The Higher Education Institution Act no.63/2006 issued in 2006 and applies to educational institutions providing higher education leading to a degree and which have been accredited by the Ministry of Education, Science and Culture. The act includes requirements regarding the role of higher education institutions, specifications on accreditation, quality and quality control of teaching and research, frame for study programmes and degrees, administration, personnel, students and finances.

REYST operates through the University of Iceland and Reykjavik University, who both obtained their accreditation from the Ministry of Education, Science and Culture in 2007. REYST students will be graduated with a joint degree from UI and RU and the universities guarantee that the education fulfils the educational and quality requirements made by Act. no. 63/2006.