Investor Protection

Increased investor protection with MiFID II

Within the European Union, the MiFID II legislation (e. Markets in Financial Instruments Directive) has been in force since January 3, 2018. By Act no. 115/2021 on markets for financial instruments (only available in Icelandic), this legislation was implemented in Iceland.

The legislation is intended to further increase investor protection and transparency in trading with financial instruments, but the regulatory framework also takes into account technological innovations that have occurred since the enactment of previous legislation. This legislation brought various changes related to, among others, increased disclosure and organizational requirements of financial companies.

Investors are strongly encouraged to familiarize themselves with the law on markets for financial instruments and the following information and rules of Íslandsbanki related to transactions with 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 Entity Identifier (LEI) and National Client Identifier (NCI)

Legal Entities intending to trade in listed financial instruments or derivatives are requierd to have a a Legal Entity Identifier (LEI)..

All individuals of foreign nationality must submit a National Client Identifier (NCI if they intend to conduct the transactions stated above.

Íslandbanki is prohibited from carrying out certain transactions without acquiring those identifiers.

Click the relevant button for further information.

Legal Entitiy Identifier (LEINational Client Identifier (NCI)

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: