{"id":150840,"date":"2026-10-08T09:24:04","date_gmt":"2026-10-08T09:24:04","guid":{"rendered":"https:\/\/www.legal500.com\/guides\/?post_type=comparative_guide&#038;p=150840"},"modified":"2026-10-08T09:24:04","modified_gmt":"2026-10-08T09:24:04","slug":"iceland-merger-control","status":"publish","type":"comparative_guide","link":"https:\/\/www.legal500.com\/guides\/chapter\/iceland-merger-control\/","title":{"rendered":"Iceland: Merger Control"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-150840","comparative_guide","type-comparative_guide","status-publish","hentry","guides-merger-control","jurisdictions-iceland"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Juris<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/juris_02.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Juris<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/juris_02.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Merger Control laws and regulations applicable in Iceland<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Overview<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Icelandic merger control regime is governed primarily by the Competition Act No. 44\/2005 and is enforced at national level by the Icelandic Competition Authority (ICA), subject to the allocation of jurisdiction under the EEA Agreement.<\/p>\n<p>Notification is mandatory where the combined turnover of the undertakings concerned in Iceland is at least ISK 3 billion and at least two undertakings each have turnover in Iceland of at least ISK 300 million. Turnover is calculated on a group-wide basis. The ICA may also require notification of certain completed mergers below these thresholds where combined turnover exceeds ISK 1.5 billion and there are significant grounds to believe that effective competition may be considerably impeded.<\/p>\n<p>The regime is suspensory: a notifiable merger may not be implemented while under review, subject to a limited possibility of derogation. The ICA applies a two-phase review process, with an initial period of 25 working days and, where further investigation is required, a further 90-working-day period.<\/p>\n<p>A transaction is reviewable where it results in a lasting change of control, including acquisitions of sole or joint control and the creation of a full-function joint venture. Minority acquisitions are therefore caught only where they confer decisive influence.<\/p>\n<p>The substantive test is broadly aligned with the EU SIEC approach: the ICA may prohibit or impose remedies where a merger creates or strengthens a dominant position or otherwise significantly distorts competition. For mergers involving media service providers, an additional assessment of media plurality and diversity applies.<\/p>\n<p>Certain mergers with an EEA-wide dimension may fall under the EEA merger control regime rather than the jurisdiction of the ICA. In such cases, the European Commission or the EFTA Surveillance Authority may have jurisdiction, depending on the applicable EEA rules.<\/p>\n<p>For completeness, whilst not falling under the merger control jurisdiction of the ICA, corporate transactions and\/or acquisitions of control in certain fields may also require ministerial consent or approval of other authorities, for instance under foreign direct investment screening legislation and limitations on acquisition of property rights.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is notification compulsory or voluntary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Notification to the ICA is compulsory where the combined aggregate turnover of the undertakings concerned in Iceland is at least ISK 3 billion and at least two of the undertakings concerned each have an aggregate turnover in Iceland of at least ISK 300 million. The turnover of each undertaking concerned is calculated on a group-wide basis.<\/p>\n<p>Even where these thresholds are not met, the ICA may require notification of a completed merger if the parties combined turnover exceeds ISK 1.5 billion and there are significant grounds to believe that the merger may considerably impede effective competition. If the parties notify the ICA of the merger, the ICA must exercise this power to require notification within fifteen working days after receiving the notification.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a prohibition on completion or closing prior to clearance by the relevant authority? Are there possibilities for derogation or carve out?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A notifiable merger may not be implemented while it is under review by the ICA. Notification is generally made once a binding agreement has been concluded, a public takeover bid has been announced or control has been acquired, but before implementation. There is currently no general statutory exception permitting a public takeover bid to be implemented before clearance; where early implementation is necessary, a derogation must be sought.<\/p>\n<p>Icelandic law does not contain a specific statutory carve-out mechanism for this purpose allowing Icelandic assets or entities concerned to be transferred separately after the closing of the main transaction. Accordingly, any proposed carve-out structure would need to be assessed in light of whether the transaction, or any part of it, constitutes implementation of the merger before clearance.<\/p>\n<p>In principle, the parties may structure a global transaction so that control over the Icelandic business is not transferred or otherwise implemented until clearance has been obtained from the ICA, provided that the structure genuinely prevents any premature implementation of the merger in Iceland.<\/p>\n<p>The ICA may grant a derogation from the standstill obligation upon a written and reasoned request. The applicant must demonstrate that delay in implementation could harm the undertakings concerned or their business partners and endanger competition. A derogation may be subject to conditions designed to ensure effective competition. Given these requirements, derogations are exceptional.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What types of transaction are notifiable or reviewable and what is the test for control?