Status on implementation of the Revised Payment Services Directive (PSD2) in Norway

On 15 February, the Ministry of Finance laid down regulations implementing the public law parts of PSD2 into Norwegian law. The implementing rules are mainly to be found in a new Regulation on Systems for Payment Services (No: Forskrift om systemer for betalingstjenester) and in the revised Regulation on Financial Undertakings (No: Finansforetaksforskriften). The implementing regulations will be effective from 1 April 2019.The Financial Supervisory Authority of Norway (FSAN) has recently stated that they will revert with further information regarding various practical aspects of the implementation shortly.

At the same time, the Ministry of Finance has declared that the Ministry of Justice and Public Security will lay down the regulations implementing the private law parts of the directive. The timeframe for the latter is, however, still uncertain, but we would expect something to happen during 2019.

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