TITLE: Iceland's Ministry of Finance and Economic Affairs Amends Payment Services Regulation Implementation Rules
BODY:
On May 19, 2026, Iceland's Ministry of Finance and Economic Affairs (Fjármála- og efnahagsráðuneytið) published Regulation 555/2026, amending the implementation rules for European Union (EU) regulations governing cooperation and information exchange in payment services.
The amendment updates Article 1 of the existing Regulation 300/2023 to incorporate two EU delegated regulations. First, it references Commission Delegated Regulation (EU) 2017/2055 from June 23, 2017, which supplements Directive (EU) 2015/2366 of the European Parliament and of the Council. This regulation establishes technical regulatory standards for cooperation and information exchange between competent authorities regarding payment institutions' use of passporting rights and freedom to provide services. Second, the amendment incorporates Commission Delegated Regulation (EU) 2025/212 from September 13, 2024, which corrects the 2017/2055 regulation.
Both delegated regulations were incorporated into the European Economic Area (EEA) Agreement through decisions of the EEA Joint Committee: Decision 165/2019 from June 14, 2019, and Decision 210/2025 from September 19, 2025, respectively. The amendment ensures Iceland's payment services regulatory framework remains aligned with EU technical standards for competent authority cooperation and information sharing.
The regulation entered into force immediately upon publication on May 27, 2026, under the authority of the Payment Services Act (Lög um greiðsluþjónustu), no. 114/2021. The amendment applies to all entities subject to Iceland's payment services regulatory regime.
REFERENCE:
Iceland Official Gazette (Stjórnartíðindi), Regulation 555/2026, May 27, 2026.