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A transaction is notifiable to the ICA, subject to the applicable turnover thresholds, if it constitutes a merger resulting in a lasting change of control. This includes the merger of previously independent undertakings, the acquisition of direct or indirect control over the whole or parts of another undertaking, including through the acquisition of shares or assets, and the creation of a full-function joint venture operating on a lasting basis as an autonomous economic entity.<\/p>\n<p>There is no formal shareholding or voting-rights threshold for control. Control arises where rights, contracts or other means, separately or in combination, confer the possibility of exercising decisive influence over an undertaking. This may arise, in particular, through ownership or the right to use all or part of an undertaking&#8217;s assets, or through rights or contracts conferring decisive influence over its composition, voting or decisions of the undertaking. \u00a0Accordingly, the acquisition of a minority interest may constitute a merger if it confers decisive influence. In assessing control, the ICA has regard to relevant EEA and EU merger-control principles and guidance, including the European Commission&#8217;s guidance on the concept of control.<\/p>\n<p>Intra-group transactions are not notifiable or reviewable as mergers where the undertakings are already under the same ultimate control and the transaction does not result in a lasting change of control. Accordingly, internal reorganisations, including mergers or transfers of assets between entities under common control, generally fall outside the merger-control regime where ultimate control remains unchanged.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances is an acquisition of a minority interest notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>An acquisition of a minority interest may be notifiable where it results in the acquisition of control. There is no fixed shareholding threshold below which control can safely be excluded. The relevant test is whether the interest, together with associated rights, agreements or other circumstances, confers the possibility of exercising decisive influence over the target.<\/p>\n<p>There is no established minimum percentage of shareholding that, in itself, has been recognised under the Icelandic merger control regime as sufficient to confer control. The assessment is fact-specific and may take account of voting rights, shareholder agreements, board or management rights and other structural, contractual, economic or factual links between the parties.<\/p>\n<p>Control may arise from veto rights over strategic commercial decisions. Relevant rights may include rights concerning the appointment or removal of senior management, approval of the budget or business plan, or other decisions that are fundamental to the undertaking&#8217;s commercial strategy. Depending on the circumstances, such rights may confer sole or joint control.<\/p>\n<p>De facto control is recognised under Icelandic merger control regime. The ICA has stated that a change of control may arise not only from ownership or contractual rights (de jure), but also from factual circumstances, economic links and other circumstances (de facto), or a combination of these. In assessing de facto control, the ICA considers who is in a position, in practice, to exercise decisive influence over the undertaking&#8217;s decisions and commercial strategy. This may, depending on the circumstances, include the practical ability of a minority shareholder to secure a majority at shareholders&#8217; meetings where the remaining shareholdings are sufficiently dispersed or shareholder participation is limited.<\/p>\n<p>Joint control may also arise where otherwise independent shareholders have sufficiently strong common commercial or financial interests to enable them to exercise decisive influence jointly. The ICA has recognised that common commercial or financial interests may, in certain circumstances, give rise to joint control. Its decisional practice has considered, among other things, shareholdings, board representation, business relationships, shareholder agreements and other forms of cooperation when assessing whether shareholders exercise joint control.<\/p>\n<p>Acquisitions of minority interests that do not confer decisive influence are not, as such, subject to notification or review under the Icelandic merger control regime. The regime therefore does not extend to acquisitions of minority shareholdings merely because they constitute a significant economic interest; the acquisition must result in a lasting change of control.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the jurisdictional thresholds (turnover, assets, market share and\/or local presence)? Are there different thresholds that apply to particular sectors?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The general jurisdictional thresholds in Iceland are based on turnover. There are no general asset or market-share thresholds. A merger is notifiable to the ICA where the undertakings concerned have aggregate annual turnover of at least ISK 3 billion in Iceland and at least two of the undertakings concerned each have annual turnover of at least ISK 300 million in Iceland. Thus, the general thresholds cannot be satisfied by one party alone.<\/p>\n<p>The relevant turnover is that of the undertakings concerned and their relevant groups. Turnover is aggregated at group level and includes the turnover of parent and subsidiary undertakings, undertakings within the same group and undertakings directly or indirectly controlled by the parties.<\/p>\n<p>In an acquisition of sole control, the turnover of the target and the undertakings belonging to the target&#8217;s group is taken into account, but the seller&#8217;s other turnover is not included merely because it is the seller of the target. Thus, where the seller disposes of its entire interest in the target and does not retain control, turnover attributable to the seller&#8217;s other businesses is generally excluded. However, the turnover of the acquiring group and the target group is aggregated. In an acquisition of joint control, the relevant turnover of the parties acquiring joint control is taken into account.<\/p>\n<p>The thresholds are national in scope and are based on turnover generated in Iceland, rather than worldwide turnover. The turnover thresholds apply irrespective of the relevant product market; market shares are not jurisdictional thresholds, although they may be relevant to whether a simplified notification procedure is available.