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Activities of foreign entities in Iceland

Entities that have been approved and received operating licences for financial activities in other countries of the European Economic Area (EEA) are permitted to operate in Iceland with or without the establishment of a branch. However, they cannot commence their activities until the Central Bank of Iceland has received a notification to that effect from the competent authority in the entities' home state. This applies to financial undertakings (credit institutions and investment firms), electronic money institutions, payment institutions, insurance companies and brokers, UCITS management companies, alternative investment funds managers and registered creditors.

Foreign parties established in Iceland

Foreign partiesBranch/agent/distributor/private agentNameAddress Type of service
AS CreditInfo EESTIAgent of pay­ment in­sti­tu­tionCreditinfo Lánstraust hf.Borgartúni 25, 105 ReykjavíkAccount Information Services
Enfuce License Services OyDistributor of elec­tronic money in­sti­tu­tionYAY ehf.Lágmúla 5, 108 Reykjavík

Distribution / redemption of electronic money

Allianz Lebensversicherungs AG

Insurance company branch

Alexandra Muenchmeier is the branch representative.

Allianz Ísland hf.Dalshrauni 3, 220 HafnarfirðiLife insurance, Art. II and III.
Allianz Versicherungs AG

Insurance company branch

Alexandra Muenchmeier is the branch representative.

Allianz Ísland hf.Dalshrauni 3, 220 HafnarfjörðurNon-life insurance, sectors no. 13, 16
Western Union Payment Services Ireland LimitedAgent of payment institutionÍslandspóstur ohf.Höfðabakka 9, 110 ReykjavíkMoney remittance
American Express Payments Europe S.L.Agent of payment institutionTeya Iceland hf.Katrínartúni 4, 105 ReykjavíkAcquiring of payment transactions
American Express Payments Europe S.L.Agent of payment institutionRapyd Europe hf.Dalshrauni 3, 220 HafnarfjörðurAcquiring of payment transactions
PM-Premium Makler GmbH

Insurance broker branch

Gestur Breiðfjörð Gestsson is the branch representative.

PM-Premium Makler GmbH, branch in IcelandGarðatorgi 7, 210 GarðabærInsurance distribution
Nasdaq CSD SECentral securities depository branchNasdaq CSD SE, branch in IcelandLaugavegi 182, 105 ReykjavíkOperation of securities settlement system
Arena Wealth Management S.A.Investment firm branch represented by Sigvaldi StefánssonArena Wealth Management S.A., branch in Iceland

Skálholtsstíg 7, 101 Reykjavík

Receiving and mediating instructions from customers for one or more financial instruments, execution of instructions on behalf of customers, asset management and investment advisory.
Howden Finland OyInsurance broker branch. Bjarni Ólafsson is the branch representative.Howden Finland Oy, branch in Iceland

Hallgerðargötu 11, 105 Reykjavík

Insurance distribution

Foreign UCITS established within the EEA

Pursuant to Article 103 of Act No. 116/2021 (in Icelandic), UCITS that are established and accredited in another member state of the EEA may be marketed in Iceland.

Alternative investment funds established outside the EEA

Pursuant to Article 63 of Act No. 45/2020 (in Icelandic), operators that are established and accredited within the EEA are permitted to market to institutional investors in Iceland alternative investment funds that are established outside the EEA if they have obtained the approval of the Central Bank of Iceland.

Pursuant to Article 64 of the same Act, registered operators that are established in Iceland are permitted to market alternative investment funds that are established outside the EEA in Iceland if they have obtained the approval of the Central Bank of Iceland. Operators established outside of Iceland, including operators required to register within the EEA, are permitted to market alternative investment funds in Iceland to institutional investors with the approval of the Central Bank of Iceland.