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Law On Payment Systems,

Original Language Title: Lov om betalingssystemer m.v

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Law of payment systems m.v.

Date LAW-1999-12-17-95
Ministry of Treasury
Last modified LAW-2015 -06-19-65 from 01.10.2015
Published
Istrontrecation 14.04.2000
Changing
Announcement
Card title Payment System Law

Capital overview :

Jf. EES deal Attachment IX # 16b (dir 98/26).

Chapter 1. Definitions

SECTION 1-1. Payment Systems

The payment system means systems for transfer of funds with formal and standardised arrangements and joint rules of processing, reckoning, or settlement of payment transactions. In a payment system, interbank finance or systems for payment services will be included.

As interbanking system, systems are counted based on joint rules of reckoning, settlement, or transfer of money between credit institutions.

As systems for payment services count systems based on standard terms for transmission of money from or between customer deconti in banks or others who can provide payment services after funding enterprise law 1 Section 4b-1 first clause when transfers build on the use of payment cards, number codes, or other form of self-employed user credentials issued to an indefinite circuit.

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771).
1 Raised, see now law 10 apr 2015 number 17.
SECTION 1-2. Value paper settlement systems

As the securities settlement system, systems are counted based on joint rules of reckoning, settlement, or transfer of financial instruments as mentioned in the securities trading law Section 2-2.

The value paper settlement systems shall have an operator responsible for establishing and operation, and which are organized as mentioned in Section 2-4 first clause of this law.

0 Changed by law 29 June 2007 # 75 (ikr. 1 nov 2007 ifg. res. 29 June 2007 # 752), 18 Nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107).
SECTION 1-3. Other definitions

With participant means deferments central, settlement bank, central counterpart, operator of other system and other institution or enterprise participating in an interbank system or securities settlement system.

With the deferments of the government, the enterprise is conducting the reckoning.

With settlement bank, account bank accounts for participants in an interbank system or securities settlement system.

With the central counterpart, institution of institution that comes in as party or otherwise guarantees that other participants meet their obligations.

With the reckoning, the resettlement of orders of orders between two or more participants to an overall net commitment or net settlement.

With settlement, the final transfer of money or financial instruments is finally being made between participants in interbank systems or securities settlement systems.

With missions, participants are ordered to transfer payments or financial instruments to another participant in the system.

With the introduction of insolvenstreatment, the time of the opening of debt negotiation is after law 8. June 1984 # 58 about debt negotiation and bankruptcy (bankruptcy law) Section 4 fourth clause, time for opening bankruptcy following the bankruptcy law Section 74 first clause, or time for the ordinance of public administration after law 6. December 1996 # 75 about fuse arrangements for banks and public administration m.v. of financial institutions Section 4-5.

With the payment card, the debit, debit and credit card, or similar card for withdrawals or transfer of money.

With the EPS, the European Economic Area is the

With the interacting system, two or more systems in which the operators have made agreement with each other about execution of missions across the systems. An arrangement that has been introduced between interacting systems does not constitute a system.

0 Modified by law 18 nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107).

Chapter 2. Interbank Systems

SECTION 2-1. Formal

The purpose of the provisions of this chapter is to contribute to the fact that interbank systems are organized so that the envision of financial stability is being looked after. It shall especially be placed emphasis on counter risk as a result of liquidity or solididity failure of participants in such systems.

SECTION 2-2. Scope

The provisions of this chapter apply to the establishment and operation of interbank systems here in the realm.

The provisions of this chapter do not apply to Norway's Bank.

SECTION 2-3. Consession

An interbanking system cannot be established or driven without the permission of Norway's Bank.

Norway's Bank may make exceptions from the requirement of permission for systems that have such a limited scope that it is not believed to have meaning for the financial stability.

SECTION 2-4. Conditions of the Consession

An interbank system shall have an operator responsible for establishing and operation. The operator can be one of the participating banks, other companies, the self-selling institution or association.

The general manager of the operator's business shall meet necessary requirements for honorable vandel and experience. Corresponding applies to the board members.

The agreement between participants in an interbanking system shall indicate what rights and duties participants should have to each other, as well as indicate operator.