<\/p>\n<p>No physical establishment in Iceland is required. An undertaking established outside Iceland may fall within the Icelandic merger control regime if it generates sufficient turnover in Iceland. The turnover thresholds therefore provide the relevant local nexus.<\/p>\n<p>The general thresholds apply across sectors and are not periodically adjusted automatically.<\/p>\n<p>The current thresholds of ISK 3 billion and ISK 300 million were introduced by legislation in 2020 and may be changed by legislative amendment.<\/p>\n<p>There is, however, a specific merger-control regime for media undertakings. A merger involving at least one media service provider with annual turnover of at least ISK 100 million in Iceland is subject to notification. The media merger-control provisions otherwise largely rely on the merger-control framework under the Competition Act, with certain specific rules and substantive considerations relating to media plurality and diversity.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are turnover, assets and\/or market shares valued or determined for the purposes of jurisdictional thresholds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The jurisdictional thresholds are based solely on turnover. Asset values and market shares are not used to determine whether the general Icelandic jurisdictional thresholds are met. The thresholds are fixed monetary amounts and are not determined by reference to any other economic or statutory factor.<\/p>\n<p>The turnover thresholds are based on the turnover of the preceding financial year. The relevant turnover is turnover generated in Iceland. For jurisdictional purposes, the turnover is generally allocated based on where the customer is located. Accordingly, sales to customers in Iceland are included, including sales into Iceland by foreign undertakings, whereas sales to customers outside Iceland are generally excluded.<\/p>\n<p>There are no asset-based jurisdictional thresholds and therefore no specific accounting or valuation rules for assets, nor any rules concerning the location of assets for the purpose of satisfying a jurisdictional threshold.<\/p>\n<p>Market shares are not used to establish jurisdiction under the general merger-control thresholds. Accordingly, there are no special rules for defining the relevant product or geographic market for the purpose of determining whether the jurisdictional thresholds are met.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a particular exchange rate required to be used for to convert turnover thresholds and asset values?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Amounts denominated in foreign currencies should be converted into ISK for the purposes of applying the turnover threshold. The relevant exchange rate is the average official exchange rate of the Central Bank of Iceland for the period to which the turnover relates. For turnover reported for a financial year, the annual average exchange rate for that financial year should therefore generally be used. The Central Bank of Iceland publishes annual average exchange rates for each year at the end of that year.<\/p>\n<p>For 2025, the official annual average exchange rates published by the Central Bank of Iceland were ISK 144.65 per EUR 1 and ISK 128.37 per USD 1.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances are joint ventures notifiable or reviewable (both new joint ventures and acquisitions of joint control over an existing business)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Joint ventures are subject to Icelandic merger control where they result in a lasting change in control. The creation of a new joint venture constitutes a merger where it performs, on a lasting basis, all the functions of an autonomous economic entity (a \u201cfull-function\u201d joint venture). The acquisition of joint control over an existing business may likewise constitute a merger where it results in a lasting change of control.<\/p>\n<p>There are no separate turnover thresholds for joint ventures. The ordinary jurisdictional thresholds apply, currently requiring aggregate turnover in Iceland of at least ISK 3 billion and turnover in Iceland of at least ISK 300 million for at least two undertakings concerned. Turnover is calculated at group level in accordance with the general merger-control rules.<\/p>\n<p>For a newly created full-function joint venture, the undertakings concerned will generally be the parent undertakings acquiring joint control, together with the undertakings belonging to their respective groups.\u00a0Where joint control over an existing business is acquired, the existing business and its group are also taken into account.<\/p>\n<p>The distinction between a full-function and a non-full-function joint venture is relevant to whether the transaction constitutes a concentration. A joint venture must have sufficient resources and operational autonomy to perform, on a lasting basis, all the functions of an autonomous economic entity. The ICA has expressly applied this concept in its decision-making.<\/p>\n<p>The ICA\u2019s interpretation of the full-function joint venture concept is informed by the EEA\/European competition-law framework, including the European Commission&#8217;s approach to full-function joint ventures. Where a joint venture does not meet the full-function test, its establishment or operation is not, as such, treated as a concentration, although the arrangements between its parent undertakings may be subject to the prohibition on anti-competitive agreements.<\/p>\n<p>Where a newly established full-function joint venture has no actual or foreseen activities in Iceland the general territorial scope of the Competition Act can be relevant as the Act applies to a conduct having effects in Iceland and excludes conduct intended to have effects solely outside Iceland. Because the statutory turnover thresholds for a newly created joint venture are assessed at the level of the parent undertakings acquiring joint control, it is likely that a transaction may technically meet the mandatory notification thresholds even where the joint venture itself has no local presence or activities in Iceland.<\/p>\n<p>The Competition Act also expressly provides for a simplified notification where a full-function joint venture has limited effects in Iceland.