Proposition of regulations on payment services - PSD2
Necessarily, the implementation of PSD2 in Norway will bring several amendments of the existing Norwegian laws and regulations. The governmental parts of PSD2, which in particular concerns regulations of the companies providing new payment services, is on 22 June 2018 proposed implemented through amendments of the existing Financial Undertakings Act (Norwegian: “Finansforetaksloven”), in Prop. 110 L (2017-2018).
The private-law part of PSD2, which in particular concerns the relation between the companies providing new payment services and the customer, is planned implemented through the revised Financial Contracts Act (Norwegian: “Finansavtaleloven”). On 7 September 2017, the Department of Justice and Public Security proposed a revised Financial Contracts Act. The new Financial Contracts Act will also include implementation of other directives from the EU, in addition to a full revision of the current provisions and structure of the existing Financial Contracts Act. Thus, the process with a new Financial Contracts Act will be extensive.
Norway, and the remaining members of the EEA, should, with regard to and to provide for equal conditions of competition in the market, implement PSD2 as soon as possible after the directive applies for the members of the EU. Thus, the Department of Justice and Public Security propose to implement the private-law part of PSD2 in regulations (Norwegian: “forskrift”) on payment services, on a provisional basis. The regulations is being based on and construed under the provisions of the existing Financial Contracts Act.
Later on, the proposed regulations on payment service is scheduled to be included in the new and revised Financial Contracts Act. Consequently, the proposition of regulations on payment service is based on the former proposition on a new Financial Contracts Act, with regard to responses from several bodies entitled to comment on the consultation paper of 7 September 2017.
The proposition of regulations on payment service contains 15 sections, and 6 chapters. The main regulations to be compliant with PSD2 concerns:
- The customers right to use payment initiation services and account information services
- Requirements to the customers consent prior to the execution of new payment services
- Access to the account of the customer
- Conditions of payment initiation services
- Conditions of account information service
- The relation to the Personal Information Act (Norwegian: “personopplysningsloven”)
The full proposition to regulations on payment services is available here. The deadline for commenting is 5 October 2018.
At present, PSD2 is not incorporated in the EEA agreement, although the directive is considered EEA relevant and is under consideration by the EEA and the members of the EEA.