Norway's Bank may determine closer requirements to the business, herunder capital requirements and requirements of security to operator, settlement bank, or central counterpart.

SECTION 2-5. Sikad about the session

The application of the consession shall illuminate :

a) the owner and participation ratio as well as schedule of the system's organization and operation, herunder about the task distribution between banks and other institutions participating in the system,
b) those criteria that are determined for the deduction to and participation in the system. Is participation in the system conditioned by membership or capital deposits, it shall be disclosed about this,
c) measures to ensure the technical operation, herunder readiness for operating violations if the ordinary system does not work,
d) measures to limit risk in the system as a result of liquidity or solididity failure of participants in such systems,
e) principles of association systems for payment services and other transmission of money between customer accounts.

Agreement as mentioned in Section 2-4 third clause shall be attached the application.

SECTION 2-6. Change agreements and new agreements

The operator shall give message to Norway's Bank before the issue of change of significance when it comes to owner-, organization and operating conditions m.v. as mentioned in Section 2-4 to 2-5.

Change can be committed if Norway's Bank has not met any other decision within 2 months after message is received.

Norway's Bank may determine closer rules about changes as being retaken by the parafen here, herunder rules on exemption for the meldduty.

SECTION 2-7. Adhall to participate in interbank systems

Credit institutions that have access to running business here in the realm have the right to become a member of interbanking systems and to use these in accordance with fixed tariffs and common business terms. This does not apply if the consession is given and the agreement for the interbank system determines that it shall apply to the fair terms of association with or participation in the system.

SECTION 2-8. Suspension of participants

The operator shall suspend a participant from the system if still participation will be in violation of Section 2-1. Prior to the suspension of suspension, the case shall be barely possible the parent of Norway's Bank.

SECTION 2-9. The vision of m.v.

Norway's Bank may require the operator to provide the information that Norway's Bank considers necessary to impose the system of alignment and is driven in accordance with provision granted in or in co-compliance with the law here.

Finds Norway's Bank that the system has not been targeted or driven in accordance with regulations determined in or in co-law, Norway's Bank may provide the operator de cuts necessary to correct the relationship.

Norway's Bank may demand that the equalise new operator if the operator is no longer deemed suitable to the business.

SECTION 2-10. Recall of the session

Norway's Bank may draw the permit after Section 2-3 completely or partially back if :

a) The operator has been guilty of grievous or sustained violation of his duties given in or in co-laws of law,
b) it otherwise occurs abuses with the operator or other circumstances that give reason to fear that the system is not working as indicated in Section 2-1,
c) The operator no longer operates active business related to the context of the context of the context of the context.

Chapter 3. Systems for Pay Services

SECTION 3-1. Formal

The purpose of the provisions of this chapter is to contribute that systems for payment services are corrected and are driven so that the referral to secure and effective payment and to rational and interarranged execution of payment services are taken.

SECTION 3-2. Meldeduty

It shall without unnecessary stay given message to the SEC about establishing and operating system of payment services.

The message should contain information about :

a) The agreements between participating institutions about transfer or withdrawal of tenders,
b) the agreements of association of user sites,
c) the agreements between systems for payment services,
d) the use of payment cards, number codes, or other form of self-employed user credentials to be used at payment.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 3-3. Almemorial system requirements

Systems for payment services shall be addressed and driven in accordance with the purpose of Section 3-1. The SEC can provide further rules on the standards of standardizing agreements, terms, technical conditions m.v. of systems for payment services.

Finds the SEC that a system does not be corrected or driven in accordance with regulations stipulated in or in co-law, the SEC can provide the institution that operates the system that they raise necessary to correct the relationship.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).

Chapter 4. Justice and security of the resettlement and settlement agreements

SECTION 4-1. Scope

The provisions of this chapter apply to interbank systems with permission of Section 2-3, Norway Bank, and for securities settlement systems after special approval of the SEC.

The provisions of this chapter may after special approval are provided Applicability for interbank systems and securities settlement systems established in the other EES state. Approvals should be given only if the system's rules are considered to be targeted. Approvals to interbank systems are provided by Norway's Bank. Approvals to value paper settlement systems are provided by the SEC.

