Investor Protection

Investors are encouraged to study carefully the Act on Securities Transactions and the Regulation on Investor Protection and the Business Conduct of Financial Undertakings. 

Investors are strongly encouraged to study carefully the following information and Íslandsbanki's rules concerning securities trading.

Eligibility assessment - Update answers to questions

If investors wants to seek advice on trading in financial instruments from one of our consultants, Íslandsbanki is obliged to obtain information on knowledge and experience of the financial market, investment objectives and financial position so that we can assess which trading 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) when Trading in Financial Instruments

Legal Entities who intend to trade in financial instruments, admitted for trade on a regulated trading venue, must have submitted a Legal Entity Identifier (LEI) to Íslandsbanki as of and including 3 January 2018.

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 3 January 2018.

Push the relevant button for further information.

Legal Entitiy Identifier (LEINational Client Identifier (NCI)

Increased Investor Protection with MiFID II

In 2007 the Act no 108/2007 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 MiFID 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. The MiFID II regulatory framework came into force in the EU on January 3, 2018 and is aimed to be in force in Iceland at the beginning of 2020.

The MiFID II regulatory framework is aimed to further increase investor protection and transparency when trading in financial instruments and takes into account technical improvements since MiFID I. The regulatory framework entails several changes relating to increased disclosure and organizational requirements for financial undertakings which Íslandsbanki will implement.

Customers of Íslandsbanki that trade in financial instruments can expect some changes after the implementation of MiFID II in Iceland which will be further introduced when implemented.

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: