As previously reported in our January 2017 Clients & Friends Newsletter, in November 2016, the Parliament of Iceland substantially relaxed previously applicable exchange control restrictions impacting the ability of individuals in Iceland to acquire shares of US and other non-Icelandic companies. However, a cap of ISK 100 million on the amount remitted to purchase shares in a non-Icelandic company remained in place.

The Parliament recently eliminated the cap such that there is no longer any limit on the remittance of funds to purchase shares in a non-Icelandic company. Companies may consider updating their grant documentation to reflect the elimination of the restrictions.