The provisions of this chapter apply only systems with at least three participants, as well as operator, any settlement bank, any central counterpart and any deferation central, which has agreed that Norwegian legislation should be applied to the system in compliance with Section 4-3 and which has been reported to the EFTAs monitoring organ in accordance with Section 4-5.

The provisions of Section 4-2 first and third joints and 4-4 also apply to Norwegian participants in interbank systems or securities settlement systems that have selected the legislature of other EDS state of the system and that have been reported to EFTAs's surveillance organ or The EU Commission in accordance with Council Directive 98 /26/EC on endless geese in the payment system and in the upmarket system of security.

0 Modified by laws 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 18 Nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107).
SECTION 4-2. Justice for agreements on account of reckoning and settlement

Agreements of the reckoning and settlement can be made current after their content even if it begins insolvent treatment at a participant in the appropriate system, in a contemporary system, or an administrator for a contemporary system that itself is not a participant, when the mission has been put into the system before it is initiated insolventreatment.

The timing of when a mission shall be deemed to be entered into the system to be agreements between participants in the system. The same applies to the timing of when the right to recall orders has been dropped. Norway's Bank can for interbank systems determine closer rules on when missions should be deemed to be entered into the system after the first clause. The SEC can determine such rules for value paper settlement systems.

If a mission is entered into the system after it is initiated insolventreatment after the first clause, and the mission is carried out in the course of the reality of the reality of the reality, the first clause applies accordingly if the operator can make amends that The operator had not or should have had knowledge that the insolvent treatment had been initiated at the time of the court to recall the order being dropped. The system should in its rules determine what it means with reality day, and which covers settlement both on the day and on the night and include all events during the cycle of the system.

The Ministry may in regulation determine further regulations, herders exceptions from the decree Act, whether the use of a participant's prevalence to conduct settlement on the settlement of the day in connection with the insolvent of insolvent treatment at the participant.

0 Modified by laws 5 July 2002 # 64 (ikr. 5 July 2002 ifg res. 5 July 2002 # 719), 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 18 Nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107).
SECTION 4-3. Governing Law

The participants can only select the legislature in an EDS state where at least one of the participants has the head office.

Legislation in the state that participants have chosen for the system after the first clause determines what rights and obligations an insolvent participant has as a participant in the system.

SECTION 4-4. Security

Security facing a central bank within the EES area, an operator, or a participant in the interbank system or securities settlement system, cannot be reblown after the coverage law Section 5-7.

An operator's right to security faced with another operator in connection with a contemporary system should not be affected by insolvening with the receiving operator.

If financial instruments as mentioned in the securities trading law Section 2-2 are lined as security after the first clause, and the court of the financial instruments is registered in a register, an account or in a value paper register in an EES state, shall The legislation of this country is best for the rights of the rights to the holder of the security standoff.

0 Modified by laws 5 July 2002 # 64 (ikr. 1 jan 2003 ifg Research. 20 des 2002 # 1627), 29 June 2007 # 75 (ikr. 1 nov 2007 ifg. res. 29 June 2007 # 752), 18 Nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107), 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
SECTION 4-5. Meldeduty

The operator of interbank systems as mentioned in Section 4-1 should give message to Norway's Bank about who is participant in the system, and about changes with respect to participants. The operator of a value paper settlement system as mentioned in Section 4-1 should give the corresponding message to the SEC.

Norway's Bank is to give message to the EFTAs surveillance organ on systems and operators of the systems that are retaken by the chapter here, and give message of inference of insolventreatment at a participant in such a system.

A participant in the system should enlighten any third party that has due to interest in the information, whether which systems the participant is a member of and about the main rules of the system.

0 Modified by laws 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 18 Nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107).

Chapter 5. Adgoing to payment systems

0 Capital added by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), former Chapter 5 traded chapter number to 6.
SECTION 5-1. Scope

The provisions of this chapter apply to the payment enterprises access to participate in payment systems in Norway. The provisions are given the equivalent of the Applicability for other providers of payment services as mentioned in the funding enterprise law 1 Section 4b-1.

With the payment enterprise, enterprise with permission to drive payment service business by the rules of or in co-finance of the funding enterprise law 1 Section 4b-2.

