The case concerned the interpretation of the Solvency II Directive (Directive 2009/138) and the EIOPA Regulation (Regulation 1094/2010). Article 16(1) of the EIOPA Regulation states that EIOPA shall issue guidelines and recommendations addressed to competent authorities or financial institutions. Article 16(3) of that Regulation states that public authorities and financial institutions ‘shall make every effort to comply with those guidelines and recommendations". The EFTA Court clarified the legal value of legal acts relating to this secondary law that has not been included within the EEA Agreement, and the duty of the courts of an EEA State to take guidelines that are not formally binding into consideration.
- Welcome by Mads Andenæs and Tarjei Bekkedal
- Introduction by Mads Andenæs: the EFTA Court judgment in Case E-2/23, A td v Finanzmarktaufsicht, 25 January 2024, https://eftacourt.int/cases/e-2-23/
- The new sources of law, Knut Bergo, BI
- Comment by Tarjei Bekkedal: EU Financial Market Authorities and their role in the EEA/EFTA countries