<\/p>\n<p>The ICA\u2019s published decisions do not, however, establish a specific rule addressing a case in which the parent undertakings satisfy the turnover thresholds in Iceland but the joint venture itself has no actual or foreseen Icelandic activities or effects.<\/p>\n<p>From a commercial and risk-management perspective, the parties should not assume that no Icelandic filing is required merely because the newly established joint venture has no Icelandic activities or presence. Failing to notify a technically caught transaction carries significant risks of administrative fines and standstill violations.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which different stages of the same, overall transaction are separately notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Inter-related transactions may be treated as a single concentration where they are interdependent and form part of the same overall transaction, resulting in a single lasting change of control. The assessment is based on the substance and economic reality of the transaction rather than solely on the number of legal steps used to implement it. Thus, a transaction implemented through several legally separate steps may constitute a single concentration where the individual steps are conditional upon, or otherwise dependent on, one another and form part of the same overall transaction.<\/p>\n<p>Conversely, transactions which are not interdependent and which each result in a separate and lasting change of control may constitute separate concentrations and may require separate notifications. The same analysis applies where a transaction involves several acquisition steps, a consortium acquisition or subsequent transfers or divisions of the target: the relevant question is whether the steps form part of one interdependent transaction or constitute separate transactions resulting in distinct changes of control.<\/p>\n<p>Where separate notifications are required, a separate filing fee is payable for each notification.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How do the thresholds apply to \u201cforeign-to-foreign\u201d mergers and transactions involving a target \/ joint venture with no nexus to the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The same jurisdictional thresholds apply to foreign-to-foreign transactions; there are no separate thresholds based on the location or nationality of the parties. A transaction between undertakings established outside Iceland may therefore be subject to Icelandic merger control where the undertakings concerned satisfy the applicable Icelandic turnover thresholds, including the requirement that at least two undertakings concerned each have the requisite turnover in Iceland.<\/p>\n<p>The Competition Act also has a territorial scope based on effects in Iceland. The absence of an Icelandic establishment or of activities by the target or a newly established joint venture in Iceland does not, however, automatically exclude a transaction from Icelandic merger control.<\/p>\n<p>There does not appear to be published decisional practice of the ICA specifically addressing a newly established full-function joint venture with no actual or foreseeable activities in Iceland where the parent undertakings nevertheless satisfy the Icelandic turnover thresholds.<\/p>\n<p>As a relevant comparator, under the EU merger control regime the parent undertakings acquiring joint control of a newly created joint venture are treated as the undertakings concerned for jurisdictional purposes. This may indicate that the absence of a local nexus at the level of the newly created joint venture does not necessarily prevent merger-control jurisdiction.<\/p>\n<p>Accordingly, where the Icelandic turnover thresholds are clearly met through the parent undertakings or their corporate groups, parties should not assume that no Icelandic filing is required merely because the newly established joint venture has no Icelandic activities or presence.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For voluntary filing regimes (only), are there any factors not related to competition that might influence the decision as to whether or not notify?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the substantive test applied by the relevant authority to assess whether or not to clear the merger, or to clear it subject to remedies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA may prohibit a merger, or clear it subject to remedies, where it would impede effective competition by creating or strengthening a dominant position or otherwise significantly impede competition. The assessment may cover horizontal, vertical and conglomerate effects, including unilateral and coordinated effects. The ICA considers, among other factors, market structure, barriers to entry and expansion, the competitive constraints imposed by actual and potential competitors, international competition and substantiated efficiencies that benefit consumers. The substantive approach is broadly aligned with the EU merger-control frameworks.<\/p>\n<p>A separate substantive test applies to mergers involving media service providers. In such cases, the ICA must consider whether the merger may adversely affect media plurality or diversity and must obtain the opinion of the Media Commission. A merger may be prohibited or made subject to conditions having regard to those factors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are factors unrelated to competition relevant?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA&#8217;s general merger assessment is based on competition considerations, and factors unrelated to competition are not generally taken into account as independent grounds for intervention or clearance. Efficiencies may nevertheless be taken into account where they are substantiated, benefit consumers and do not otherwise impede effective competition. Such efficiencies may include benefits arising from technological or economic progress.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are ancillary restraints covered by the authority\u2019s clearance decision?