Fjármálaeftirlitinu

Fjármálaeftirlitinu, often referred to as the Icelandic Financial Supervisory Authority, is the prudential regulatory authority for the financial sector in Iceland. Its primary objective is to ensure the stability and integrity of the Icelandic financial system, which includes banks, credit institutions, insurance companies, pension funds, securities firms, and other financial undertakings. The authority operates independently and is overseen by the Ministry of Economic Affairs and Innovation.

The core functions of Fjármálaeftirlitinu include granting licenses for financial operations, supervising the conduct of financial institutions to ensure compliance with laws and regulations, and taking corrective actions when necessary. This supervision aims to protect consumers and investors, promote fair competition, and prevent financial crimes such as money laundering and terrorist financing. The authority also plays a crucial role in crisis management within the financial sector.

Fjármálaeftirlitinu engages in both on-site inspections and off-site analysis of financial institutions. It sets standards and guidelines for the industry and works to maintain confidence in Iceland's financial markets. The authority is committed to upholding international best practices and collaborates with other regulatory bodies both domestically and internationally to achieve its mandate of a sound and stable financial system.