Executive Summary:
EEA Joint Committee Decision No. 138/2022, dated April 29, 2022, amends Annex IX (Financial Services) to the EEA Agreement to incorporate several Commission Delegated Regulations and a Directive concerning sustainability risks and factors. The decision incorporates regulations EU 2021/1255, EU 2021/1256, EU 2021/1257 and Directive EU 2021/1270. The decision entered into force on April 30, 2022, or the entry into force of Decision No. 151/2022, whichever is later.
Key Points / Main Content:
* **Amendments to Annex IX:**
* Point 1b is amended to include Commission Delegated Regulation (EU) 2021/1256 regarding the integration of sustainability risks in the governance of insurance and reinsurance undertakings.
* Points 13eb and 13ec are amended to include Commission Delegated Regulation (EU) 2021/1257 regarding the integration of sustainability factors, risks, and preferences into product oversight and governance for insurance undertakings and distributors.
* Point 30e is amended to include Commission Delegated Directive (EU) 2021/1270 regarding sustainability risks and factors for Undertakings for Collective Investment in Transferable Securities (UCITS).
* Point 31bba is amended to include Commission Delegated Regulation (EU) 2021/1255 regarding sustainability risks and factors for Alternative Investment Fund Managers.
* **Authentic Texts:**
* The Icelandic and Norwegian language texts of Regulations EU 2021/1255, EU 2021/1256, EU 2021/1257 and Directive EU 2021/1270 will be published in the EEA Supplement to the Official Journal and are authentic.
* **Entry into Force:**
* The Decision came into force on April 30, 2022, provided that all notifications under Article 103(1) of the EEA Agreement have been made, or on the day of the entry into force of Decision of the EEA Joint Committee No 151/2022, whichever is the later.
* **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:
* **Alternative Investment Fund Managers:**
* *Impact:* Must consider sustainability risks and sustainability factors as per Regulation EU 2021/1255.
* *Action Required:* Adapt investment strategies and risk management processes to integrate sustainability considerations.
* **Insurance and Reinsurance Undertakings:**
* *Impact:* Must integrate sustainability risks into their governance as per Regulation EU 2021/1256.
* *Action Required:* Update governance frameworks to account for sustainability risks.
* **Insurance Undertakings and Insurance Distributors:**
* *Impact:* Must integrate sustainability factors, risks, and preferences into product oversight and governance, as well as conduct of business and investment advice for insurance-based investment products, as per Regulation EU 2021/1257.
* *Action Required:* Modify product development and distribution processes to include sustainability considerations and preferences.
* **Undertakings for Collective Investment in Transferable Securities (UCITS):**
* *Impact:* Must consider sustainability risks and sustainability factors as per Directive EU 2021/1270.
* *Action Required:* Integrate sustainability considerations into investment policies and risk management.
Key Entities Referenced
EEA Joint Committee: The decision-making body responsible for the EEA Agreement.
EEA Agreement: Agreement on the European Economic Area.
Annex IX: Annex IX Financial services to the EEA Agreement
Commission Delegated Regulation EU 2021/1255: Commission Delegated Regulation amending Delegated Regulation EU No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers
Commission Delegated Regulation EU 2021/1256: Commission Delegated Regulation amending Delegated Regulation EU 2015/35 as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings
Commission Delegated Regulation EU 2021/1257: Commission Delegated Regulation amending Delegated Regulations EU 2017/2358 and EU 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products
Commission Delegated Directive EU 2021/1270: Commission Delegated Directive amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS)
Brussels: Location where the decision was made.
L 246/94 EN Official Journal of the European Union 22.9.2022
DECISION OF THE EEA JOINT COMMITTEE No 138/2022
of 29 April 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1582]
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 Delegated Regulation (EU) 2021/1255 of 21 April 2021 amending Delegated Regulation (EU)
No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative
Investment Fund Managers(1)is to be incorporated into the EEA Agreement.
(2) Commission Delegated Regulation (EU) 2021/1256 of 21 April 2021amending Delegated Regulation (EU) 2015/35
as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings(2)is to
be incorporated into the EEA Agreement.
(3) Commission Delegated Regulation (EU) 2021/1257 of 21 April 2021 amending Delegated Regulations (EU)
2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the
product oversight and governance requirements for insurance undertakings and insurance distributors and into the
rules on conduct of business and investment advice for insurance-based investment products(3) is to be
incorporated into the EEA Agreement.
(4) Commission Delegated Directive (EU) 2021/1270 of 21 April 2021amending Directive 2010/43/EU as regards the
sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in
Transferable Securities (UCITS)(4)is to be incorporated into the EEA Agreement.
(5) 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 1b (Commission Delegated Regulation (EU) 2015/35):
‘— 32021 R 1256: Commission Delegated Regulation (EU) 2021/1256 of 21 April 2021 (OJ L 277, 2.8.2021,
p. 14).’
2. The following indent is added in points 13eb (Commission Delegated Regulation (EU) 2017/2358) and 13ec
(Commission Delegated Regulation (EU) 2017/2359):
‘— 32021 R 1257: Commission Delegated Regulation (EU) 2021/1257 of 21 April 2021 (OJ L 277, 2.8.2021,
p. 18).’
3. The following is added in point 30e (Commission Directive 2010/43/EU):
‘, as amended by:
— 32021 L 1270: Commission Delegated Directive (EU) 2021/1270 of 21 April 2021(OJ L 277, 2.8.2021, p. 141).’
(1) OJ L 277, 2.8.2021, p. 11.
(2) OJ L 277, 2.8.2021, p. 14.
(3) OJ L 277, 2.8.2021, p. 18.
(4) OJ L 277, 2.8.2021, p. 141.22.9.2022 EN Official Journal of the European Union L 246/95
4. The following indent is added in point 31bba (Commission Delegated Regulation (EU) No 231/2013):
‘— 32021 R 1255: Commission Delegated Regulation (EU) 2021/1255 of 21 April 2021 (OJ L 277, 2.8.2021,
p. 11).’
Article 2
The texts of Delegated Regulations (EU) 2021/1255, (EU) 2021/1256 and (EU) 2021/1257 and Delegated Directive (EU)
2021/1270 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 30 April 2022, provided that all the notifications under Article 103(1) of the EEA
Agreement have been made*, or on the day of the entry into force of Decision of the EEA Joint Committee No 151/2022
of 29 April 2022(5), whichever is the later.
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, 29 April 2022.
For the EEA Joint Committee
The President
Nicolas VON LINGEN
(*) Constitutional requirements indicated.
(5) See page 114 of this Official Journal.