Íslandsbanki admitted financial-market violations in the 2022 state share offering and accepted an ISK 1.16 billion fine
Company: Íslandsbanki hf.
Summary
On 22 March 2022, the Icelandic State sold a 22.5% holding in Íslandsbanki through an accelerated offering in which the bank provided investment services. Following an investigation, Íslandsbanki entered into a settlement with the Financial Supervisory Authority of the Central Bank of Iceland. The bank admitted violating provisions of Iceland's Act on Markets in Financial Instruments and Act on Financial Undertakings in connection with its execution of the offering. The bank agreed to pay ISK 1.16 billion to the Icelandic Treasury and accepted obligations to implement specified remedial measures. The settlement resolved the regulatory case and was not merely an unproven allegation. Sources: Central Bank of Iceland — settlement concerning violations during the sale of the State's holding: https://sedlabanki.is/frettir-og-utgefid-efni/grein/2023-06-26-Samkomulag-Sedlabanka-Islands-vid-Islandsbanka-hf--um-ad-ljuka-med-satt-mali-vegna-brota-Islandsbanka-vid-solumedferd-eignarhluta-rikisins-i-bankanum- Íslandsbanki announcement through Nasdaq: https://view.news.eu.nasdaq.com/view?id=b42fad279807f8f48f81330f053675e1f&lang=en