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Ancillary restraints may be assessed by the ICA as part of its merger review where they are directly connected with the merger and necessary for its implementation. The parties must identify in the merger notification all ancillary restraints in agreements submitted with the notification for which an assessment is sought, and explain why they are directly connected with and necessary for the implementation of the merger.<\/p>\n<p>The ICA&#8217;s approach is broadly aligned with the EU approach. Non-compete covenants imposed on the seller may generally be permissible for up to three years following the merger, provided that they are justified by the circumstances of the transaction. Ancillary restraints must be proportionate in scope and duration. The notification and assessment of an ancillary restraint does not, however, exempt the parties from their responsibility to ensure that the restriction complies with competition law<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For mandatory filing regimes, is there a statutory deadline for notification of the transaction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no fixed statutory deadline for notifying a merger. A notifiable merger must be notified to the ICA after an agreement has been concluded, a public takeover bid has been announced or control has been acquired, but before the merger is implemented. The parties are subject to a standstill obligation and may not implement the merger while it is under review by the ICA.<\/p>\n<p>The filing obligation cannot be satisfied by a letter informing the ICA of the transaction. A formal merger notification containing the information prescribed by the Competition Act and the ICA&#8217;s rules on notification and procedure in merger matters must be submitted. The statutory time limits for the ICA&#8217;s review do not begin to run until the ICA has confirmed that the merger notification is complete and sufficient for the purposes of initiating the review.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the earliest time or stage in the transaction at which a notification can be made?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A notification may generally be made once a final binding agreement has been concluded, \u00a0a public takeover bid has been announced or control has been acquired, but before the merger is implemented. A preliminary agreement, letter of intent or memorandum of understanding will not generally suffice; the transaction must be sufficiently final that it will proceed, subject to merger control clearance.<\/p>\n<p>Accordingly, a formal notification cannot generally be made before the parties have reached a sufficiently binding transaction stage. Pre-notification discussions with the ICA may, however, take place before a formal notification is submitted. Such discussions do not themselves constitute a merger notification or trigger the statutory review periods.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is it usual practice to engage in pre-notification discussions with the authority? If so, how long do these typically take?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Pre-notification discussions with the ICA are common and encouraged, particularly where a transaction may raise competition issues or questions regarding the scope of the notification.<\/p>\n<p>There is no fixed timetable for pre-notification discussions. Discussions may take a few weeks in straightforward cases and several months in more complex cases, depending on the issues involved. Such pre-notification discussions do not themselves constitute a merger notification or trigger the statutory review periods.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the basic timetable for the authority\u2019s review?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The review is divided into two phases, with all statutory periods measured in working days.<\/p>\n<p>Phase I is 25 working days following receipt of a sufficient merger notification. If the ICA considers that further investigation is required, it must notify the parties within that period. For simplified notifications, the ICA has 15 working days to request a full notification; if it does so, the 25 working day period begins upon receipt of the full notification.<\/p>\n<p>Phase II is 90 working days from the first working day after the ICA notifies the parties that further investigation is required<em>.<\/em><\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Under what circumstances may the basic timetable be extended, reset or frozen?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The statutory timetable may be extended by up to 20 working days at the request of the merging parties. In Phase II, where parties seeking settlement discussions submit proposed remedies on or after the 55th working day, the review period is automatically extended by 15 working days.<\/p>\n<p>There is no general \u201cstop-the-clock\u201d mechanism under the Icelandic merger control rules. The statutory review period does not begin until the ICA has received a merger notification that is sufficient to satisfy the ICA\u2019s requirements. Thus, if a notification is incomplete, the timetable has not yet started and begins only once the missing information has been provided. Similarly, where the ICA requires a full notification following a simplified notification, the Phase I period begins upon receipt of the full notification.<\/p>\n<p>Requests for further information after the statutory timetable has commenced do not generally suspend or reset the timetable. Third-party interventions or submissions do not, in themselves, extend or suspend the statutory timetable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which the review timetable can be shortened?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no formal mechanism for shortening the statutory review periods. The ICA may, however, conclude its review before the applicable deadline, particularly in straightforward cases. Parties have no right to an expedited review and the timing will depend on the circumstances of the case.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which party is responsible for submitting the filing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In an acquisition of sole control, the acquirer is responsible for filing; in a public takeover bid, the bidder is responsible. Where previously independent undertakings merge or joint control is acquired, the merging parties or joint acquirers must submit a joint notification.