meta_id 3078665

On April 20, 2026, the Icelandic Government's Ministry of Justice opened a consultation on proposed amendments to Regulation No. 140/2008 concerning funds and organisations operating under confirmed constitutions. The consultation period runs until May 3, 2026. The proposed amendments fall into three categories. First, all funds and organisations with confirmed constitutions must be registered in the business register. This change supports Iceland's preparation for the Financial Action Task Force (FATF) fifth mutual evaluation. Second, the amendments reflect changes to the Act on Funds and Organisations Operating Under Confirmed Constitutions (Act No. 19/1988), which parliament approved in June 2024. Those legislative changes, made in response to FATF recommendations, included enhanced competency requirements for board members, chief executives, and appointed custodians of funds and organisations. Additionally, certain functions previously held by the State Audit Office transferred to district commissioners (sýslumenn). Third, provisions from Regulation No. 1125/2006 on the implementation of the funds and organisations act will be consolidated into Regulation No. 140/2008, as the former regulation contains only one provision specifying which district commissioner implements the funds and organisations legislation. Consolidating all relevant provisions into a single regulation will improve clarity. Stakeholders and interested parties are invited to submit comments during the consultation period, which closes on May 3, 2026. Responses will be published as they are received. The Ministry of Justice's Civil Rights Office oversees this consultation. **Reference:** Icelandic Government Consultation Portal (Samráðsgátt) – Case S-75/2026