RULES

on measures against market abuse.

Article 1. Scope.

These Rules apply to the further implementation of Act No. 60/2021 on measures against market abuse, cf. Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on market abuse (Market Abuse Regulation) with regard to:

The content of notifications to be submitted to competent authorities and on the summary, publication and maintenance of the list of notifications pursuant to Article 4 of the Market Abuse Regulation.
The timing, format and templates for submitting notifications to competent authorities pursuant to Article 4 of the Market Abuse Regulation.
The conditions applicable to buy-back programmes and stabilisation measures pursuant to Article 5 of the Market Abuse Regulation.
Appropriate arrangements, systems and procedures for market participants who disclose information and carry out market soundings pursuant to Article 11 of the Market Abuse Regulation.
Systems and templates for notifications that market participants who disclose information and carry out market soundings shall use and the format of the files to be used for notifications pursuant to Article 11 of the Market Abuse Regulation.
The criteria, procedures and requirements for the recognition of a market practice and the requirements in connection with maintaining it, revoking it or amending the conditions for its recognition pursuant to Article 13 of the Market Abuse Regulation.
The technical means for the appropriate public disclosure of inside information and for delaying the public disclosure of inside information pursuant to Article 17 of the Market Abuse Regulation.
The precise format of insider lists and the updating of insider lists pursuant to Article 18 of the Market Abuse Regulation.
The form and template for notification and public disclosure with regard to managers' transactions pursuant to Article 19 of the Market Abuse Regulation.
Adequate arrangements, systems, procedures and templates for notifications used to prevent, detect and report market manipulation or suspicious orders or transactions pursuant to Article 16 of the Market Abuse Regulation.
The technical arrangements in connection with the objective presentation of investment recommendations and other information that constitutes a recommendation or proposal on an investment strategy and the disclosure of particular interests or indication of conflicts of interest pursuant to Article 20 of the Market Abuse Regulation.
Procedures and forms for cooperation, information exchange and assistance between competent authorities and cooperation and information exchange between competent authorities and the European Securities and Markets Authority pursuant to Articles 24 and 25 of the Market Abuse Regulation.
Cooperation with third countries pursuant to Article 26 of the Market Abuse Regulation.
Procedures and forms for competent authorities to exchange information with the European Securities and Markets Authority pursuant to Article 33 of the Market Abuse Regulation.

Article 2. References.

Credit institution pursuant to CRDIV: References to credit institutions authorised pursuant to Directive 2013/36/EU shall be understood as references to securities firms authorised pursuant to Act No. 161/2002 on financial undertakings.

MiFID legal framework: References in these Rules to the MiFID legal framework shall be understood as references to Act No. 115/2021 on markets for financial instruments.

UCITS legal framework: References in these Rules to the UCITS legal framework shall be understood as references to Act No. 116/2021 on securities funds.

AIFMD legal framework: References in these Rules to the AIFMD legal framework shall be understood as references to Act No. 45/2020 on managers of specialised funds.

Official system pursuant to Directive 2004/109/EC: References to the official system pursuant to Article 21 of Directive 2004/109/EC shall be understood as references to the system pursuant to Article 36 of Act No. 20/2021 on disclosure requirements for issuers of securities and flagging obligations.

Group: References in these Rules to a group as defined in Article 2(11) of Directive 2013/34/EU of the European Parliament and of the Council shall be understood as references to a group pursuant to point 33 of Article 2 of Act No. 3/2006 on annual accounts.

Securities firm pursuant to MiFID II: References to securities firms authorised pursuant to Directive 2014/65/EU shall be understood as references to securities firms authorised pursuant to Act No. 115/2021 on markets for financial instruments.

Transactions pursuant to a buy-back programme pursuant to Directive 2012/30/EU: References in these Rules to transactions pursuant to a buy-back programme authorised in accordance with Article 21(1) of Directive 2012/30/EU shall be understood as references to transactions pursuant to a buy-back programme pursuant to Article 55(3) of Act No. 2/1995 on public limited companies.

Services of securities firms pursuant to Annex I to MiFID II: References to services of securities firms listed in Parts A and B of Annex I to Directive 2014/65/EU shall be understood as references to investment services and investment activities and ancillary services pursuant to points 15 and 66 of Article 4(1) of Act No. 115/2021 on markets for financial instruments.

Article 3. Implementation of regulations.

