Sanction 14666

The Financial Supervisory Authority of the Central Bank of Iceland concluded this case by way of settlement and the payment of an administrative fine for a breach of various articles of MiFID II. The company’s violations relate to the 2022 Icelandic state sale of a 22,5% stake in a commercial bank where the company acted as one of the domestic managers of the private offering of the stake. The violations involved conflicts of interest (Art. 23 of MiFID II), record-keeping of telephone conversations (Art. 16(7) of MiFID II), categorization of clients (Annex II of MiFID II), disclosure to clients (Art. 24(3) of MiFID II), business conduct principles (Art. 24(1) of MiFID II), governance (Art. 9(3) of MiFID II), and conducting regulated activities without the appropriate licence (art. 6 of MiFID II). The Financial Supervisory Authority decided to conclude the case by way of settlement and the payment of an administrative fine in the amount of 30.000.000 ISK.