With payment services, activities such as mentioned in the Financial Agreement Act Section 11.

0 Added by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771).
1 Raised, see now law 10 apr 2015 number 17.
SECTION 5-2. Conditions of participation payment systems mv.

The terms of participation in payment systems should be objective, non-discriminatory and relationship-making, so that the terms do not prevent access and participation in greater extent than what is necessary to protect themselves against the shaming of risks, so as settlement risk, operational risk and business risk, as well as to protect the financial and operational stability.

Payment systems shall not impose cytkers of payment services, users of payment services or other payment systems :

a) restrictive rules regarding effective participation in other payment systems,
b) rules that offset payment enterprises and other performance payment services when it comes to participants ' rights, duties, and settlement courses, or
c) restrictions on the basis of institutional status.
0 Added by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771).
SECTION 5-3. Exceptions

The rules of Section 5-2 do not apply to

a) payment systems that are reselected by Council Directive 98 /26/EC on final settlement in payment system and in settlement system for security,
b) payment systems exclusively composed of the rate of payment services within a financial office compound of entities with each other capital association and where one of the associated devices has effective control of the other associated devices, or
c) payment systems where a single is provided by payment services, as a unit or as a corporation,
1. acting or can perform as a provider of payment services for both pay and the payment recipient and alone has responsibility for the management of the system, and
2. allows other providers of payment services to participate in the system and the latter do not have any right to negotiate fees between the payment system, though they may impose their own price-setting facing payers and payment recipients.
0 Added by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771).

Chapter 6. The Economic Regulations

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), changed chapter number from 5.
SECTION 6-1. Prescription

The Ministry can determine further rules about :

a) Norwegian financial institutional participation in foreign payment systems,
b) The reckoning, settlement and transfer of tenders to and from abroad,
c) systems for payments that are not related to customer accounts in banks and funding enterprises,
d) padding and containment of the provisions of the Act here.
0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), modified paragrafnumber from Section 5-1.
SECTION 6-2. Taushei-liked

Employees and peer-elected in an institution that are being remarked by this law, has secrecy with respect to the information they get about others ' business or private relationships, unless otherwise follows by law ; Corresponding applies to others performing missions for institution.

Tausheme's duties are not an obstacle to the board of directors or anyone who has a warrant from the Board provides other financial institutions received in the property of the operator.

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), modified paragrafnumber from Section 5-2.
SECTION 6-3. Penalty regulations and compulsions

Employees or peer-selected in institutions that are reselected by this law and as intentional or negligent law or provision given with home in the law, punishable by fines or under particularly display circumstances with prison until 1 year, if the relationship does not go in under stricter penalty determination.

The statute of limitations for admission to travel criminal charges is 5 years.

If the injunction of the law will not be resettled, the ministry may decide that the persons or the institution to fulfill the injunction shall pay a daily continuous mulched until the relationship is fixed. The order of mulkt is the force basis for the outlay.

0 Modified by laws 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), modified paragrafnumber from Section 5-3, 19 June 2015 No. 65 (ikr. 1 oct 2015).
SECTION 6-4. Lovens Applicability on Svalbard

The king gives regulation on this law's Applicability for Norway's Economic Zone and for Svalbard, Jan Mayen and the automotive countries, and can determine the shonest rules under consideration of the conditions there.

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), modified paragrafnumber from Section 5-4.

Chapter 7. Ipowertrecation. Trangural rules. Changes in other laws

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), changed chapter number from 6.
SECTION 7-1. Istrontrecation and transition rules

The law takes effect from the time the King decides. 1 The individual provisions can be set in effect until different time.

Ministry 1 can determine closer transition rules.

0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771), modified paragrafnumber from Section 6-1.
1 Treasury Department ifg res. 17 des 1999 # 1344, as of the research of the research 13 apr 2000 # 324 put the law ir. from 14 apr 2000.
SECTION 6-2. 1 Changes in other laws

From the time the law takes effect, the following changes are made in other laws :---

1 By Change law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771) changed chapter 6 chapter number to 7, and Section 6-1 changed paragrafnumber to Section 7-1. Section 6-2 was not mentioned.