New legislation on financial instruments - you may need to take action
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 email@example.com, along with the name of the legal entity and its Icelandic Reg. No.
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 firstname.lastname@example.org, 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 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.