Best Funds & Asset Management Lawyers in Iceland

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Jonatansson & Co. Legal Services

Jonatansson & Co. Legal Services

30 minutes Free Consultation
Reykjavik, Iceland

Founded in 1984
6 people in their team
English
Icelandic
Danish
Jonatansson & Co Legal Services is a full service Law Firm with emphasize on assisting businesses and various organisational entities in litigation and dispute resolution of various kind, in almost every field of the law.Jonatansson & Co is a dynamic independent law firm willing and...
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LLG Lögmenn
Reykjavik, Iceland

Founded in 2013
50 people in their team
Icelandic
English
Andri Vilhjálmur Sigurðsson joined LLG Lögmenn (formerly Lögmenn Lækjargatu) in 2013 and has been one of the company's owners since then. Before that, Andri had worked as a lawyer at Kaupþing bank hf. from 2000-2007 and in Luxembourg from 2007. First for Kaupthing Bank Luxembourg SA in...
OPUS Legal Service
Reykjavik, Iceland

Founded in 2006
50 people in their team
Icelandic
English
OPUS Legal Services take pride in providing clients with reliable, personal advice and professional legal counseling. We represent individuals as well as corporate and institutional clients from several different countries in addition to Iceland.OPUS Legal Services take pride in providing...
Nordik Legal Services
Reykjavik, Iceland

Founded in 2010
50 people in their team
Icelandic
English
ABOUT USSince its establishment in 2010, Nordik Legal has been leader in providing of services to both Icelandic and international business, particularly in among other the field of mergers and acquisitions,  corporate finance,  corporate law, and domestic and international tax law....
LAGASTOÐ
Reykjavik, Iceland

Founded in 1979
50 people in their team
Icelandic
English
We advise individuals, families, businesses, financial institutions, and government bodies on Icelandic and EEA-Law and represent our clients’ interests before public agencies and in the courts. We have vast experience advising on legal issues pertaining to finance, real estate, and tax, with a...
LAW FIRM VALDIMARSSON
Reykjavik, Iceland

Founded in 2020
50 people in their team
Icelandic
English
Quality and personal serviceAt Lögmannsstofon Valdimarsson, it is guaranteed that our clients always receive the best service available, from professionals in the area of ​​law that is needed. Our customers can trust that their case will receive the attention it requires.The serviceÓmar...
Landslög
Reykjavik, Iceland

Founded in 1971
50 people in their team
Icelandic
English
Landslag law firm has comprehensive knowledge and experience in all major areas of law. Landslagi's customers are thus offered specialized advice that has produced remarkable results.Companies, domestic and foreign, municipalities and public sector organizations have taken advantage of Landslagi's...
Reykjavik Law Firm
Reykjavik, Iceland

Founded in 2000
50 people in their team
Icelandic
English
Our services are based on the wealth of knowledge and experience that our attorneys have gathered over the years. Our team can provide specialized and professional services in a multitude of diverse sectors of the law.Our attorneys are experts in litigation and defend the interests of our clients...
Lagahvoll
Reykjavik, Iceland

Founded in 2012
50 people in their team
Icelandic
English
About LagahvollLagahvoll is an independent law firm with strong focus on impartiality and independence. We offer specialised legal services with an emphasis on commercial and financial law.We represent both large and small companies as well as individuals, including professional investors. Our...
Réttur
Reykjavik, Iceland

Founded in 2002
50 people in their team
Icelandic
English
The roots of the law can be traced back to 1969, when Ragnar Aðalsteinsson founded his law firm. The co-owners of Ragnar í Rétti are Sigurður Örn Hilmarsson, Sigrún Ingibjörg Gísladóttir, Védís Eva Guðmundsdóttir and Kári Hólmar Ragnarsson. Ever since the institution was founded,...
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About Funds & Asset Management Law in Iceland

Funds and asset management law in Iceland regulates the establishment, operation, supervision, and management of investment funds and asset portfolios for individuals and institutions. The sector is vital for Iceland’s growing financial industry and ensures transparent, fair, and efficient management of collective investments. The Financial Supervisory Authority of the Central Bank of Iceland (FSA-Iceland) oversees adherence to local and European Union (EU) standards, as Iceland is part of the European Economic Area (EEA). This legal framework supports diverse fund structures, from traditional undertakings for collective investment in transferable securities (UCITS) to alternative investment funds (AIFs), aiming to protect investors and maintain financial market stability.

Why You May Need a Lawyer

Legal guidance can be crucial in funds and asset management for several reasons. Common circumstances where legal assistance can be beneficial include:

  • Establishing a new investment fund or asset management company in Iceland
  • Structuring cross-border investments and navigating EEA regulations
  • Compliance with regulatory requirements set by the FSA-Iceland
  • Drafting and reviewing fund documentation and investment agreements
  • Resolving disputes between fund managers, investors, or service providers
  • Managing risks associated with money laundering, tax, reporting, or investor protection
  • Dealing with regulatory investigations or enforcement actions
  • Adapting to rapidly changing domestic and EU/EEA financial laws
  • Advising on the acquisition, transfer, or winding up of fund assets

Having a qualified lawyer helps ensure compliance, effective risk management, and peace of mind when navigating Iceland’s complex financial regulatory landscape.

