Costs due to operating licences of regulated entities
According to Paragraph 2 of Article 7 of Act no. 99/1999 on the Payment of Costs for the Official Supervision of Financial Activities and the Resolution Authority, a fixed fee shall be paid for the processing of applications for operating licences from regulated parties, and they are as follows:
- For commercial banks, savings banks, credit undertakings and insurance companies: ISK 2,500,000.
- For investment firms, UCITS management companies, alternative investment fund managers, stock exchanges, central securities depositories, payment institutions and electronic money institutions: ISK 1,000,000.
- For other regulated parties: ISK 300,000.
The Central Bank of Iceland sends out a payment slip for the above fees upon receipt of applications.
In addition to the fee for the issuance of a licence, an additional fee, specified in Article 11 of Act no. 88/1991 on Additional Revenues of the National Treasury, shall be paid according to the following breakdown:
- Licences for commercial banks, savings banks, credit undertakings, payment institutions, electronic money institutions, investment firms, central counterparties and central securities depositories: ISK 230,000.
- Licences for insurance companies and stock exchanges and other regulated markets: ISK 197,000.
- Licences for UCITS management companies, alternative investment fund managers, insurance brokers and collection agencies: ISK 115,000.
- Licence for data reporting services providers: ISK 107,000.
The above fees shall be paid before the issuance of the licence and a confirmation to that effect shall be sent to the Central Bank.
Article 5 of the Act on the Payment of Costs for the Official Supervision of Financial Activities and Resolution Authority stipulates that regulated parties shall pay a supervision fee on a levy-base in the proportions and amounts stated therein. The levy bases for the supervision fee are balance sheet items according to the annual accounts of the relevant party for the previous year, although not those who are required to pay a fixed fee.