Executive Summary:
This EEA Joint Committee Decision No. 13/2022 amends Annex IX to the EEA Agreement to incorporate several Commission Implementing Decisions regarding the equivalence of legal, supervisory, and enforcement arrangements for derivatives transactions in Brazil, Canada, Singapore, Australia, Hong Kong, and the United States. The decision enters into force on February 5, 2022, pending notification under Article 103(1) of the EEA Agreement. The decision will be published in the Official Journal of the European Union.
Key Points / Main Content:
* **Equivalence Recognition:**
* Incorporates Commission Implementing Decisions EU 2021/1103, EU 2021/1104, EU 2021/1105, EU 2021/1106, EU 2021/1107, and EU 2021/1108 into Annex IX of the EEA Agreement.
* Recognizes the legal, supervisory, and enforcement arrangements of Brazil, Canada, Singapore, Australia, Hong Kong, and the United States for certain derivatives transactions as equivalent to Article 11 of Regulation EU No 648/2012.
* **Amendment to Annex IX:**
* Points 31bcaza through 31bcazf are inserted after point 31bcaz of Annex IX to the EEA Agreement, each corresponding to one of the Commission Implementing Decisions.
* **Authentic Texts:**
* The Icelandic and Norwegian language texts of the Implementing Decisions are authentic and will be published in the EEA Supplement to the Official Journal of the European Union.
* **Entry into Force:**
* The Decision enters into force on February 5, 2022, contingent upon all notifications under Article 103(1) of the EEA Agreement being made.
* **Publication:**
* The Decision will be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union.
Impact Analysis:
EEA Joint Committee:
* Impact: Responsible for the decision-making process regarding the EEA Agreement, including incorporating EU legislation.
* Action Required: Ensure the decision is properly implemented and published.
European Commission:
* Impact: The Commission's Implementing Decisions are incorporated into the EEA Agreement, extending their effect to the EEA.
* Action Required: Monitor the implementation and impact of the decisions within the EEA.
Brazilian, Canadian, Singaporean, Australian, Hong Kong, and United States Institutions and Supervisory Authorities:
* Impact: Their regulatory frameworks for derivatives transactions are recognized as equivalent, facilitating cross-border transactions with EEA entities.
* Action Required: Maintain compliance with their respective regulatory frameworks to ensure continued equivalence.
EEA Member States:
* Impact: Must comply with the amended Annex IX of the EEA Agreement.
* Action Required: Incorporate the changes into their national laws and regulations as necessary.
EEA Financial Institutions:
* Impact: Can rely on the equivalence decisions when engaging in derivatives transactions with counterparties in Brazil, Canada, Singapore, Australia, Hong Kong and the USA.
* Action Required: Understand the implications of the equivalence decisions for their derivatives activities.
Key Entities Referenced
EEA Joint Committee: A committee responsible for decisions related to the Agreement on the European Economic Area.
EEA Agreement: The Agreement on the European Economic Area, the legal framework for the integration of Iceland, Liechtenstein and Norway into the European Union's internal market.
Regulation EU No 648/2012: A regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories.
Brazil: Country whose legal, supervisory and enforcement arrangements for derivatives transactions are recognized as equivalent.
Canada: Country whose legal, supervisory and enforcement arrangements for derivatives transactions are recognized as equivalent.
Singapore: Country whose legal, supervisory and enforcement arrangements for derivatives transactions are recognized as equivalent.
Australia: Country whose legal, supervisory and enforcement arrangements for derivatives transactions are recognized as equivalent.
United States of America: Country whose legal, supervisory and enforcement arrangements for derivatives transactions are recognized as equivalent.
L 175/24 EN Official Journal of the European Union 30.6.2022
DECISION OF THE EEA JOINT COMMITTEE No 13/2022
of 4 February 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1061]
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 Decision (EU) 2021/1103 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of Brazil for derivatives transactions entered into by Brazilian institutions under the
regulation of the Central Bank of Brazil as equivalent to certain requirements of Article 11 of Regulation (EU)
No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade
repositories(1)is to be incorporated into the EEA Agreement.
(2) Commission Implementing Decision (EU) 2021/1104 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of Canada for derivatives transactions supervised by the Office of the
Superintendent of Financial Institutions as equivalent to certain requirements of Article 11 of Regulation (EU)
No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade
repositories(2)is to be incorporated into the EEA Agreement.
(3) Commission Implementing Decision (EU) 2021/1105 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of Singapore for derivatives transactions supervised by the Monetary Authority of
Singapore as equivalent to certain requirements of Article 11 of Regulation (EU) No 648/2012 of the European
Parliament and Council on OTC derivatives, central counterparties and trade repositories(3) is to be incorporated
into the EEA Agreement.
