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OMX Nordic Exchange Iceland hf. is under the supervision of the Financial Supervisory Authority (FME), which is an independent governmental body responsible for the official regulation and supervision of financial institutions in Iceland. The role of FME is to ensure the activities of parties subject to supervision are in accordance with laws, regulations, rules or by-laws governing such activities, and that they are in other respects consistent with sound and proper business practices.
The Stock Exchange Act
OMX Nordic Exchange Iceland hf. (OMXI) is licensed to operate a stock exchange as provided for in the Act on Activities of Stock Exchanges, No 110 of 2007. The following Regulations have been issued pursuant to this Act:
Regulation No. 433/1999, on the Disclosure Requirements of Issuers, Stock Exchange Members, and Owners of Shares Listed on a Stock Exchange
Regulation No. 245/2006, on Official Listing of Securities on a Stock Exchange.
Act on Securities Transactions
The Act on Securities Transactions, No. 108 of 2007 took effect on 1 November 2007. The Act, which regulates securities transactions, lays down the rights and obligations of financial undertakings authorised to trade in securities, provides for the issuing and listing of securities, changes in the ownership of substantial holdings (flaggings), takeover bids, insider trading and market abuse. Pursuant to the Act, the Minister has issued the following Regulations:
Regulation No. 630/2005, on Insider Information and Market Abuse
Regulation 242/2006, on Public Offers of Securities of a Value of ISK 210 Million or More and the Listing of Securities on a Regulated Securities Exchange
Regulation No. 243/2006, on the Entry into Force of Commission Regulation No. 809/2004, on the implementation of Directive 2003/71/EC of the European Parliament and of the Council, concerning information contained in prospectuses and their format, information included through references, the publication of prospectuses and the distribution of advertisements.
FME Rules No. 670/2005, on Treatment of Insider Information and Insider Trading.
Other Acts and Regulations of Relevance for the Securities Market:
Act No. 161/2002, on Financial Undertakings
Act No. 30/2003, on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds
Regulation No. 792/2003, on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds;
Act No. 131/1997, on Electronic Registration of Title to Securities
Regulation No. 397/2000, on Electronic Registration of Title to Securities in a Securities Depository
Act No. 87/1998 on Official Supervision of Financial Activities
Act No. Act No. 99/1999, on payment of Cost due to Official Supervision of Financial Activities
Act No. 2/1995, on Public Limited Companies
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