Investor Protection

Investors are encouraged to study carefully the Act on Markets in Financial Instruments (only available in Icelandic) and the following information and Íslandsbanki's rules concerning trading in financial instruments.

Open a custody account or renew agreements

Investors that have Icelandic electronic ID´s can open a custody account and sign agreements or renew them online as well as answer questionnaires (only in Icelandic).

Update answers to questionnaire

If investors want to seek advice on trading in financial instruments from one of our consultants, Íslandsbanki is obliged to obtain certain information so that we can assess whether investment services and financial instruments is suitable for an investor. It is important to update your answers regularly.
To answer the questions, click here

Legal Entity Identifier (LEI) and National Client Identifier (NCI)

Legal Entities who intend to trade in listed financial instruments from September 1, 2021, must have submitted a Legal Entity Identifier (LEI) to Íslandsbanki.

All individuals of foreign nationality, who intend to trade in the aforementioned financial instruments, must have submitted a special National Client Identifier (NCI) to Íslandsbanki as of and including September 1, 2021.

From the 1st of September 2021 Íslandbanki is prohibited from carrying out transactions in listed financial instruments without acquiring those identifiers.

Click the relevant button for further information.

Legal Entitiy Identifier (LEINational Client Identifier (NCI)

Increased Investor Protection with MiFID II

In 2007 the Act on Securities Transaction was implemented in Iceland. The Act was implementing the EU Markets in Financial Instruments Directive (MiFID). The implementation of MiFID entailed extensive changes to principles regarding trading in financial instruments in the EEA. The objective of MiFID was to harmonize the principles of European financial markets and constituted principles on business practices of financial undertakings and increased investor protection.

The European Union (EU) has now adopted a new generation of MiFID legislation, named MiFID II that came into force in the EU on January 3, 2018. With Act No. 115/2021 the legislation is being implemented in Iceland.

The new legislation is aimed to further increase investor protection and transparency when trading in financial instruments and takes into account technical improvements since MiFID I. It entails several changes relating to increased disclosure and organizational requirements for financial undertakings.

Íslandbanki´s agreements and terms and conditions related to trading in financial instruments have been amended in accordance with the new legislation that enters into force on September 1, 2021.

Complaints regarding financial instruments

If you have any remarks regarding a complaint you have submitted to the bank, you’ll find the following resources available: