Executive Summary:
This decision of the EEA Joint Committee amends Annex IX to the EEA Agreement to incorporate several EU Commission Regulations and Decisions. Specifically, it incorporates regulations concerning regulatory technical standards for derivative transactions, transitional provisions for own funds requirements regarding exposures to central counterparties, and equivalence decisions for supervisory and regulatory requirements of certain third countries. The decision entered into force on April 30, 2022, or the date of entry into force of Decision of the EEA Joint Committee No 301/2021, whichever is later, pending notifications under Article 103(1) of the EEA Agreement.
Key Points / Main Content:
Amendments to Annex IX of the EEA Agreement:
* Point 14at concerning Commission Implementing Decision 2014/908/EU is replaced by Commission Implementing Decision EU 2021/1753 regarding third-country equivalence for supervisory and regulatory requirements.
* Commission Delegated Regulation EU 2021/931 regarding regulatory technical standards for derivative transactions is added.
* Commission Implementing Regulation EU 2021/1043 regarding the extension of transitional provisions for own funds requirements for exposures to central counterparties is added.
* Commission Implementing Decisions EU 2016/2305, EU 2016/2358, EU 2019/536 and EU 2019/2166 are to be repealed.
Authentic Language Texts:
* The texts of Delegated Regulation EU 2021/931, Implementing Regulation EU 2021/1043, and Implementing Decision EU 2021/1753 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union and are authentic.
Entry Into Force:
* The decision entered 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 301/2021, whichever is 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:
EEA Joint Committee:
* Impact: Responsible for adopting the decision to amend Annex IX of the EEA Agreement.
* Action Required: Ensure the decision is published in the Official Journal of the European Union.
European Parliament and Council:
* Impact: Regulations EU No 575/2013 are supplemented and amended.
* Action Required: Note the changes to the regulations.
EEA Member States:
* Impact: Must incorporate the amended Annex IX into their national laws and regulations.
* Action Required: Implement the changes outlined in the incorporated EU regulations and decisions.
Financial Institutions operating within the EEA:
* Impact: Affected by the new rules regarding derivative transactions, own funds requirements, and exposures to central counterparties.
* Action Required: Adapt their practices to comply with the new regulations and decisions.
Key Entities Referenced
European Economic Area: An agreement that extends the European Union's single market to Iceland, Liechtenstein and Norway.
EEA Agreement: Agreement on the European Economic Area
Commission Delegated Regulation EU 2021/931: A regulation supplementing Regulation EU No 575/2013 regarding regulatory technical standards for identifying derivative transactions.
Regulation EU No 575/2013: Regulation of the European Parliament and of the Council concerning prudential requirements for credit institutions and investment firms.
European Parliament: One of the legislative branches of the European Union.
Council of the European Union: A body composed of government ministers from each EU member state.
Commission Implementing Regulation EU 2021/1043: A regulation on the extension of transitional provisions related to own funds requirements for exposures to central counterparties set out in Regulation EU No 575/2013.
Commission Implementing Decision EU 2021/1753: A decision on the equivalence of supervisory and regulatory requirements of certain third countries and territories.
L 246/98 EN Official Journal of the European Union 22.9.2022
DECISION OF THE EEA JOINT COMMITTEE No 141/2022
of 29 April 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1585]
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) 2021/931 of 1 March 2021supplementing Regulation (EU) No 575/2013
of the European Parliament and of the Council with regard to regulatory technical standards specifying the method
for identifying derivative transactions with one or more than one material risk driver for the purposes of Article
277(5), the formula for calculating the supervisory delta of call and put options mapped to the interest rate risk
category and the method for determining whether a transaction is a long or short position in the primary risk
driver or in the most material risk driver in the given risk category for the purposes of Article 279a(3)(a) and (b) in
the standardised approach for counterparty credit risk(1)is to be incorporated into the EEA Agreement.
(2) Commission Implementing Regulation (EU) 2021/1043 of 24 June 2021 on the extension of the transitional
provisions related to own funds requirements for exposures to central counterparties set out in Regulation (EU)
No 575/2013 of the European Parliament and of the Council(2)is to be incorporated into the EEA Agreement.
(3) Commission Implementing Decision (EU) 2021/1753 of 1 October 2021on the equivalence of the supervisory and
regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures in
accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council(3) is to be
incorporated into the EEA Agreement.
(4) Implementing Decision (EU) 2021/1753 repeals Commission Implementing Decision 2014/908/EU(4), which is
incorporated into the EEA Agreement and which is consequently to be repealed under the EEA Agreement.
(5) Commission Implementing Decisions (EU) 2016/230(5), (EU) 2016/2358(6), (EU) 2019/536(7) and (EU)
2019/2166(8), which are incorporated into the EEA Agreement, have become obsolete and are consequently to be
repealed under the EEA Agreement.
(6) 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 text of point 14at (Commission Implementing Decision 2014/908/EU) is replaced by the following:
‘32021 D 1753: Commission Implementing Decision (EU) 2021/1753 of 1 October 2021on the equivalence of the
supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of
exposures in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 349,
4.10.2021, p. 31).’
(1) OJ L 204, 10.6.2021, p. 7.
(2) OJ L 225, 25.6.2021, p. 52.
(3) OJ L 349, 4.10.2021, p. 31.
(4) OJ L 359, 16.12.2014, p. 155.
(5) OJ L 41, 18.2.2016, p. 23.
(6) OJ L 348, 21.12.2016, p. 75.
(7) OJ L 92, 1.4.2019, p. 3.
(8) OJ L 328, 18.12.2019, p. 84.22.9.2022 EN Official Journal of the European Union L 246/99
(2) The following points are inserted after point 14azx (Commission Delegated Regulation (EU) 2021/930):
‘14azy. 32021 R 0931: Commission Delegated Regulation (EU) 2021/931 of 1 March 2021 supplementing
Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory
technical standards specifying the method for identifying derivative transactions with one or more than one
material risk driver for the purposes of Article 277(5), the formula for calculating the supervisory delta of call
and put options mapped to the interest rate risk category and the method for determining whether a
transaction is a long or short position in the primary risk driver or in the most material risk driver in the
given risk category for the purposes of Article 279a(3)(a) and (b) in the standardised approach for
counterparty credit risk (OJ L 204, 10.6.2021, p. 7).
14azz. 32021 R 1043: Commission Implementing Regulation (EU) 2021/1043 of 24 June 2021on the extension of
the transitional provisions related to own funds requirements for exposures to central counterparties set out in
Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 225, 25.6.2021, p. 52).’
Article 2
The texts of Delegated Regulation (EU) 2021/931, Implementing Regulation (EU) 2021/1043 and Implementing Decision
(EU) 2021/1753 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 301/2021
of 29 October 2021(9), 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
(*) No constitutional requirements indicated.
(9) Not yet published in the Official Journal.