Services to businesses and institutions

Novum serves companies and institutions. Here are examples of policy areas in which Novum provides services to companies and organizations:

Insurance and financial activities

Novum  attorneys have extensive experience in the regulation of insurance companies. For example, a lawyer at Novum had a seat in a committee that drafted the Act on Insurance Activities, which became Act no. 100/2016. The lawyer in question also worked as a senior legal counsel for an insurance company for about seven years, from 2010 to 2017, and was managing director there from 2017 to 2019. 

The law on insurance business is based on Solvency II, which in turn is based on Basel II-III. Therefore, the lawyer has had to acquaint himself thoroughly with the legislation on financial activities in relation to the Act on Insurance Activities. 


 Novum can't take legal action against VÍS due to a conflict of interest.

Company law and business management

Novum attorneyshave  extensive experience in the Limited Liability Companies Act, the Private Limited Companies Act, the Annual Accounts Act, and other laws relating to the operation of companies in general. They have  handled a number of unprecedented issues related to the aforementioned legislation. 

Among the services provided by Novum in this area are advice on mergers or acquisitions of companies, due diligence, advice on business formations, selection of company form as well as relevant documentation, advice on financial restructuring, division and winding-up of companies, change of company form, management of annual meetings and shareholders meetings, advice and services in communication with the government and conflict management at both government and judicial level. 


Governance is part of company law, but it has become such a big and specific issue that it is appropriate to have this policy area separately. 

Novum attorneys have extensive experience in this field and have, for example, contributed to the formulation of corporate governance for insurance companies and companies in a regulated market. Experience as a Senior Counsel, and as Secretary to the Board of Directors, as well as board membership in companies, is important up to being able to give proper legal advice in relation to corporate governance. Having been in the line of fire provides a unique experience that is useful in the guidance. 

Compliance function

Novum offers advice in relation to compliance, whether it is a compliance function under the Act on securities transactions or a general corporate compliance function. 

An attorney at Novum has been certified in securities brokerage. He has also been a compliance officer for a listed company on the market, as well as being a project manager in connection with the company's listing on the market. 

A lawyer at Novum has a lot of knowledge on the legal risks of companies, including how such risks are identified, assessed, managed and followed, and gain experience and understanding of these types of risks in business operations.  

Among Novum's lawyers is a lecturer in stock exchange law at Bifröst University. 

Information technology and privacy

Novum attorneys have knowledge and experience of communications with the Data Protection Authority in relation to legislation on the protection of personal data, as well as in the implementation of rules on the protection of personal data in companies. There is much to be avoided in connection with the implementation of such rules in companies, and Novum can assist  in such implementation. 

Furthermore, Novum provides assistance with individual issues that may arise with companies, such as access to data from the company. 

Communication with supervisory authorities

It does not matter how cases are handled by companies that have received complaints from regulatory authorities. 

Novum attorneys have extensive experience in communicating with the Financial Supervisory Authority, both formal and informal, written and oral. They have been involved in responding to over 100 formal requests from the Financial Supervisory Authority, large and small. 

E-commerce and electronic signature

A lawyer at Novum has extensive experience in finding solutions to facilitate electronic transactions between companies and customers. Furthermore, how process automation, AI, customer self-service etc. complies withrelevant legislation. Emphasis is placed on solution-oriented advice. 

At the other end, there is knowledge of what requirements are imposed on companies wishing to conduct electronic commerce, while some companies impose specific obligations, such as disclosure requirements, before transactions can take place.