Regulated Activities

The following categories of financial enterprises and parties operating in the financial and insurance sectors are subject to supervision by the FME:

Commercial Banks  (Act No. 161/2002)
Savings Banks (Act No. 161/2002)
Credit Undertakings (Investment Banks) (Act No. 161/2002)
Securities Companies (Act No. 161/2002)
Securities Brokerages (Act No. 161/2002)
Management Companies of UCITS (Act No. 161/2002 and Act No. 30/2003)
Insurance companies (Act No. 60/1994)
Companies and individuals acting as Insurance Brokers (Act No. 60/1994)
Stock Exchanges and Other Regulated Markets (Act No. 34/1998)
Central Securities Depositories (Act No. 131/1997)
Pension Funds (Act No. 129/1997)
Depository Departments of Co-operative Societies (Act no. 22/1991)

The FME has also been entrusted with the supervision of the following parties, whose operations are governed by special laws:

The Housing Financing Fund - housing bonds department; Iceland Post postal giro; the New Business Venture Fund; and two special insurance funds for deposit owners and investors, on the one hand, and savings banks on the other.

Supervision of the activities of Icelandic parties abroad and foreign parties in Iceland depends on the provisions of special acts and international conventions that have been signed by Icelandic authorities.