On 26 April 2017 the Financial Supervisory Authority of Iceland (FME) has notified, following recommendations from the Financial Stability Council and pursuant to Article 86(c) of Act no. 161/2002 on Financial Undertakings, that a 2% capital buffer for other systemically important institutions (O-SII) shall continue to apply to Arion banki hf., Islandsbanki hf. and Landsbankinn hf. The buffer shall be maintained on an individual and consolidated basis for all risk-weighted exposures.
The Financial Supervisory Authority, Iceland, on the 1st of November, pursuant to Article 86(d) of Act No. 161/2002 on Financial Undertakings decided that a CCyB buffer rate of 1.25 per cent shall apply to credit institutions, credit undertakings and other financial undertakings as of 1 November 2017, on an individual and consolidated basis, unless exempt pursuant to the Act on Financial Undertakings.
The Financial Supervisory Authority (FME) Annual Report 2016 is now available in English. The substantial discussion in the Annual Report of the FME for 2016 primarily covers the period from 1 May 2015 until 30 April 2016. The report describes the main tasks of FME and, in particular, tasks of the supervisory divisions: On-site Inspections and Securities, Off-site Supervision, and Oversight. Furthermore, it discusses the situation and developments in the financial market in 2015.
On January 12th 2016 the Financial Supervisory Authority of Iceland, hereinafter referred to as the FME, and BankNordik, hereinafter referred to as the party, entered into a Settlement Agreement due to a violation of Article 126 and Article 127 of Act No. 108/2007 on Securities Transactions, hereinafter the Act.
The Financial Supervisory Authority, Iceland, has today, pursuant to Articles 84(b), (c) and (d) of Act on Financial Undertakings No. 161/2002, decided that credit institutions and credit undertakings shall hold systemic risk buffer (SRB), a capital buffer on other systemically important institutions (O-SII) and countercyclical capital buffer (CCyB).
The Financial Supervisory Authority has published an English translation (unofficial) of two of its guidelines under Published Material – Legislation, Rules and Guidelines.
These guidelines are: (PDF file) Guidelines on IT Systems of Supervised Entities (2/2014) and (PDF file) Guidelines on outsourcing by supervised entities (6/2014)
The Financial Supervisory Authority (FME) Annual Report 2015 is now available in English. The substantial discussion in the Annual Report of the FME for 2014 primarily covers the period from 1 May 2014 until 30 April 2015. The report describes the main tasks of FME and, in particular, tasks of the supervisory divisions: On-site Inspections and Securities, Off-site Supervision, and Oversight. Furthermore, it discusses the 2014 situation and developments in the financial market.
The Finacial Supervisory Authority has published a report about retirement savings adequacy in Iceland. The report describes the results of a research project called “Retirement Savings Adequacy in Iceland“, which was carried out from May to November 2014, after preparations that began in September 2012. The goal of the project was to assess pension savings in Iceland and to examine the role that private pensions can and do play in the retirement readiness of the Icelandic working age population. This is the first study of its kind for Iceland. The research project was granted by the European Commission.
The Financial Supervisory Authority of Iceland has decided not to send any Christmas cards this year. Instead, the authority will make a small contribution to the National Association of the Disabled now at the start of a celebration of joy and peace.
The Financial Supervisory Authority and the Central Bank of Iceland concluded a new, revised cooperation agreement on 1 December 2014. On the same date, the two institutions signed an agreement on the execution of liquidity oversight and supervision for credit institutions.
The following is a joint press release from the Ministry of Finance and Economic Affairs, Financial Supervisory Authority, and Central Bank of Iceland concerning the advisory opinion of the EFTA Court, delivered today
The first meeting of the newly established Systemic Risk Committee was held yesterday. The role of the Committee, which works for the Financial Stability Council, is to make recommendations to the Council. The Committee is tasked with assessing the current situation and outlook for the financial system, systemic risk, and financial stability in Iceland. It is required to meet at least four times a year, as is provided for in the Act on the Financial Stability Council, no. 66/2014, dated 28 May 2014.
is now available in English. The substantial discussion in the Annual Report of the Financial Supervisory Authority (FME) for 2014 primarily covers the period from 1 May 2013 until 30 April 2014. The report describes the main tasks of FME and, in particular, tasks of the supervisory divisions: On-site Inspections and Securities, Off-site Supervision, and Oversight. Furthermore, it discusses the 2013 situation and developments in the financial market.
European Risk Insurance Company hf. (ERIC) has as of Monday the 28th of April 2014, been declared in default by the UK Financial Services Compensation Scheme (FSCS).
The Financial Supervisory Authority in Iceland (FME) and the International Organisation of Pension Supervisors (IOPS), together with the Icelandic Pension Funds Association and the International Association of Insurance Supervisors (IAIS), held a conference on 28 February on Regulatory and Supervisory Challenges for the Icelandic Pension Industry. The conference was held in Radisson BLU Hotel Saga. Below are the conference agenda and presentations.