By these Rules, the following Commission Regulations (EU) shall enter into force in Iceland, as published in the EEA Supplement to the Official Journal of the European Union No. 55 of 26 August 2021, pp. 232-262 and No. 8 of 10 February 2022, pp. 16-48 and 70-119, with the adaptations resulting from the decision of the Joint EEA Committee No. 306/2019 of 13 December 2019, which is published in the EEA Supplement to the Official Journal of the European Union No. 14 of 5 March 2020 pp. 61-65, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

Commission Implementing Regulation (EU) 2016/378 of 11 March 2016 on technical implementing standards with regard to the timing, format and templates for submitting notifications to competent authorities pursuant to Regulation of the European Parliament and of the Council (EU) No. 596/2014.
Commission Implementing Regulation (EU) 2016/523 of 10 March 2016 laying down implementing technical standards with regard to the format and template for notification and public disclosure of managers' transactions in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council.
Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance.
Commission Delegated Regulation (EU) 2016/909 of 1 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications.
Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions.
Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest.
Commission Implementing Regulation (EU) 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council.
Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings.
Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures.
Commission Implementing Regulation (EU) 2016/1055 of 29 June 2016 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council.
Commission Implementing Regulation (EU) 2017/1158 of 29 June 2017 laying down implementing technical standards with regard to the procedures and forms for competent authorities exchanging information with the European Securities and Markets Authority as referred to in Article 33 of Regulation (EU) No 596/2014 of the European Parliament and of the Council.
Commission Implementing Regulation (EU) 2018/292 of 26 February 2018 laying down implementing technical standards with regard to procedures and forms for the exchange of information and assistance between competent authorities in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse.

These rules also give effect in this country to Commission Implementing Regulation (EU) 2020/1406 of 2 October 2020 laying down implementing technical standards with regard to procedures and forms for the exchange of information and cooperation between competent authorities, the European Securities and Markets Authority, the Commission and other parties pursuant to the second paragraph of Article 24 and Article 25 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse, as published in the EEA Supplement to the Official Journal of the European Union No 41 of 16 May 2024, pp. 16-30, with the adaptations resulting from the decision of the Joint EEA Committee No. 98/2023 of 28 April 2023, published in the EEA Supplement to the Official Journal of the European Union No. 81 of 9 November 2023, pp. 42-43, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law.

By these rules, Commission Regulation (EU) 2022/1210 of 13 July 2022 on implementing technical standards for the application of Regulation (EU) No. 596/2014 of the European Parliament and of the Council as regards the format of insider lists and their updates shall also enter into force in Iceland, as published in the EEA Supplement to the Official Journal of the European Union No. 58 of 1 August 2024, pp. 88-95, with the adaptations resulting from the decision of the Joint EEA Committee No. 328/2022 of 9 December 2022, published in the EEA Supplement to the Official Journal of the European Union No. 48 of 29 June 2023, pp. 63-64, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law.

By these rules, Commission Regulation (EU) 2021/1783 of 2 July 2021 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council as regards technical regulatory standards containing templates for cooperation agreements with third countries shall also enter into force in Iceland, as published in the EEA Supplement to the Official Journal of the European Union No. 41 of 16 May 2024, pp. 129-133, with the adaptations resulting from the decision of the Joint EEA Committee No. 29/2024 of 9 December 2022, published in the EEA Supplement to the Official Journal of the European Union No. 51 of 27 June 2024, p. 52, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law.

By these rules, Commission Delegated Regulation (EU) 2022/1959 of 13 July 2022 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council as regards technical regulatory standards to set out a contract template for liquidity contracts for shares of issuers of financial instruments admitted to trading on a growth market for small and medium-sized enterprises shall also enter into force in Iceland, as published in the EEA Supplement to the Official Journal of the European Union No. 75 of 27 November 2025, pp. 4-11, with the adaptations resulting from the decision of the Joint EEA Committee No. 135/2025 of 13 June 2025, published in the EEA Supplement to the Official Journal of the European Union No. 61 of 2 October 2025, p. 37, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law.

Article 4. Entry into force.

These rules, issued under the authority of the second paragraph of Article 19 of Act No. 60/2021 on measures against market abuse, shall enter into force immediately. At the same time, rules No. 1275/2024 on measures against market abuse shall be repealed.

Central Bank of Iceland, 1 December 2025.
Ásgeir Jónsson
Governor of the Central Bank.
Rannveig Júníusdóttir
Managing Director.

Section B — Publication date: 2 December 2025