(4) Commission Implementing Decision (EU) 2021/1106 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of Australia for derivatives transactions supervised by the Australian Prudential
Regulation Authority as equivalent to certain requirements of Article 11 of Regulation (EU) No 648/2012 of the
European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories(4) is to
be incorporated into the EEA Agreement.
(5) Commission Implementing Decision (EU) 2021/1107 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of Hong Kong for derivatives transactions supervised by the Hong Kong Monetary
Authority as equivalent to certain requirements of Article 11 of Regulation (EU) No 648/2012 of the European
Parliament and of the Council on OTC derivatives, central counterparties and trade repositories(5) is to be
incorporated into the EEA Agreement.
(6) Commission Implementing Decision (EU) 2021/1108 of 5 July 2021 on the recognition of the legal, supervisory
and enforcement arrangements of the United States of America for derivatives transactions supervised by the Board
of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit
Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Agency as equivalent to
certain requirements of Article 11 of Regulation (EU) No 648/2012 of the European Parliament and Council on
OTC derivatives, central counterparties and trade repositories(6)is to be incorporated into the EEA Agreement.
(7) Annex IX to the EEA Agreement should therefore be amended accordingly,
(1) OJ L 238, 6.7.2021, p. 84.
(2) OJ L 238, 6.7.2021, p. 89.
(3) OJ L 238, 6.7.2021, p. 94.
(4) OJ L 238, 6.7.2021, p. 99.
(5) OJ L 238, 6.7.2021, p. 104.
(6) OJ L 238, 6.7.2021, p. 109.30.6.2022 EN Official Journal of the European Union L 175/25
HAS ADOPTED THIS DECISION:
Article 1
The following points are inserted after point 31bcaz (Commission Implementing Decision (EU) 2021/85) of Annex IX to
the EEA Agreement:
‘31bcaza. 32021 D 1103: Commission Implementing Decision (EU) 2021/1103 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of Brazil for derivatives transactions entered into by Brazilian
institutions under the regulation of the Central Bank of Brazil as equivalent to certain requirements of
Article 11 of Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives,
central counterparties and trade repositories (OJ L 238, 6.7.2021, p. 84).
31bcazb. 32021 D 1104: Commission Implementing Decision (EU) 2021/1104 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of Canada for derivatives transactions supervised by the Office
of the Superintendent of Financial Institutions as equivalent to certain requirements of Article 11 of Regulation
(EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties
and trade repositories (OJ L 238, 6.7.2021, p. 89).
31bcazc. 32021 D 1105: Commission Implementing Decision (EU) 2021/1105 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of Singapore for derivatives transactions supervised by the
Monetary Authority of Singapore as equivalent to certain requirements of Article 11 of Regulation (EU)
No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade
repositories (OJ L 238, 6.7.2021, p. 94).
31bcazd. 32021 D 1106: Commission Implementing Decision (EU) 2021/1106 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of Australia for derivatives transactions supervised by the
Australian Prudential Regulation Authority as equivalent to certain requirements of Article 11 of Regulation
(EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties
and trade repositories (OJ L 238, 6.7.2021, p. 99).
31bcaze. 32021 D 1107: Commission Implementing Decision (EU) 2021/1107 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of Hong Kong for derivatives transactions supervised by the
Hong Kong Monetary Authority as equivalent to certain requirements of Article 11 of Regulation (EU)
No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and
trade repositories (OJ L 238, 6.7.2021, p. 104).
31bcazf. 32021 D 1108: Commission Implementing Decision (EU) 2021/1108 of 5 July 2021on the recognition of the
legal, supervisory and enforcement arrangements of the United States of America for derivatives transactions
supervised by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the Federal Housing
Finance Agency as equivalent to certain requirements of Article 11 of Regulation (EU) No 648/2012 of the
European Parliament and Council on OTC derivatives, central counterparties and trade repositories (OJ L 238,
6.7.2021, p. 109).’
Article 2
The texts of Implementing Decisions (EU) 2021/1103, (EU) 2021/1104, (EU) 2021/1105, (EU) 2021/1106, (EU)
2021/1107 and (EU) 2021/1108 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 5 February 2022, provided that all the notifications under Article 103(1) of the EEA
Agreement have been made*.
(*) No constitutional requirements indicated.L 175/26 EN Official Journal of the European Union 30.6.2022
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, 4 February 2022.
For the EEA Joint Committee
The President
Nicolas VON LINGEN