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Date: 18-Jan-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 114/2021 of 19 March 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/125]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 114/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate two Commission Implementing Regulations: (EU) 2019/2028 and (EU) 2019/2091.

Key Changes

  • Commission Implementing Regulation (EU) 2019/2028, which amends Implementing Regulation (EU) 2016/1799 regarding mapping tables for credit risk assessments of external credit assessment institutions and credit quality steps as per Regulation (EU) No 575/2013, is incorporated into the EEA Agreement.
  • Commission Implementing Regulation (EU) 2019/2091, which amends Implementing Regulation (EU) 2015/2197 regarding closely correlated currencies in accordance with Regulation (EU) No 575/2013, is incorporated into the EEA Agreement.
  • The decision entered into force on 20 March 2021, provided that all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Financial Institutions operating within the EEA

  • Action Items: Monitor and adapt to any further guidance or interpretations issued by the relevant regulatory bodies.

EEA Member States

  • Action Items: Ensure effective enforcement of the updated regulations.

External Credit Assessment Institutions (ECAIs)

  • Action Items: Communicate any changes in assessment methodologies to financial institutions and other relevant parties.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. European Commission: The executive branch of the European Union, responsible for proposing and implementing legislation, including the Implementing Regulations (EU) 2019/2028 and (EU) 2019/2091. Regulation (EU) No 575/2013: Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms. Commission Implementing Regulation (EU) 2016/1799: Specifies the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013. Commission Implementing Regulation (EU) 2015/2197: Regulation with regard to closely correlated currencies in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council. Commission Implementing Regulation (EU) 2019/2028: Amends Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013. Commission Implementing Regulation (EU) 2019/2091: Amends Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council.
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Official Journal EN of the European Union L series 2024/125 18.1.2024 DECISION OF THE EEA JOINT COMMITTEE No 114/2021 of 19 March 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/125] THE EEA JOINT COMMITTEE, Having regard to the Agreement on the European Economic Area (“the EEA Agreement”), and in particular Article 98 thereof, Whereas: (1) Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council(1)is to be incorporated into the EEA Agreement. (2) Commission Implementing Regulation (EU) 2019/2091 of 28 November 2019amending Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council(2)is to be incorporated into the EEA Agreement. (3) Annex IX to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 Annex IX to the EEA Agreement shall be amended as follows: 1. The following indent is added in point 14ax (Commission Implementing Regulation (EU) 2015/2197): ‘- 32019 R 2091: Commission Implementing Regulation (EU) 2019/2091 of 28 November 2019 (OJ L 317, 9.12.2019, p. 38).’ 2. The following indent is added in point 14azc (Commission Implementing Regulation (EU) 2016/1799): ‘- 32019 R 2028: Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019 (OJ L 313, 4.12.2019, p. 34).’ Article 2 The texts of Implementing Regulations (EU) 2019/2028 and (EU) 2019/2091 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. Article 3 This Decision shall enter into force on 20 March 2021, provided that all the notifications under Article 103(1) of the EEA Agreement have been made*. Article 4 This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. (1) OJ L 313, 4.12.2019, p. 34. (2) OJ L 317, 9.12.2019, p. 38. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/125/oj 1/2EN OJ L, 18.1.2024 Done at Brussels, 19 March 2021. For the EEA Joint Committee The President Clara GANSLANDT 2/2 ELI: http://data.europa.eu/eli/dec/2024/125/oj

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