Norwegian government finally presents white paper to the Parliament for implementing PSD2 into Norwegian law

July, 2018 - Norway

On 22 June, the Norwegian government presented to the parliament a proposal for implementation into Norwegian law of the public law provisions of the second payment services directive ((EU) 2015/2366 – PSD2).

PSD2 came into force on 18 January this year. The objective of the directive is to modernize the existing payment services regime by ensuring that it is in line with market developments, and to promote safer technical payment solutions. The directive also promotes innovation by seeking to increase the competition in the payment services market.

One of the main consequences of the proposal is that so-called payment initiation service providers and account information service providers now become subject to licensing requirements and supervision by the Norwegian FSA. More detailed provisions pertaining to the implementation of PSD2, hereunder the private law parts of the directive will be implemented by way of regulations.

The proposed amendments are expected to come into effect by the end of 2018, or at the latest, on 1 January 2019.