Financial Supervisory Authority

The Financial Supervisory Authority (FME) was established after the passing of the Act on Official Supervision of Financial Activities No 87/1998. It followed the precedent set by neighbouring countries such as Norway and the United Kingdom.FME, "[http://www.fme.is/lisalib/getfile.aspx?itemid=5935 The supervisory role of the Central Bank and the Financial Supervisory
Authority]" by Jón Sigurdsson, published in Morgunbladid, 19 November 2008, accessed 30 March 2010. The FME began its operation on 1 January 1999. Before that time the Bank Inspectorate of the Central Bank of Iceland and the Insurance Supervisory Authority had carried out the supervision of financial services.FME, FME Annual Report 2000, 'The Period January 1st 1999 to June 30th 2000, Annual Accounts 1999', accessed 30 March 2010.
==People==
There have been 14 officers and directors of the FME listed in its Annual Reports since 2000.
:Benedikt Árnason, Alternate (2000 – 2005): Benedikt Árnason was first the Head of Department of Financial Services and later Deputy Permanent Secretary of the Ministry of Industry and Commerce in Iceland from 1996 to 2005. In August 2007 the FME regulated investment bank Askar Capital announced that Árnason would join as the Bank’s Deputy CEO.Askar Capital, "Benedikt Arnason Joins Askar as the Banks Deputy CEO", Press Release, 31 August 2007.
:Lárus Finnbogason, Chairman of the Board (2007 - 2009), Vice-chairman (2000 - 2007): Lárus Finnbogason is a State Authorised Public Accountant and a partner of Deloitte in Reykjavík.Deloitee, Lárus Finnbogason, accessed 30 March 2010.
:Ingimundur Friðriksson, Member of the Board (2002 - 2009): Ingimundur Friðriksson is an official of the Central Bank of Iceland. He has served as Assistant Governor of the Central Bank of Iceland since 1994, and has been appointed for two temporary terms as a Governor of the Bank, in 2002-2003 and again from June until the end of August 2006.Seðlabanki Íslands, "Ingimundur Friðriksson appointed Governor of the Central Bank of Iceland," Press Release 29 June 2006, accessed 30 March 2010.
:Kjartan Gunnarsson, Alternate (2005 - 2009): Kjartan Gunnarsson is a Department Head at the Ministry of Commerce.FME, FME Annual Report 2006, 'The Period July 1st 2005 to June 30th 2006', accessed 30 March 2010.
:Ragnar Hafliðason, Deputy Director (2000 - 2009): Ragnar Hafliðason is Director of Bank Inspectorate at the Central Bank.
:Finnur Ingólfsson, Member of the Board (2000 - 2002): Finnur Ingólfsson is a former MP for Reykjavík. He was Iceland‘s Minister of Industry and Commerce from 1995 to 1999 and Director of the Central Bank of Iceland from 2000 to 2002. From 2002 until May 2006 he was the CEO of VIS Insurance Ltd. - the Icelandic Insurance Company. He is currently a board member of IcelandAir Group.IcelandAir Group, The Board of Directors of IcelandAir Group, Annual Report 2006, accessed 30 March 2010.
:Jónas Fr. Jónsson Director-General (2005- 2009): Jónas Fr. Jónsson served for five years as director of the Internal Market Affairs Directorate of the European Free Trade Association (EFTA) Surveillance Authority.Reykjavik University, Director and board of European Law Institute, accessed 30 March 2010. 
:Tryggvi Jonsson, Chairman of the Board (2000): Tryggvi Jonsson subsequently joined the Icelandic retail company Baugur Group. He has since been charged along with two other individuals with tax evasion amounting to $2US.4 million between 1998 and 2003.IgnjatoviÄ, Dragana, "Leading Icelandic Businessman Charged with Tax Evasion," Global Insight, 22 December 2008.
:Þuríður Jónsdóttir Alternate (2000 - 2009): Þuríður Jónsdóttir is a District Court Attorney.
:Sigríður Logadóttir Alternate (2005 - 2009): Sigríður Logadóttir is Chief Attorney at the Central Bank of Iceland.
:Páll Gunnar Pálsson, Director General (2000 - 2003): Páll Gunnar Pálsson left the Financial Supervisory Authority in 2005 to become the director of the country’s Competition Authority.epn, "People on the move," 18 July 2006, Issue 180, accessed 30 March 2010. 
:Lilja Steinþórsdóttir, Alternate (2002-2006): Lilja Steinþórsdóttir was chief internal auditor at the Central Bank of Iceland from 1998 to 2006. She was appointed Internal Auditor of the FME regulated Kaupthing Bank in August 2006.Kaupthing Singer & Friedlander, New Internal Auditor, Press Release 09 August 2006, accessed 30 March 2010.
:Stefán Svavarsson, Chairman (2002 – 2006): Stefán Svavarsson is a Chartered Accountant and Internal Auditor of the Central Bank of Iceland.
==Contact==
:Address:
:Suðurlandsbraut 32
:108 Reykjavík, Iceland
:Website: 
:http://www.fme.is/?PageID=146
==Resources==
*Askar Capital, "Benedikt Arnason Joins Askar as the Banks Deputy CEO", Press Release, 31 August 2007.
*Deloitee, Lárus Finnbogason, accessed 30 March 2010.
*epn, "People on the move," 18 July 2006, Issue 180, accessed 30 March 2010.
*FME, FME Annual Report 2000, 'The Period January 1st 1999 to June 30th 2000, Annual Accounts 1999', accessed 30 March 2010.
*FME, FME Annual Report 2006, 'The Period July 1st 2005 to June 30th 2006', accessed 30 March 2010.
*FME, "The supervisory role of the Central Bank and the Financial Supervisory Authority" by Jón Sigurdsson, published in Morgunbladid, 19 November 2008, accessed 30 March 2010.
*IcelandAir Group, The Board of Directors of IcelandAir Group, Annual Report 2006, accessed 30 March 2010.
*IgnjatoviÄ, Dragana, "Leading Icelandic Businessman Charged with Tax Evasion," Global Insight, 22 December 2008.
*Kaupthing Singer & Friedlander, New Internal Auditor, Press Release 09 August 2006, accessed 30 March 2010.
*Reykjavik University, Director and board of European Law Institute, accessed 30 March 2010.
*Seðlabanki Íslands, "Ingimundur Friðriksson appointed Governor of the Central Bank of Iceland," Press Release 29 June 2006, accessed 30 March 2010.
==Notes==
Category: Financial Regulator