Participants in licensed interbank and securities settlement systems
Chapter 4 of the Payment Systems Act lays down provisions for legal protection of settlement and clearing agreements. The rules apply to interbank systems that are licensed in accordance with the Payment Systems Act, Norges Bank and securities settlement systems with special approval from Finanstilsynet (Financial Supervisory Authority of Norway).
The systems covered by the provisions in Chapter 4 shall provide information to Norges Bank about the systems’ participants as well as about any changes regarding participants. The securities settlement systems covered shall provide similar information to Finanstilsynet.
Norges Bank shall provide information to the EFTA Surveillance Authority (ESA) about the systems covered by Chapter 4 as well as notify the ESA when insolvency proceedings are opened against a participant in such a system.