New le­gis­la­tion on fin­an­cial in­stru­ments - you may need to take ac­tion

New laws on financial instruments enter into effect on 1 September 2021. The changes require action from legal entities and natural persons, who are not Icelandic nationals or who hold multiple citizenships and intend to trade in financial instruments.
1 September 2021

The legislation is intended to reinforce investor protection, transparency in transactions and other aspects of transactions with financial instruments traded on the market, such as equities, exchange-traded funds (ETFs) and bonds.

What do legal entities need to do?

Once the law enters into force, legal entities who wish to trade in financial instruments listed for trade on the market must apply for an international legal entity identifier code (LEI) from active and endorsed local operating units (LOUs).

Information about the LEI codes of legal entities should be emailed to lei@landsbankinn.is, along with the name of the legal entity and its Icelandic Reg. No.

More details about LEI codes

What do individuals need to do?

If you are a national of a state other than Iceland or hold multiple citizenships, you need to inform Landsbankinn of all your national client identifier codes (NCI) in order to trade in financial instruments listed for trade on the market. Individuals who hold a simple Icelandic citizenship do not need to divulge their NCI codes.

Information about the NCI codes of natural persons should be emailed to lei@landsbankinn.is, along with the name of the person and Icelandic Id. No.

Rules on NCI codes vary between countries. We’ve published more details on our website. If you have any questions, please contact us.

More details about NCI codes

More about the codes

LEI and NCI codes are required to undertake transactions in equities, exchange-traded funds (ETFs) and bonds listed on the market, e.g. Nasdaq Iceland and First North. The codes are not required if the customer only intends to trade in Landsbréf funds, with the exception of the ETF Landsbréf LEQ UCITS ETF.

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