Central Bank of Iceland | Operating licence and registration

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One of the tasks of the Central Bank of Iceland is to grant legal entities and, in some instances, individuals – licences to operate in the financial market. A financial undertaking may be granted a licence to operate as:

A commercial bank
Savings bank
Credit undertaking/investment bank

These undertakings are hereinafter referred to as credit institutions. A financial undertaking may also be granted a licence to operate as an Investment firm.

The Central Bank also grants operating licences to the following parties:

Insurance companies
Central securities depositories
Stock exchanges
Electronic money institutions
Payment institutions
UCITS management companies
Managers of alternative investment funds
Debt collection agencies
Insurance brokers (both individuals and legal entities)

Some parties are not obliged to hold an operating licence from the Central Bank but are required to register. These parties are:

Managers of alternative investment funds below benchmark amounts
Creditors and credit intermediaries
Crypto-asset service providers
Currency exchange services

Applications for operating licences and laws governing the activities

Applications for operating

Applications for operating
Activities	Laws governing the activities
Commercial banks, savings banks and credit undertakings	Act no. 161/2002 on Financial Undertakings.
Investment firms	Act No. 115/2021 on the Market for Financial Instruments
UCITS Management Companies	Act No. 116/2021 on UCITS
Insurance brokers and other distributors	Act No. 62/2019 on Insurance Distributors
Insurance companies	Act No. 100/2016 on Insurance Activities
Stock exchanges and other regulated markets	Act No. 115/2021 on Markets for Financial Instruments
Pension funds	Act No. 129/1997 on the Mandatory Insurance of Pension Rights and the Activities of Pension Funds
Debt collection agencies	Debt Collection Act No. 95/2008
Payment institutions	Act No. 114/2021 on Payment Services
Electronic money institutions	Act No. 17/2013 on the Issuance and Handling of Electronic Money
Managers of alternative investment funds	Act No. 45/2020 on Alternative Investment Fund Management
Central securities depositories	Act No. 7/2020 on Central Securities Depositories and Settlement and Electronic Registrations of Financial Instruments

Registration applications and laws governing the activity

Registration applications

Registration applications
Activities	Laws governing the activities
Currency exchange services and crypto-asset services providers	Act no. 140/2018 on Measures against Money laundering and Terrorist Financing
Creditors and credit intermediaries	Act no. 118/2016 on Mortgage Lending to Consumers
Managers of alternative investment funds below benchmark amounts	Act no. 45/2020 on Alternative Investment Fund Management