Law 131/2020 on trade secrets entered into force on the 17th of December 2020. The law incorporates Directive (EU) 2016/943 of 8 June 2016 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure into Icelandic law.
The law brings the Icelandic legal environment with regards to trade secrets into line with the EEA. The law includes a definition of what constitutes a trade secret, new measures to protect trade secrets as well as a framework for the lawful acquisition of trade secrets. The law also contains provisions on the unlawful acquisition, use and disclosure of trade secrets and possible legal remedies.
Trade secrets can be various kinds of information that is valuable to a company and should be kept secret. The information could pertain to strategies, expertise or processes, or e.g. algorithms for software solutions. Trade secrets can also extend to manufacturing processes or technology that can be kept secret.