As a consequence of PSD2 finally being incorporated into the EEA-agreement, the EU passporting regime will start applying to the new types of payment services regulated by PSD2, namely payment initiation services (PIS) and account information services (AIS).

PSD2 is finally incorporated into the EEA-agreement

| Insight

On 7 June 2019, the Norwegian Government (King in Council) resolved to authorize the EEA-committee, in its 13 June meeting, to incorporate PSD2 (Directive 2015/2366/EU) into the EEA-agreement.

PSD2 replaces PSD1 (Directive 2007/64/EF).

The Norwegian Ministry of Finance and the Norwegian Ministry of Justice are jointly responsible for transposing PSD2 into Norwegian law. Norwegian statutory law implementing the public law part of PSD2 and the most important elements of the private law part of PSD2 came into effect on 1 April 2019. The private law part of PSD2 that remains to be transposed into Norwegian law is expected to be transposed into Norwegian law sometime in the second half of 2019.

As a consequence of PSD2 finally being incorporated into the EEA-agreement, the EU passporting regime will start applying to the new types of payment services regulated by PSD2, namely payment initiation services (PIS) and account information services (AIS). Thus, subsequent to PSD2 being incorporated into the EEA-agreement, Norwegian providers of such services, so-called «PISPs» and «AISPs», have a right to passport their services into the various EEA jurisdictions, and vice versa.