Regulated activities

The Central Bank of Iceland shall monitor the compliance of the activities of regulated entities with laws, regulations and rules or resolutions governing such activities, and their consistency in other respects with sound and proper business practices.

The Central Bank supervises the activities of the financial undertakings, insurance undertakings, pension funds and other undertakings in the financial market, cf. Article 2 of Act no. 87/1998 on the Official Supervision of Financial Activities.

Regulated activities

 Commercial banks Act no. 161/2002      
 Savings banks Act no. 161/2002      
 Credit undertakings (investment banks) Act no. 161/2002      
 Investment firms Act no. 161/2002 Act no. 115/2021    
 UCITS management companies Act no. 116/2021      
 Alternative investment funds managers Act no. 45/2020      
 UCITS funds Act no. 116/2021      
 Alternative investment funds Act no. 45/2020      
 Money market funds Act no. 6/2023      
 European venture capital funds and European social entrepreneurship funds Act no. 31/2022      
 European long-term investment funds Act no. 115/2022      
 Issuers of covered bonds Act no. 11/2008      
 Managers of financial benchmarks Act no. 7/2021      
 Credit rating agencies Act no. 50/2017      
 Depositors and investors' guarantee fund for financial undertakings Act no. 98/1999      
 Insurance companies Act no. 100/2016      
 Holding companies, insurance groups and financial conglomerates Act no. 161/2002 Act no. 60/2017 Act no. 61/2017  
 Insurance brokers and other distributors Act no. 62/2019      
 Stock exchanges and other regulated markets Act no. 115/2021      
 Central securities depositories Act no. 7/2020      
 Pension funds and depositories of pension savings Act no. 129/1997      
 Debt collection agencies Act no. 95/2008      
 Payment institutions and other payment service providers Act no. 114/2021 Act no. 5/2023 Act no. 31/2019 Act no. 78/2014
 Electronic money institutions Act no. 17/2013      
 Currency exchange offices Act no. 140/2018      
 Crypto-asset service providers Act no. 140/2018      
 Branches of foreign companies located in Iceland and falling under points a–e of paragraph 1 of Article 2 of Act no. 140/2018. Act no. 140/2018      
Agents and distributors representing foreign financial institutions with operations in Iceland falling under points a–e of paragraph 1 of Article 2 of Act no. 140/2018. Act no. 140/2018      
 Creditors and credit intermediaries Act no. 118/2016      
 Creditors and credit intermediaries in accordance with Act no. 33/2013 on Consumer Credit falling under point a of paragraph 1 of Article 2 of Act no. 140/2018. Act no. 140/2018      

Supervision of securities market

The Central Bank also supervises:

 Acquisitions of issuers whose securities have been admitted to trading on a regulated securities market Act no. 108/2007
 Investment services and the practice of investment activities Act no. 115/2021
 Short selling and credit default swaps Act no. 55/2017
 Derivatives trading, central counterparties and derivatives trade repositories Act no. 15/2018
 Market abuse Act no. 60/2021
 Disclosure obligations of issuers of securities and flagging requirements Act no. 20/2021
 Financing transactions with securities Act no. 41/2023
 Published prospectuses when a public offering of securities is called or they are admitted to trading on a regulated market Act no. 14/2020

Other supervision

The Central Bank also supervises inter alia:

 Insurance contracts Act no. 30/2004 
 Distance selling of financial services Act no. 33/2005
 Key information documents for packaged retail and insurance-based investment products Act no. 55/2021
 Information on sustainability in the field of financial services and taxonomy for sustainable investments Act no. 25/2023

Supervision of winding-up boards

The Central Bank has special supervision of the winding-up of financial undertakings, which is managed by winding-up boards, regardless of whether the undertaking in question holds an operating licence, limited operating licence or the operating licence has been revoked, cf. Article 101(a) of Act no. 161/2002 on Financial Undertakings.

Activities of domestic entities abroad and foreign entities in Iceland

Supervision of the activities of domestic entities abroad and foreign entities in Iceland is subject to the provisions of special laws and the international agreements to which Iceland is a party. See more about activities of foreign entities in Iceland.


Regulated activities

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