Trade Secrets Law in Iceland
Here’s an overview of Trade Secrets law in Iceland:
🇮🇸 1. Legal Framework
Trade secrets in Iceland are governed by the Trade Secrets Act No. 57/2019, which implements the EU Trade Secrets Directive (Directive (EU) 2016/943).
Iceland, while not an EU member, is part of the European Economic Area (EEA), so it adopts relevant EU legislation, including on trade secrets.
Supplementary protection is found in:
The Penal Code (for criminal offenses involving trade secret theft).
Contract law (NDAs and confidentiality agreements).
2. Definition of Trade Secrets
Under Icelandic law, a trade secret is defined as information that:
Is not generally known or easily accessible,
Has commercial value because it is secret,
Has been subject to reasonable steps to keep it confidential by its lawful holder.
3. Protection Mechanisms
Legal protection is granted against:
Unlawful acquisition, including theft, bribery, and unauthorized access,
Unlawful use or disclosure of the trade secret,
Breach of confidentiality agreements or employee obligations.
Lawful acquisition includes independent discovery, reverse engineering, or public disclosure.
4. Enforcement and Remedies
Remedies available under the Trade Secrets Act include:
Injunctions (to stop or prevent misuse),
Damages for economic losses,
Destruction or return of documents or objects containing trade secrets,
Court proceedings that can protect the secrecy of the information during litigation.
The Icelandic courts have procedures to ensure confidentiality during legal proceedings.
5. International and EEA Commitments
Iceland is a member of:
The EEA, and follows the EU Trade Secrets Directive.
The World Trade Organization (WTO), and is bound by the TRIPS Agreement, which mandates trade secret protection.
Summary Table
| Aspect | Iceland |
|---|---|
| Dedicated Trade Secrets Law | ✅ Trade Secrets Act No. 57/2019 |
| Definition | Secret, commercial value, reasonable protection |
| Protection Mechanisms | NDAs, civil action, aligned with EU standards |
| Enforcement | Injunctions, damages, protective court measures |
| International Obligations | EEA (EU Directive), WTO/TRIPS |
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