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Iceland’s Central Bank Steps Up to Ensure Banking Regulations Compliance
The Central Bank of Iceland has announced its commitment to monitoring the compliance of regulated entities with laws, regulations, and rules governing their activities. The bank’s supervisory efforts will focus on ensuring that these entities adhere to sound and proper business practices.
Responsibilities Under Act no. 87/1998
Under the Act no. 87/1998 on Official Supervision of Financial Activities, the Central Bank is responsible for overseeing the operations of financial undertakings, insurance companies, pension funds, and other entities in the financial market.
Scope of Supervision
The bank’s supervision extends to a wide range of regulated activities, including:
- Commercial banks
- Savings banks
- Credit undertakings (investment banks)
- Investment firms
- UCITS management companies
- Alternative investment funds managers
- And more
Securities Market Supervision
In addition to monitoring these activities, the Central Bank also supervises the securities market, including:
- Acquisitions of issuers whose securities are listed on a regulated market
- Investment services
- Short selling and credit default swaps
- Derivatives trading
- Central counterparties
- Derivatives trade repositories
Special Supervision
Furthermore, the bank has special supervision over the winding-up of financial undertakings, which is managed by winding-up boards. The Central Bank also oversees the activities of domestic entities abroad and foreign entities in Iceland, subject to the provisions of special laws and international agreements.
Goals of Supervisory Efforts
The bank’s supervisory efforts aim to ensure that all regulated entities operate in a sound and stable manner, safeguarding the interests of:
- Depositors
- Investors
- The overall financial system