According to Article 10, paragraph 7 Museums Act No. 141/2011 Icelandic museums are obliged to operate according to ICOM's code of ethics.
ICOM – International Council of Museums ICOM works for the benefit of society and its development by safeguarding cultural heritage and cultural products. ICOM operates in national and professional divisions that focus on specific areas of museum work. Icelandic Chapter ICOM was founded in 1985 as a professional forum for Icelandic collectors and a liaison with international organizations. You can read the code of conduct here. They can also be obtained in printed form from the Icelandic Department of ICOM.