Changes in Fee Schedule, effective from July 1st 2016
Nasdaq CSD Iceland hf. has decided to make changes to current fee schedule. Reduction in safekeeping fee from 0.0135% to 0.01215% pr. year will be effective from July 1st 2016.
In addition a following discount will be granted related to value of holdings.
ISK 0-100 billion no additional discount
ISK 101-200 billion 5% additional discount
ISK 201-300 billion 7% additional discount
ISK 301 billion and higher 10% additional discount
Customers who have value of holdings over ISK 300 billion can obtain max. 20% discount from safekeeping fee. The custody fee is calculated according to the market value of listed securities and of a nominal value for unlisted securities. The fee is charged on a monthly basis.
Settlement fee will be fixed ISK 550 pr. transaction instead of being 0.001% of the settlement amount.
The fee for changes of shares issue on a single shareholder’s account will be ISK 50.000 instead of ISK 120.000. For companies with fewer than 100 shareholders a maximum ISK 100.000 will be charged for changes on an annual basis.
Changes from last fee schedule are marked with an asterisk in the fee schedule document
Nasdaq CSD Iceland is again among 1,9% „Strongest companies“ in Iceland
Creditinfo is Iceland‘s leading local credit information provider, which makes a detailed analysis on an annual basis, displaying Icelandic companies that have achieved top marks in its strength and stability assessments. Of the 35,842 companies registered in the Icelandic Company Directory in 2015, only 682 pass the conditions set by Creditinfo in order to receive the award of being one of ‘Iceland’s Strongest Companies’. Nasdaq CSD Iceland has in recent years passed the condition and received the nomination from Creditinfo which shows stability in the operation and is a real encouragement for proceeding good corporate governance.
IGA and MoU between Iceland and USA signed
A U.S. Act to combat tax evasion; Foreign Account Tax Compliance Act (FATCA);enacted in March 18, 2010. To facilitate financial institutions outside the US to be compliant to FATCA, the government can in each country sign an agreement with the United States for exchange of information between countries.
The Inter Governmental Agreement (Model 1 IGA) complemented by a Memorandum of Understanding (MoU) between Iceland and USA was signed in May 26 th . You can find the IGA and MoU and annexes at the Ministry‘s website http://www.fjarmalaraduneyti.is/media/frettatengt2015/FATCA-samningur-og-vidaukar.pdf
Under the Model 1 IGA, Foreign Financial institutions (FFIs) in partner jurisdictions will report information on U.S. account holders to their national tax authorities, which in turn will provide this information to the IRS in U.S. The MoU exempts Nasdaq CSD Iceland from traditional FATCA obligation due to the nature of the operation.
Account Operators at Nasdaq CSD Iceland must complete a self-certification (and provide a GIIN where applicable) to confirm its FATCA / CRS classification ensuring that it is compliant and the Account Operator must immediately inform Nasdaq CSD Iceland of any change in circumstance that may affect it’s FATCA and/or CRS classification.
Icelandic Securities Depository becomes Nasdaq CSD Iceland
The Icelandic Securities Depository hf. (in Icelandic, Verðbréfaskráning Íslands hf.) has changed its legal name to Nasdaq CSD Iceland hf (in Icelandic, Nasdaq verðbréfamiðstöð hf.) The purpose of the change is to connect the company more visibly to its owner, the American holding company Nasdaq and thus reflect the international connections of the Icelandic Securities Depository operations.
Nasdaq CSD Iceland was established in 1997, then the Icelandic Securities Depository. Since 2008 the company has been in the ownership of the global exchange company Nasdaq, that owns and runs exchanges in 26 markets, has 5 central securities depositories and 1 clearing house.
Regulation no. 397/2000 has been changed
Changes have been made to the Regulation no. 397/2000 on electronic registration of rights of title to securities. One of the changes relates to dividends procedures. After Article 4. of the regulation a new Article 4. a. has been added:
If a company has decided to pay dividends through a Central Securities Depository it shall pay the total dividend amount through the Depository. The purpose of the amendment is to improve and coordinate the implementation of dividends procedures to standard market practices and prevent issuers from paying shareholders dividends directly instead of paying through a financial institution.
The Icelandic Securities Depository is among 1,7% Iceland Strongest Companies in 2014
Creditinfo is Iceland‘s leading local credit information provider, which makes a detailed analysis on an annual basis, displaying Icelandic companies that have achieved top marks in its strength and stability assessments. Of the 33,000 companies registered in the Icelandic Company Directory, only 462 pass the conditions set by Creditinfo in order to receive the award of being one of ‘Iceland’s Strongest Companies’. The Icelandic Securities Depository has in recent years passed the condition and received the nomination from Creditinfo which has been enjoyable and a real encouragement for proceeding good corporate governance.
Here you can find Creditinfo‘s conditions for the companies strenght analysis.
Opening hours in ISD during Christmas and New Year
December 24 Christmas Eve
December 31 New Years Eve
Open from 9:00 - 12:00, one settlement cycle processed
Open from 9:00 - 17:00
New appendix to Issue description
The Icelandic Securities Depository has added a new term sheet as an appendix to its Issue description. The reason for this amendment is to standardize and harmonize information.
