Norway finally implements PSD2
The new legislation introduces two new types of payment services and payments service providers, so-called payment initiation services/payment initiation service providers (PIS/PISP) and account information services/account information service providers (AIS/AISP).
Additionally, the Norwegian Ministry of Finance has adopted regulations detailing the new legislation on PISPs and AISPs. The new regulations include provisions on:
- Requirements pertaining to the application for a license as PISP/AISP
- Exemptions for certain types of payment services
- Capital requirements
- Changes to the regime for payment institutions with a limited license, e.g. use of legal form
- Cross-border activities, hereunder the use of branches and agents
- Payment service providers’ handling of security issues and risk
Furthermore, the Norwegian Ministry of Justice & Public Security intends to adopt regulations pertaining to the private law part of PSD2.
Upon the implementation of the abovementioned initiatives, the Norwegian legal regime as relates to PSD2 will be harmonised with the corresponding regime in the EU.
The changes will become effective on 1 April 2019. Payment institutions and e-money institutions must provide the Norwegian FSA with requisite documentation by 1 September 2019. Actors that can document having conducted business activities as a PISP or AISP prior to 1 April 2019, must apply by 1 May 2019 in order to be able to continue such activities until the application has been reviewed.
Follow these links to read the new regulations (in Norwegian):