The Financial Supervisory Authority and the Central Bank of Iceland have concluded a new cooperation agreement that provides for closer and more systematic collaboration than stipulated in a previous agreement. The aim of the agreement is to promote a sound, effective, and safe financial system in Iceland, including payment and settlement systems. The Central Bank of Iceland and the Financial Supervisory Authority are required by law, according to Article 35 of the Act on the Central Bank of Iceland, no. 36/2001, and Article 15 of the Act on Official Supervision of Financial Activities, no. 87/1998, to conclude a cooperation agreement.