§ 1-11. EEA rules in the Financial Contracts Act: regulations, accessibility and amount limits

This section links the Financial Contracts Act to EEA cooperation. The first paragraph makes two EU regulations Norwegian law, with the adaptations required by the EEA Agreement. One concerns cross-border payments in the Union. The other sets technical and business requirements for credit transfers and direct debits in euro. The regulations are not written out in the Financial Contracts Act; the section only states that they apply as law.

The second paragraph allows the Government to issue regulations implementing an EU directive on accessibility requirements for products and services, for banking services aimed at consumers. The third paragraph means the Government can set amount limits other than those in the Act itself when exchange rate changes make it necessary to meet EEA obligations.

The amount limits in practice: the third paragraph specifically mentions § 4-30 second paragraph. That section governs liability for unauthorised payment transactions (betalingstransaksjoner), and the second paragraph sets an excess (egenandel) for the customer (kunden) of up to NOK 450 in the event of loss, theft or misappropriation of a payment instrument (betalingsinstrument). If this limit is changed, the same limit can apply under § 3-20. That section concerns misuse of an electronic signature (elektronisk signatur), and there too the excess for the signature holder (rettighetshaveren) is up to NOK 450. The point is that the two rules should be able to keep the same amount.

The section is the last one in Chapter 1, after § 1-10 on choice of law and § 1-9 on mandatory rules.