Rules on the disclosure of financial interests of Members of Parliament and their positions of trust outside the Althingi

Article 1
Purpose

These Rules are intended to make available to the public information on the financial interests and positions of trust held by Members of Parliament outside the Althingi, thereby enhancing transparency in the work of the Althingi.

Article 2
Disclosure obligations

Within one month from the time that a newly elected parliament convenes, Members of the Althingi shall provide a public account of their financial interests and positions of trust outside the Althingi.

Members of the Althingi shall maintain their records up to date by disclosing new information and additional information within one month from the time that such information becomes available.
The disclosure obligation pursuant to these Rules also extends to:

a. alternate Members who take a permanent seat in the Althingi:

b. alternate Members who have served for four consecutive weeks in Parliament;

c. Ministers who are not Members of the Althingi.

Members who take a seat in the Althingi and have served for a period of less than four consecutive weeks in the Althingi are permitted to disclose their interests in accordance with these Rules.

Article 3
Register of financial interests and positions of trust

The Althingi Administration shall maintain a register of, and publicly disclose, the financial interests of Members and their positions of trust outside the Althingi.

The register is based on information that Members record by filling in an electronic form. The record constitutes confirmation of the information recorded and affirmation that new information will be recorded as circumstances change.

Article 4
Financial interests

The following interests shall be disclosed:

1. Paid work and income-generating activities

a. Paid service on the boards of directors of private or public companies. The position and name of company shall be disclosed;

b. Paid work or assignments (other than salaried parliamentary work). The title of the position and identity of the employer shall be disclosed;

c. Business that is conducted concurrently with parliamentary work and generates income for the Member or a company that the Member owns or of which the Member is a partial owner. The type of business in question shall be disclosed.

2. Financial support, gifts, travels abroad and debt relief

a. Any financial contribution or other financial support from domestic and foreign legal entities and private persons, including support in the form of office facilities or similar services falling outside the support provided by the Althingi or the Member's political party, where the value of the support exceeds 50,000 ISK per year. Also, financial support in the form of discounts on market prices and other concessions exceeding 50,000 ISK in value, which may be regarded as having been provided by reason of membership of the Althingi. The provider and nature of the support shall be disclosed.

b. Any gift from Icelandic and foreign legal entities and private persons when the value of the gift is estimated at over 50,000 ISK and the gift is given by reason of membership of the Althingi. The name of the giver, the occasion of the gift, its nature and time of giving shall be disclosed.

c. Travels and visits in Iceland and abroad which may relate to membership of the Althingi, where the expenses are not paid in full by the State Treasury, the Member's political party or the Member himself/herself. The person carrying the expense of the travel, the duration of the travel and destinations shall be disclosed.

d. Forgiveness of residual debt and favourable changes in the terms of a contract with a creditor. The identity of the creditor and the nature of the contract shall be disclosed.

3. Assets

a. Any property which is one third or more in the ownership of a Member or a company in which the Member holds a quarter share or more. Residential premises or summer homes for the private use of the Member or the Member's family and land rights relating to such properties shall not be disclosed. The name of the land holding and location of the property shall be disclosed.

b. The name of any company (e.g. private limited company, partnership, limited partnership or co-operative) or savings bank in which the Member holds an interest exceeding any of the following criteria:
1. The market value of the interest exceeds 1,000,000 ISK as at 31 December each year;
2. The interest is 1% or more in a company, savings bank or foundation where assets at year-end amount to 230,000,000 ISK or more, or the operating income is 460,000,000 ISK or more;
3. The interest amounts to 25% or more in the share capital or initial capital of a company, savings bank or foundation.

c. The name of a foundation engaged in business operations, as defined in Article 3 of Act No. 33/1999 on foundations engaged in business operations, in which a Member holds an interest exceeding the criteria listed in item 3(b).

