with the necessary assistance and guidance in cases that fall within its competence. However, explicit and reliable information regarding a corporation’s legal status in light of the substantive law at hand, prior to actual, administrative decisions, is not to be expected, as any agreements, decisions, and concerted practices subject to the Competition Act No. 44/2005 are at the sole risk of the corporation.
Not applicable.
ESG-related exemptions from competition regulations are subject to the same conditions as any other agreements, decisions and concerted practices within Icelandic jurisdiction. These conditions are as follows:
The agreement, decision or concerted practice contributes to improving the production or distribution of goods or to promoting technical or economic progress, while allowing consumers a fair share of the resulting benefit, and does not:
- impose on the undertakings concerned restrictions that are not indispensable to the attainment of these objectives;
- afford such undertakings the possibility of eliminating competition in respect of a substantial part of the products in question.
Parties to decisions of the Icelandic Competition Authority have made sustainability-related arguments, cf. decisions No. 6/2016 and 11/2017. However, such pleadings do not seem to have had any meaningful impact on the application of competition rules in the Authority’s decisions, as of yet.
No such, specific antitrust regulations are in force in Iceland. Such lawsuits would be subject to general rules of procedure and tort law.