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, 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, 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.

You may also be interested in
5 April 2024
Norwegian, Swedish and Danish bank notes
The use of bank notes in Europe is decreasing and especially in the Nordic countries. Increased digitalisation in commerce and trade and the pandemic have accelerated that development. Measures against money laundering have restricted foreign currency trading in cash severely and rules and legislation to prevent money laundering have been tightened, most notably in the Nordics.
Stúlka með síma
27 March 2024
Easter service - the app can come in handy!
Landsbankinn's branches and customer service centre will be closed during Easter and will open again on Tuesday 2 April.
15 March 2024
Landsbankinn lowers interest rates
Landsbankinn lowers interest rates on new, non-indexed housing mortgages with fixed rates.
15 March 2024
Reduced service due to maintenance Saturday night
Due to maintenance work at the Icelandic Banks' Data Centre (RB), certain of Landsbankinn’s services will be unavailable Saturday night through to Sunday morning, 16-17 March. Service disruptions are expected to last from around midnight on Saturday 16 March through to 7:00 on Sunday morning, 17 March.
Stúlkur með síma
12 March 2024
Landsbankinn’s app nominated as app of the year
Landsbankinn’s app has been nominates in the category “App of the Year 2023” at the Icelandic Web Awards, which take place on 15 March.
7 March 2024
Refinancing easier than ever
You can now refinance your housing mortgage even more easily on our web or through Landsbankinn’s app. Refinancing of housing mortgages has never been quicker or more convenient.
4 March 2024
Outphasing of Danish, Norwegian and Swedish bills
Landsbankinn will cease buying and selling cash in three Nordic currencies in the near future. These currencies are Norwegian, Swedish and Danish krona. 
Fjármálamót á pólsku
4 March 2024
Thanks for attending in Reykjanesbær!
Landsbankinn’s second Financial Forum in Polish was extremely well attended. The Financial Forums are a series of educational events held by Landsbankinn and last week’s event in Reykjanesbær was co-hosted by the Keflavík and Environs Labour and Seaman Union.
28 Feb. 2024
Unchanged interest terms on new mortgages for Grindavík home owners
Landsbankinn offers the people of Grindavík who hold fixed-rate housing mortgages with the Bank and who decide to sell their housing to the State, the option to keep the terms of the old mortgage on the purchase of new homes.
28 Feb. 2024
Improved chat function on
The chat function on Landsbankinn’s website has now become even better with the addition of a new chatbot that responds to simple yet varied queries about banking and finance and can help customers in the use of self-service solutions.

By clicking "Allow All", you agree to the use of cookies to enhance website functionality, analyse website usage and assist with marketing.

More on cookies