**Summary:**
EEA Joint Committee Decision No. 118/2025, adopted on May 8, 2025, amends Annex IX (Financial Services) to the Agreement on the European Economic Area (EEA). This decision incorporates Regulation (EU) 2023/606 of the European Parliament and of the Council of March 15, 2023, (as corrected by OJ L, 2024/90509, 17.9.2024) into the EEA Agreement. Regulation (EU) 2023/606 amends Regulation (EU) 2015/760 regarding requirements for investment policies, operating conditions of European long-term investment funds (ELTIFs), eligible investment assets, portfolio composition and diversification, borrowing of cash, and other fund rules.
The decision also addresses the definition of non-cooperative jurisdictions for tax purposes. EFTA States are directed to consider the EU list of non-cooperative jurisdictions when defining their own national lists.
Article 1 of the decision modifies point 31bgc (Regulation (EU) 2015/760) of Annex IX to the EEA Agreement by adding the amending Regulation (EU) 2023/606 and inserting an adaptation concerning Article 11(1c) regarding the definition of non-cooperative jurisdictions by EFTA States.
The text of Regulation (EU) 2023/606, as corrected, will be published in the Icelandic and Norwegian languages in the EEA Supplement to the Official Journal of the European Union.
The decision entered into force on May 9, 2025, following the completion of notifications under Article 103(1) of the EEA Agreement. The decision will be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union.
Key Entities Referenced
Brussels: The location where the decision was made.
EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement.
EEA Agreement: Agreement on the European Economic Area
Regulation EU 2023/606: Regulation of the European Parliament and of the Council amending Regulation EU 2015/760 regarding European long-term investment funds.
European Parliament: Legislative branch of the European Union.
Council of the European Union: A body representing the governments of the EU member states
Regulation EU 2015/760: Regulation regarding the requirements pertaining to the investment policies and operating conditions of European long-term investment funds.
EFTA States: European Free Trade Association States. These states need to define jurisdictions with non-cooperative tax policies in their national legislation.
Official Journal EN
of the European Union L series
2025/1362 24.7.2025
DECISION OF THE EEA JOINT COMMITTEENo 118/2025
of 8 May 2025
amending Annex IX (Financial services) to the EEA Agreement [2025/1362]
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) Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023 amending Regulation
(EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of
European long-term investment funds and the scope of eligible investment assets, the portfolio composition and
diversification requirements and the borrowing of cash and other fund rules(1), as corrected by OJ L, 2024/90509,
17.9.2024, is to be incorporated into the EEA Agreement.
(2) The EFTA States shall, when defining what jurisdictions shall be on the list of non-cooperative jurisdictions in their
national legislation, take utmost account of the EU list of non-cooperative jurisdictions for tax purposes.
(3) Annex IX to the EEA Agreement should therefore be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
Point 31bgc (Regulation (EU) 2015/760 of the European Parliament and of the Council) of Annex IX to the EEA Agreement
shall be amended as follows:
1. The following is added:
‘, as amended by:
— 32023 R 0606: Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023
(OJ L 80, 20.3.2023, p. 1), as corrected by OJ L, 2024/90509, 17.9.2024.’
2. The following adaptation is inserted after adaptation (b):
‘(c) In Article 11(1)(c), as regards the EFTA States, the words “is not mentioned in Annex I to the Council
conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes” shall read “is not
identified as a non-cooperative jurisdiction as defined by the national legislation of the EFTA States concerned”.’
Article 2
The text of Regulation (EU) 2023/606, as corrected by OJ L, 2024/90509, 17.9.2024, in the Icelandic and Norwegian
languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic.
(1) OJ L 80, 20.3.2023, p. 1.
ELI: http://data.europa.eu/eli/dec/2025/1362/oj 1/2EN
OJ L, 24.7.2025
Article 3
This Decision shall enter into force on 9 May 2025, 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.
Done at Brussels, 8 May 2025.
For the EEA Joint Committee
The President
Nicolas VON LINGEN
(*) Constitutional requirements indicated.
2/2 ELI: http://data.europa.eu/eli/dec/2025/1362/oj