Local Laws Overview

Iceland’s funds and asset management sector is primarily governed by the following local and EEA-aligned laws and regulations:

  • Act on Undertakings for Collective Investment in Transferable Securities (UCITS): Establishes conditions for UCITS funds, covering licensing, investor protection, risk management, and disclosure requirements.
  • Act on Alternative Investment Fund Managers (AIFM): Sets out requirements for managing non-UCITS funds, focusing on reporting, supervision, and risk control.
  • Act on Investment Firms: Regulates companies offering portfolio management, investment advice, and other related services.
  • Financial Supervision: The FSA-Iceland supervises all management companies, funds, and service providers, ensuring compliance and investor protection.
  • Anti-Money Laundering (AML) and Know Your Customer (KYC) Requirements: Strict rules to prevent abuse of funds for illicit purposes, including customer verification and transaction monitoring.
  • Taxation and Reporting: Comprehensive regulations detail the tax obligations of funds, managers, and investors, including reporting to Icelandic tax authorities.
  • Investor Protections: Laws ensure fair treatment, transparent information, and suitable risk profiles for all investors in funds managed in Iceland.

Iceland’s legal infrastructure is closely harmonized with EU and EEA frameworks, guaranteeing access to European markets and consistent investor safeguards.

Frequently Asked Questions

What types of investment funds are available in Iceland?

Investors may choose from UCITS funds, which follow strict EU rules, and alternative investment funds (AIFs), which offer broader investment strategies. Both open-ended and closed-ended fund structures are permitted.

Who regulates asset management companies in Iceland?

The Financial Supervisory Authority of the Central Bank of Iceland (FSA-Iceland) is the main regulatory body overseeing registration, conduct, reporting, and investor protection standards.

Can foreign investors establish or invest in Icelandic funds?

Yes. Iceland allows foreign investors to both establish and invest in local funds, subject to compliance with local and EEA regulations.

What are the key legal requirements for setting up a fund or management company?

Entities must apply for a license, meet standards for organization, capital adequacy, risk management, and disclosure, and comply with ongoing supervision by the FSA-Iceland.

Are there any restrictions on fund investments?

Yes. UCITS funds have well-defined limitations regarding diversification, eligible assets, and risk concentration. Alternative funds may have more flexibility, but they still must follow rules that protect investors and maintain market stability.

What reporting and disclosure obligations exist for managers?

Managers must provide regular reports to regulators and will need to issue periodic disclosures to investors, covering portfolio composition, risks, performance, and fees.

How are tax issues handled for funds and investors?

Funds have specific tax obligations, and investors may be liable for taxes on distributions, capital gains, or income. Detailed tax treatment varies based on the fund structure, investor type, and applicable tax treaties.

What happens if a management company breaches regulations?

The FSA-Iceland can impose fines, require changes in operations, suspend licenses, or take enforcement actions, depending on the severity of the breach.

How do anti-money laundering requirements affect fund operations?

Management companies must verify client identities, monitor transactions, and report suspicious activity to authorities, following strict AML and KYC standards.

Can investors file complaints or resolve disputes in Iceland?

Yes. Investors can file complaints with the FSA-Iceland or pursue disputes through courts or alternative dispute resolution channels provided in fund documents.

Additional Resources

Several organizations and government bodies provide support and information regarding funds and asset management law in Iceland:

  • Financial Supervisory Authority of the Central Bank of Iceland (FME/FSA-Iceland): The main regulator providing guides, legislation, and updates on supervisory practices.
  • Icelandic Bar Association: Offers directories of lawyers with expertise in financial and investment law.
  • Icelandic Financial Services Association: Represents market participants and provides industry news and reports.
  • Directorate of Internal Revenue (RSK): Publishes information regarding taxation of funds, managers, and investors.
  • Central Bank of Iceland: Shares macro-prudential assessments of the Icelandic banking and financial sector.

Next Steps

If you require legal assistance in funds and asset management in Iceland, consider these steps:

  • Define your specific needs, such as fund setup, regulatory compliance, or dispute resolution
  • Gather relevant documentation, including business plans, financial models, or correspondence with regulators
  • Consult with an experienced Icelandic lawyer specializing in funds, asset management, or financial regulation
  • Check lawyer credentials through the Icelandic Bar Association or legal directories
  • Schedule an initial consultation to discuss your situation and outline the next steps
  • Work with your lawyer to ensure ongoing compliance, adapt to legal changes, and proactively manage risks

Taking early legal advice helps safeguard your interests, enhances your understanding of the complex regulatory environment, and supports successful fund management in Iceland.

Lawzana helps you find the best lawyers and law firms in Iceland through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Funds & Asset Management, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Iceland - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.