Securities administration - Iceland


Income collection

Market Record date (MRD)Ex-dateBasis for entitlementStandard interest calculation rule
Coupon paymentRecord dateRecord dateRecord dateActual/Actual
Dividend paymentRecord dateRecord dateRecord dateNot applicable

Dividends are usually paid once a year. The dividend peak season starts in February and lasts until the end of April.

Interest payments are made annually, semi-annually, quarterly or monthly.

Corporate actions

Most common corporate events

The most common corporate actions in the Icelandic market are AGMs, bonuses, drawings, rights issues, income payments, mergers and stock splits.

Organisation of AGM/EGMs

Shareholders that want to vote at general meetings (physically or by proxy) must have their nominee registered securities temporarily re-registered in the name of the beneficial owner. This must be done before the general meeting's record date.

The record date by which shares must be registered varies from company to company but is always at least one business day before the AGM date.

Where segregated accounts are not in the name of the beneficial owner (for example, nominee account), the shares must be re-registered in the name of the beneficial owner and transferred to a separate account at Nasdaq CSD Iceland.

Early redemptions on sinking funds

Drawings in the Icelandic securities market are performed according to a percentage-based drawing procedure. This applies to drawings on mortgage credit institution bonds as well as to drawings on government bonds. The percentage rate announced in the market will always be a factor with 10 decimals.