4. Liabilities
Debts shall be disclosed, together with personal and other guarantees which relate to the administration of real property or the commercial operations of companies, savings banks or private foundations, see item 3. Debts and guarantees exceeding parliamentary salaries shall be disclosed. The amount of a debt or debts or guarantees undertaken for other purposes, such as the purchase of residential property for private use, a vehicle for private use, loans for educational purpose, or other purposes not relating to commercial operations shall not be disclosed. The type of debt or guarantee shall be disclosed together with the identity of the creditor.

5. Agreements with former or prospective employer
The amount or value of the items detailed below shall not be disclosed:

a. Any agreement with a former employer which is of a financial nature, including any agreement on vacation, unpaid leave of absence, continued wage payments or benefits, pension rights etc. during membership of the Althingi. The nature of the agreement and identity of the employer shall be disclosed;

b. Any agreement with a prospective employer on employment, regardless of whether the employment takes effect only after the Member leaves parliament. The nature of the agreement and identity of the employer shall be disclosed;

Article 5
Positions of trust outside the Althingi

Information on service on boards of directors and other positions of trust on behalf of interest groups, public organisations, municipalities and associations other than political parties shall be disclosed, regardless of whether such work is remunerated or not. The name of the association, interest group organisation or municipality and the nature of the position of trust shall be disclosed.

Article 6
Registration of disclosures

Members shall register information on electronic forms within a month from the time that a newly elected parliament convenes, alternate Members when they take a permanent seat as Members or when they have served for four consecutive weeks in the Althingi.

New information according to Articles 4 and 5, including information regarding newly acquired shares in companies or changes to previously recorded information, shall be registered within one month after the information becomes available.

When new information is registered or earlier information changed, the earlier information on a Member's interests shall be preserved in the Althingi's archives. New or changed information shall be accessible on the Althingi website within 10 days from the time that the Member notifies its registration. The information referred to in Item 2 of Article 4 may be deleted when four years have passed from their original registration.

The electronic registration form used shall be approved by the Speakers' Committee of the Althingi.

The records following an election to the Althingi shall be accessible to the public on the website of the Althingi within 20 working days from the expiry of the deadline for registration.

Information shall be removed from the website of the Althingi when a Member leaves office. The same shall apply when an alternate Member or a Minister who is not a Member leaves office.

Article 7
The Althingi Administration

The Althingi Administration shall prepare and send to Members of the Althingi instructions on the conduct of the registration.

At the beginning of each parliamentary term and at the end of the deadline for Members to disclose their interests as provided in the first paragraph of Article 2, the Althingi Administration shall bring to the attention of Members and persons falling within the scope of these Rules their duty to register their interests and maintain the records up to date in accordance with these Rules.

The Althingi Administration shall remind Members and persons falling within the scope of these Rules of their duty to register their interests and maintain the records up to date in accordance with these Rules. The Administration shall send to the persons falling within the scope of these Rules a notice to this effect in March and October each year and whenever circumstances require, as decided by the Speaker of the Althingi.

The Althingi Administration shall provide Ministers with access to register their interests in the Members' register of interests.

An employee designated by the Administration shall supervise the registration and provide assistance as needed.

Article 8
Enforcement

Members are alone responsible for the disclosure of their financial interests and positions of trust outside the Althingi.

If the Althingi Administration receives notice that a Member has neglected to disclose his or her interests or maintain the disclosure up to date, the Administration shall notify the Member.

In the resolution of matters received by the Speakers' Committee regarding the failure of a Member to disclose his or her interests in accordance with these Rules, the Committee shall act in accordance with the instructions in Articles 16–18 of the Code of Conduct for Members of the Althingi.

Article 9
Adjustment of amounts

The Speakers' Committee shall at the end of a parliamentary term assess whether there is reason to adjust the amounts used for reference in these Rules.

Article 10
Entry into force and repeal of earlier rules

These Rules, established on the basis of Paragraph 1 of Article 87 of the Standing Orders of the Althingi, shall enter into force on the 1st of February 2019 and replace the Rules of the Speakers' Committee of 28 November 2011 on the registration of interests of Members of the Althingi and their positions of trust outside the Althingi.

Members falling within the scope of Point 4 of Article 4 shall disclose their debts and guarantees within three months of their coming into effect.