<\/p>\n<p>For the creation of a full-function joint venture, the parent undertakings establishing and jointly controlling the joint venture are responsible for the filing.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information is required in the filing form?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Merger notifications must include the information specified in ICA\u2019s rules on the notification and procedure in merger cases.<\/p>\n<p>A standard notification must include information on the transaction and the undertakings concerned, relevant markets and market shares, the competitive effects of the transaction and agreements and other documents relating to the transaction. If the notification is incomplete, the statutory review period does not begin until the information requested by the ICA has been provided. The ICA may request further information where necessary for its assessment.<\/p>\n<p>A simplified notification may be used for transactions unlikely to raise competition concerns, including where there are no related markets, combined horizontal market shares are below 20%, vertical market shares are below 40%, certain joint ventures have limited effects in Iceland, or joint control is converted to sole control. The simplified form requires less extensive information, and the ICA may also permit its use in other appropriate circumstances.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which supporting documents, if any, must be filed with the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A standard merger notification must include the information and documents specified in \u00a0ICA&#8217;s Rules No. 1390\/2020 on the notification and procedure in merger cases. The following documents may be required:<\/p>\n<ul>\n<li>Transaction documents: the final or latest versions of all documents relating to the transaction, including the transaction agreement and, where relevant, documents concerning ancillary restraints.<\/li>\n<li>Annual accounts: the annual accounts of the undertakings concerned for the preceding two financial years.<\/li>\n<li>Internal documents: relevant board minutes or other management communications concerning the transaction.<\/li>\n<li>Market materials: where there is an affected market, relevant analyses, reports, studies, surveys, memoranda and similar documents relating to the transaction or its preparation.<\/li>\n<li>Other documents: the notification must also include the other documents expressly required by the ICA rules, including a non-confidential version, a digitally readable copy and proof of payment of the filing fee.<\/li>\n<\/ul>\n<p>A power of attorney should be provided where the notification is submitted by an authorised representative. There is no general requirement under the merger rules for certificates of incorporation or articles of association to be filed unless relevant to the information required for the assessment.<\/p>\n<p>The merger rules do not expressly prescribe the language in which a merger notification must be submitted. In practice, parties should confirm the acceptable language with the ICA, particularly where the notification or supporting documents are prepared in English.<\/p>\n<p>The notification must be signed on behalf of the notifying party or parties and must include the required declaration concerning the accuracy and completeness of the information provided.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a filing fee?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The filing fee is ISK 500,000 for a standard merger notification and ISK 200,000 for a simplified notification.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a public announcement that a notification has been filed?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA maintains a public overview on its website of merger cases under review, including information on what Phase those cases are.<\/p>\n<p>The filing of a merger notification, however, is not automatically publicly announced in every case. The timing and extent of any public announcement depend on the circumstances of the case. Where the ICA considers it appropriate to seek views from interested parties, it will typically publish a notice on its website during Phase I of the review and invites interested parties and other stakeholders to submit comments by a specified deadline. A non-confidential version of the merger notification may also be made available.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority seek or invite the views of third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA may seek views from third parties, including customers, competitors, suppliers, sector regulators and other interested parties. This may be done through direct requests for information or by publishing an invitation for comments on the ICA&#8217;s website.<\/p>\n<p>Third-party consultation is not required in every merger. The extent of market testing depends on the circumstances of the case and the potential competitive concerns identified by the ICA. Third-party consultation is generally carried out during the initial review after a satisfactory merger notification has been received. Where the parties propose remedies in response to competition concerns identified by the ICA, the ICA may also seek third-party views on the proposed remedies at a later stage of the review.<\/p>\n<p>There is no general requirement to conduct third-party consultation in transactions that clearly do not raise competition concerns.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information may be published by the authority or made available to third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The merger notification, supporting documents and other submissions are not generally published in full. However, extracts or non-confidential versions may be disclosed to third parties where necessary for the ICA\u2019s investigation or in response to a request for access to documents, subject to applicable confidentiality rules.<\/p>\n<p>The ICA is subject to statutory confidentiality obligations in respect of business secrets and other information which should remain confidential. The parties must identify and justify claims for confidential treatment and provide non-confidential versions where required. Commercially sensitive information may be redacted before documents are disclosed or published.