IcelandAntitrust/Competition Law
A report prepared by Jakob R. Moller of MALFLUTNINGSSKIRFSTOFA -Counsel Office - Petur Guthmundarson, Hakon Arnason, Jakob R. Moller, Einar Baldvin Axelsson, Gunnar Sturluson
MARKET OVERVIEW
Regulatory environment
Banking in Iceland is given a legal framework in the Act on Commercial Banks and Savings Banks no. 113 of 12 July 1996. Supervision is exercised by the Central Bank´s Bank Inspectorate in accordance with provisions in the Central Bank Act of 1986.
Banking law in Iceland has in recent years been brought into line with Directives applicable in the European Union (EU) after Iceland became a founding member of the European Economic Area (EEA) on 1 January 1994. As of the beginning of 1994 all foreign exchange controls were abolished, with the exception of statistical reporting.
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