Amended Rules on Foreign Exchange
The primary changes from the previous Rules pertain to exemptions granted to specified groups because of critical interests at stake and because it is considered unlikely that these groups' transactions will cause serious and significant volatility in exchange rate and monetary affairs. The State and the municipalities are granted exemptions, as are companies in which the State and the municipalities own a majority holding and which operate in accordance with special legislation. Companies that are parties to investment agreements with the Icelandic Government and those that have been granted permits to search for oil by the Minister of Industry are exempt. Furthermore, resolution committees appointed on the basis of the Act on Financial Undertakings are exempt.