Fee schedule for 2015 has been published. Further information can be found here
The Best Practice proposals published for migration to T+2
The Harmonisation Steering Group of T2S has published the final version of the proposals for best practices regarding the migration to T+2, which will take place on the Icelandic market in October 6th 2014. The best practice proposals have been published on the T2S webpage http://www.ecb.europa.eu/paym/t2s/governance/ag/html/taskforcet2/index.en.html.
The Icelandic Securities Depository is hosting General Meeting of ANNA, Association of National Numbering Agencies
Icelandic Securities Depository (ISD) is a National Numbering Agency on the Icelandic market and a member of ANNA, Association of National Numbering Agencies. The ISD is hosting General Meeting of ANNA starting May 22 at 9:30 at Grand Hotel Reykjavik. These meetings are held around the world, now in Reykjavik. Around 70 delegates will join the meeting, coming from Stock Exchanges, Depositories, Clearing Houses and Data Services. Further information is on ANNA‘s website http://www.anna-web.org/.
NASDAQ OMX Iceland to implement T+2 settlement
NASDAQ OMX Iceland has decided, following a consultation among market participants, to change the settlement cycle for all securities traded on its Main Market and First North Iceland to two days (T+2). The settlement cycle for equities will, thus, be shortened by one day (is currently T+3) but the settlement cycle for fixed-income instruments will be lengthened by one day (is currently T+1). The new settlement cycle will be implemented on 6 October 2014. As previously announced, the other NASDAQ OMX Nordic and Baltic exchanges will also implement T+2 settlement on that day.
The reason for the change in the settlement cycle is twofold. First, harmonization with other European markets as the settlement cycle will be changed to T+2 later this year in many European countries in relation to the implementation of the EU CSD regulation. Secondly, the aim is to improve efficiency in the Icelandic securities market by harmonizing the settlement cycle for the Icelandic equity, fixed-income and FX markets.
ISD is heading two Market Practice Groups in Iceland
ISD has established two market practices groups in collaboration with market participants. The group’s main purpose is to improve infrastructure in in the post-trade environment in Iceland and to create a forum, to share information and coordinate market practices. ISD will have a lead both of these groups.
The Custody group has already started work and its projects relates to custody and administration of securities services, corporate actions, income collection, IPOs, listing and delisting of securities.
The Settlement group will tackle issues in relation to securities settlement with the aim of increasing efficiency and market practices on a par with other Nordic markets.
Representatives from account operators will participate in the group and the first meeting will be held in April.
New opening hours
In our efforts to improve our services the opening hours of the Icelandic Securities Depository’s system has been extended. From Monday 17th March it will be open from 8:30 am to 17:00. The office hours are the same from 9:00 am to 17:00 pm
New Managing Director for the Icelandic CSD
Guðrún Ó. Blöndal has been appointed as the Managing Director of the Icelandic Securities Depository‘s (ISD). Guðrún is a Cand. Oecon. from the University of Iceland and has an extensive experience of the securities market. Guðrún was the Managing Director of Arion Custody Services (later Verdis) from its establishment in 2002 and until 2012 when the company was merged with Arion bank.
Prior to that she had held various executive positions at Kaupthing bank, amongst others in asset management, as a marketing director and chief of staff.
Recently Guðrún has been a boardmember in the boards of Reginn Real Estate, the Icelandic Enterprise Investment Fund, Vörður Insurance, Vörður Life Insurance and Míla.
Changes in the management of the Icelandic Securities Depository
This is to announce that Mr. Einar Snorri Sigurjonsson who has served as the Managing Director of the Icelandic Securities Depository (ISD) has left the company. The aim is to finalize the appointment of his replacement shortly, but in the meantime Mr. Magnus Kristinn Asgeirsson, the Head of Legal at Icelandic markets will temporarily serve as the Managing Director.
The Board of the Icelandic Securities Depository would like to thank Einar for his cooperation over the years and wish him well in the future.
Implementation of two settlement cycles each banking day.
ISD has decided to add one settlement cycle to the current setup. The change will take place June 10th 2013. Further information about this procedure has been sent to all participants.
Changed systems opening hours.
ISD will change the systems opening hours from 9:10 am to 9:00 am on the 23 of May 2012. All major systems will be open from 9:00 am until 5:00 pm.
Last weekend the ISD upgraded TRS, Equator and the hardware running the system. This is the first software release upgrade for Equator since ISD started using the software in the year 2000. The upgrade went very well and we did not encounter any major problems.
It is with regret and sorrow that the Icelandic Securities Depository Ltd. announces that one of its staff members, Sigurður Ólafsson, passed away on Sunday 27th November, aged 46 after tedious illness. Sigurður was an important part of the team that was instrumental in developing the company from its early days in 1998. Sigurður is survived by his wife and two children.
From january 1st 2011 ISD will lower the safekeeping fee 10%
Opening hours in December 2010
In December opening hours are as usual, except for two days:
On 24th of December the ISD will be closed.
On 31st of December the ISD is open from 9 am to 12 am and closes at noon.