<\/p>\n<p>Final merger decisions are generally published on the ICA\u2019s website after the proceedings have concluded, in a non-confidential version. The parties are generally given an opportunity to identify confidential information before publication.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority cooperate with antitrust authorities in other jurisdictions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA cooperates with competition authorities in other jurisdictions through Nordic, European and wider international cooperation. The ICA participates in the OECD and the International Competition Network (ICN), and cooperates within the EEA framework with the European Commission and the EFTA Surveillance Authority where relevant.<\/p>\n<p>The principal formal cooperation agreement is the 2017 Nordic Agreement on Cooperation in Competition Cases between Denmark, Finland, Iceland, Norway and Sweden. The Agreement provides for notification and coordination of investigations and merger proceedings, exchange of information, including confidential information, requests for information and investigative assistance, including inspections where appropriate. The ICA also participates in broader European cooperation through the EEA competition framework.<\/p>\n<p>The Competition Act authorizes the ICA to provide information and data to foreign competition authorities where this is necessary for the enforcement of Icelandic or foreign competition law in accordance with Iceland&#8217;s international obligations. Information supplied under such arrangements is subject to confidentiality and use restrictions.<\/p>\n<p>Where confidential information may be exchanged pursuant to applicable international cooperation frameworks, such as the Nordic Cooperation Agreement, a separate waiver from the parties is not strictly required, as the statutory framework permits the direct exchange of information between authorities subject to confidentiality safeguards. In circumstances where disclosure requires consent, the ICA may request a waiver. There are no legal consequences, fines or sanctions if a party refuses to grant a voluntary confidentiality waiver. However, a refusal may result in practical disadvantages, such as procedural delays and difficulties in coordinating remedies across jurisdictions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What kind of remedies are acceptable to the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ICA may accept both structural and behavioural remedies where they are capable of effectively addressing the identified competition concerns. Structural remedies, particularly divestments, are generally preferred where they provide a lasting solution to the competition concern. Behavioural remedies, including non-discrimination obligations, access commitments and information barriers,\u00a0 may also be accepted, either independently or in combination with structural remedies, depending on the circumstances of the case.<\/p>\n<p>For divestment remedies, the ICA may require an up-front buyer where necessary to ensure the divestment is effective and that the competition concerns are adequately addressed. It may also require the purchaser to be approved before the merger is implemented.<\/p>\n<p>In assessing a proposed purchaser, relevant considerations may include the purchaser&#8217;s independence from the merging parties, its financial resources and ability to operate the divested business effectively, its incentives to compete, and whether the acquisition would itself give rise to competition concerns.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What procedure applies in the event that remedies are required in order to secure clearance?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The merging parties normally propose remedies where these are required to secure clearance. There is no general statutory deadline for submitting remedies. However, where the parties, having requested settlement discussions, submit proposed remedies on or after the 55th working day of Phase II, the statutory review period is automatically extended by 15 working days. The parties may also request an extension of the applicable statutory period of up to 20 working days.<\/p>\n<p>The statutory framework does not require that remedies can only be offered or accepted in Phase II.<\/p>\n<p>The ICA may take into account remedies or other commitments adopted in another jurisdiction where relevant to its assessment. However, remedies accepted or imposed in another jurisdiction do not automatically release the parties from addressing competition concerns identified in Iceland; the ICA must assess whether the measures adequately address the concerns arising in the Icelandic market.<\/p>\n<p>The ICA may seek the views of customers, competitors and other interested parties when assessing proposed remedies. The extent and timing of such consultation depend on the circumstances of the case and the nature of the proposed remedies.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for failure to notify, late notification and breaches of a prohibition on closing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Failure to notify a notifiable merger, or implementing a notifiable merger before clearance, may result in administrative fines. In an acquisition of sole control, the undertaking acquiring control would be subject to the fine. In a merger or acquisition of joint control, all parties to the merger or acquiring joint control may be fined.<\/p>\n<p>Administrative fines may amount to up to 10% of the total turnover in the preceding financial year of each undertaking or association of undertakings involved in the infringement. In determining the amount of the fine, the ICA takes into account, among other things, the nature and extent of the infringement, its duration and whether the infringement is repeated. The ICA has imposed fines for premature implementation in practice. No separate enforcement approach for foreign-to-foreign mergers has been taken.<\/p>\n<p>There is no separate statutory deadline for notification. Accordingly, delay in filing does not in itself constitute a breach where the merger has not been implemented. Implementation before clearance, however, constitutes a breach of the standstill obligation and may be subject to administrative fines. There are no specific criminal penalties applicable to breaches of the merger notification or standstill obligations.