Which current legal provision/regime creates the greatest impediment to economic development/ commerce?
The most common factor that impedes economic development is generally legal uncertainty. Currently we are anticipating the implementation of the 4th Money Laundering Directive by the Members States of the EU and also the coming into force of the General Data Protection Regulation in 2018. These two pieces of legislation will definitely require businesses to adapt to the new requirements, however, until it is certain how these will be interpreted and implemented, uncertainty prevails which undoubtedly effects negatively economic development and commerce in general.
While it is difficult to pinpoint an exact legal provision as the greatest impediment to economic development/commerce within Norway, a number of Acts can be deemed as impeding the economic development caused by digitalisation, for instance by imposing requirements on physical and/or original documentation or identification in matters pertaining to insurance, accounting, debt enforcement, money laundering and financial agreements etc.
It is not possible to point out one specific regulation or regime as the greatest impediment to economic development/commerce. We believe putting in place less restrictive regulations for certain sectors (i.e. telecommunications, e-payments, data protection) may help bring more foreign investment.