Executive Summary:
This EEA Joint Committee Decision No. 142/2022 amends Annex IX to the EEA Agreement to incorporate Commission Delegated Regulations (EU) 2021/539 and (EU) 2021/923 regarding financial services. It also repeals Commission Delegated Regulation (EU) No 604/2014. The decision entered into force on April 30, 2022, or the date of entry into force of Decision of the EEA Joint Committee No 383/2021, whichever is later.
Key Points / Main Content:
* **Amendment to Annex IX:** Annex IX to the EEA Agreement is amended to incorporate updated regulations on financial services.
* **Incorporation of Regulations:**
* Commission Delegated Regulation (EU) 2021/539 is added concerning the methodology for identifying global systemically important institutions.
* Commission Delegated Regulation (EU) 2021/923 is added concerning managerial responsibility, control functions, material business units, and identifying staff members whose professional activities impact an institution's risk profile.
* **Repeal of Regulation:** Commission Delegated Regulation (EU) No 604/2014 is repealed.
* **Authentic Texts:** The Icelandic and Norwegian language versions of Delegated Regulations (EU) 2021/539 and (EU) 2021/923 are authentic.
* **Entry Into Force:** The decision came into force on April 30, 2022, or the entry into force of Decision of the EEA Joint Committee No 383/2021, whichever is later, provided that all notifications under Article 103(1) of the EEA Agreement have been 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:
* **Financial Institutions within the EEA:**
* Impact: Must comply with the updated regulatory technical standards for identifying global systemically important institutions and defining managerial responsibilities, control functions, and risk profiles.
* Action Required: Implement the requirements of Commission Delegated Regulations (EU) 2021/539 and (EU) 2021/923, and ensure compliance with the new standards.
* **EEA Member States:**
* Impact: Required to incorporate the changes into their national legislation to ensure consistent application of financial service regulations across the EEA.
* Action Required: Update national laws and regulations to reflect the incorporated and repealed EU regulations.
* **EEA Joint Committee:**
* Impact: Responsible for overseeing the implementation of the decision and ensuring its effective application within the EEA.
* Action Required: Monitor the implementation of the decision by EEA member states and address any issues that may arise.
Key Entities Referenced
EEA Joint Committee: The governing body responsible for decisions related to the European Economic Area (EEA) agreement.
EEA Agreement: The Agreement on the European Economic Area, establishing the economic area between the EU member states and Iceland, Liechtenstein and Norway.
Commission Delegated Regulation EU 2021/539: A delegated regulation by the European Commission amending Delegated Regulation EU No 1222/2014, concerning global systemically important institutions.
Commission Delegated Regulation EU 2021/923: A delegated regulation by the European Commission supplementing Directive 2013/36/EU, related to regulatory technical standards for managerial responsibility and risk profiles.
Directive 2013/36/EU: A directive of the European Parliament and of the Council concerning access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
Commission Delegated Regulation EU No 1222/2014: A delegated regulation supplementing Directive 2013/36/EU with regard to regulatory technical standards for the specification of the methodology for the identification of global systemically important institutions.
Commission Delegated Regulation EU No 604/2014: A Commission Delegated Regulation that is repealed by Delegated Regulation EU 2021/923.
Brussels: The location where the decision was made.
L 246/100 EN Official Journal of the European Union 22.9.2022
DECISION OF THE EEA JOINT COMMITTEE No 142/2022
of 29 April 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1586]
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) 2021/539 of 11 February 2021 amending Delegated Regulation (EU)
No 1222/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to
regulatory technical standards for the specification of the methodology for the identification of global systemically
important institutions and for the definition of subcategories of global systemically important institutions(1) is to
be incorporated into the EEA Agreement.
(2) Commission Delegated Regulation (EU) 2021/923 of 25 March 2021supplementing Directive 2013/36/EU of the
European Parliament and of the Council with regard to regulatory technical standards setting out the criteria to
define managerial responsibility, control functions, material business units and a significant impact on a material
business unit’s risk profile, and setting out criteria for identifying staff members or categories of staff whose
professional activities have an impact on the institution’s risk profile that is comparably as material as that of staff
members or categories of staff referred to in Article 92(3) of that Directive(2) is to be incorporated into the EEA
Agreement.
(3) Delegated Regulation (EU) 2021/923 repeals Commission Delegated Regulation (EU) No 604/2014(3), which is
incorporated into the EEA Agreement and which is consequently to be repealed under the EEA Agreement.
(4) 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 14i (Commission Delegated Regulation (EU) No 604/2014) is replaced by the following:
‘32021 R 0923: Commission Delegated Regulation (EU) 2021/923 of 25 March 2021 supplementing Directive
2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards setting out
the criteria to define managerial responsibility, control functions, material business units and a significant impact on a
material business unit’s risk profile, and setting out criteria for identifying staff members or categories of staff whose
professional activities have an impact on the institution’s risk profile that is comparably as material as that of staff
members or categories of staff referred to in Article 92(3) of that Directive (OJ L 203, 9.6.2021, p. 1).’
(2) The following indent is added in point 14l (Commission Delegated Regulation (EU) No 1222/2014):
‘— 32021 R 0539: Commission Delegated Regulation (EU) 2021/539 of 11 February 2021(OJ L 108, 29.3.2021,
p. 10).’
(1) OJ L 108, 29.3.2021, p. 10.
(2) OJ L 203, 9.6.2021, p. 1.
(3) OJ L 167, 6.6.2014, p. 30.22.9.2022 EN Official Journal of the European Union L 246/101
Article 2
The texts of Delegated Regulations (EU) 2021/539 and (EU) 2021/923 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 383/2021
of 10 December 2021(4), 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.
(4) Not yet published in the Official Journal.