<\/p>\n<p>If a merger is implemented and subsequently prohibited, the ICA may require the parties to take measures to restore effective competition, including separating businesses or assets that have been combined, terminating joint control or taking other appropriate measures.<\/p>\n<p>Where the parties have a legitimate need to implement a merger before clearance, they may request an exemption from the standstill obligation. Such an exemption is discretionary and may be subject to conditions. Otherwise, the parties should defer implementation until clearance has been obtained.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for incomplete or misleading information in the notification or in response to the authority\u2019s questions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>If a merger notification is incomplete, the statutory review period does not begin until the required information has been provided.<\/p>\n<p>Providing incorrect, misleading or incomplete information to the ICA may result in administrative fines of up to 10% of the undertaking\u2019s total turnover in the preceding financial year. The ICA may also impose daily fines to compel compliance with an information requirement.<\/p>\n<p>In addition, individuals who provide incorrect, misleading or incomplete information to the ICA may be subject to criminal sanctions, including fines or imprisonment for up to two years. Legal persons may also be subject to criminal fines. These criminal provisions apply generally to the provision of incorrect, misleading or incomplete information to the ICA and are not specific to merger notifications.<\/p>\n<p>Where merger clearance was obtained on the basis of incorrect or misleading information provided by a notifying party, the ICA may, subject to the applicable legal conditions, revoke the clearance and reassess the merger.<\/p>\n<p>The parties should therefore ensure that the notification and any subsequent responses to requests for information are complete, accurate and not misleading.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can the authority\u2019s decision be appealed to a court?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A decision of the ICA cannot generally be challenged directly before the courts. It must first be appealed to the Competition Appeals Committee within four weeks of the party being notified of the decision. The Committee is generally required to issue its ruling within six weeks of the appeal. An appeal does not suspend the entry into force of the ICA&#8217;s decision.<\/p>\n<p>A party that does not accept the Committee&#8217;s ruling may bring annulment proceedings before the courts within six months of becoming aware of the ruling. Court proceedings are generally commenced before the district court as the court of first instance.<\/p>\n<p>Third parties may have standing to challenge a decision where they have a sufficient legal interest in the outcome. Whether a third party has standing depends on the nature of the decision and the party&#8217;s particular circumstances and is assessed on a case-by-case basis. There is no statutory timetable for judicial proceedings, and their duration varies depending on the nature and complexity of the case.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the recent trends in the approach of the relevant authority to enforcement, procedure and substantive assessment?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Recent practice indicates an emphasis on efficient pre-notification engagement and complete merger notifications. The ICA has stated that pre-notification discussions can improve the efficiency of merger reviews, and it does not commence its formal review until a satisfactory formal merger notification has been submitted.<\/p>\n<p>The ICA continues to make active use of third-party input and market evidence in merger investigations. Depending on the circumstances of the case, this may include requests for information or views from customers, competitors and other market participants, as well as broader market surveys or information-gathering exercises. The ICA may use such evidence when assessing the competitive effects of a transaction and whether further investigation or remedies are required.<\/p>\n<p>In terms of substantive assessment, recent practice indicates continued focus on the specific conditions of Icelandic markets and evidence concerning the likely effects of the transaction. The ICA has also moved cases into Phase II where it has considered that more detailed investigation was required, while a number of cases have been concluded in Phase I.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any future developments or planned reforms of the merger control regime in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A broader reform of the Icelandic merger control regime is currently being prepared. Draft legislation proposes, among other things, to increase the general turnover thresholds for mandatory merger notification from ISK 3 billion to ISK 4 billion in aggregate Icelandic turnover and from ISK 300 million to ISK 400 million for each of at least two undertakings concerned. The proposed thresholds would thereafter be subject to annual indexation.<\/p>\n<p>The draft proposals would also introduce higher, turnover-based filing fees, a limited \u201cstop-the-clock\u201d mechanism allowing the ICA, in exceptional circumstances, to suspend the statutory review periods where delays are attributable to the merging parties, and a specific exception to the standstill obligation for certain public takeover bids and similar transactions in securities, subject to prompt notification and restrictions on the exercise of voting rights.<\/p>\n<p>The proposals are still at the draft stage and remain subject to the legislative process and may therefore be amended before they may become law. The existing merger control regime, including the current notification thresholds, remains applicable unless and until the proposed amendments enter into force.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">6998<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/150840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=150840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}