Executive Summary:
EEA Joint Committee Decision No. 145/2022 amends Annex IX to the EEA Agreement to incorporate Directive (EU) 2019/879, regarding the loss-absorbing and recapitalisation capacity of credit institutions and investment firms. The decision entered into force on April 30, 2022, following required notifications. Certain deadlines for EFTA States are linked to the decision's entry into force.
Key Points / Main Content:
* **Amendment to Annex IX:**
* Point 16b of Annex IX is amended to include Directive (EU) 2019/879.
* Point 19b of Annex IX is amended to include Directive (EU) 2019/879, and adaptations e to j are renumbered as h to m.
* **Adaptations for EFTA States:**
* Article 44a(7): "28 December 2020" is replaced with "the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022."
* Article 45i(3): Applies no later than 36 months after the entry into force of Decision No 145/2022, or the resolution authority's compliance deadline if later.
* Article 45m(1):
* First subparagraph: "1 January 2024" is replaced with "no later than 36 months after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022."
* Second subparagraph: "at 1 January 2022" is replaced with "no later than one year after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022."
* Third subparagraph: "after 1 January 2024" is replaced with "more than 36 months after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022."
* Article 45m(2): "1 January 2022" is replaced with "no later than one year after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022."
* **Language Authenticity:** The Icelandic and Norwegian language texts of Directive (EU) 2019/879 are authentic and will be published in the EEA Supplement to the Official Journal.
* **Entry into Force:** The decision entered into force on April 30, 2022, after notifications under Article 103(1) of the EEA Agreement.
* **Publication:** The decision will be published in the EEA Section of, and the EEA Supplement to, the Official Journal of the European Union.
Impact Analysis:
* **Credit Institutions and Investment Firms:**
* *Impact:* Must comply with the updated regulations regarding loss-absorbing and recapitalisation capacity as outlined in Directive (EU) 2019/879, incorporated into the EEA Agreement.
* *Action Required:* Adapt internal policies and procedures to align with the requirements of Directive (EU) 2019/879.
* **EFTA States Resolution Authorities:**
* *Impact:* Need to implement the adaptations specified in Article 2 of the Decision, particularly regarding deadlines for compliance.
* *Action Required:* Ensure national regulations reflect the adjusted deadlines related to the entry into force of Decision No. 145/2022 and, if applicable, set a compliance deadline.
* **EEA Joint Committee:**
* *Impact:* Responsible for ensuring the integration of EU legislation into the EEA Agreement.
* *Action Required:* Monitor the implementation of this decision by EFTA States.
Key Entities Referenced
EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement.
EEA Agreement: Agreement on the European Economic Area
Directive EU 2019/879: Directive of the European Parliament and of the Council amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC.
Directive 2014/59/EU: Directive of the European Parliament and of the Council as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms
Directive 98/26/EC: Directive of the European Parliament and of the Council on settlement finality in payment and securities settlement systems.
EFTA States: European Free Trade Association States referenced within the adaptations to the directive.
Brussels: Location where the decision was made.
Nicolas VON LINGEN: The President of the EEA Joint Committee.
L 246/104 EN Official Journal of the European Union 22.9.2022
DECISION OF THE EEA JOINT COMMITTEE No 145/2022
of 29 April 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1589]
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) Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive
2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms
and Directive 98/26/EC(1), as corrected by OJ L 283, 31.8.2020, p. 2, is to be incorporated into the EEA Agreement.
(2) Annex IX to the EEA Agreement should therefore be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
The following indent is added in point 16b (Directive 98/26/EC of the European Parliament and of the Council) of Annex
IX to the EEA Agreement:
‘- 32019 L 0879: Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 (OJ L 150,
7.6.2019, p. 296), as corrected by OJ L 283, 31.8.2020, p. 2.’
Article 2
Point 19b (Directive 2014/59/EU of the European Parliament and of the Council) of Annex IX to the EEA Agreement shall
be amended as follows:
1. The following indent is added:
‘- 32019 L 0879: Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019(OJ L 150,
7.6.2019, p. 296), as corrected by OJ L 283, 31.8.2020, p. 2.’
2. Adaptations (e) to (j) are renumbered as adaptations (h) to (m).
3. The following adaptations are inserted after adaptation (d):
‘(e) In Article 44a(7), as regards the EFTA States, the words “28 December 2020” shall read “the date of entry into force
of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022”.
(f) As regards the EFTA States, Article 45i(3) shall apply no later than 36 months after the date of entry into force of
Decision of the EEA Joint Committee No 145/2022 of 29 April 2022 or, if the resolution authority of an EFTA
State has set a compliance deadline that ends later than 36 months after the entry into force of that Decision, from
that compliance deadline.
(g) In Article 45m, as regards the EFTA States:
(i) in the first subparagraph of paragraph 1, the words “1 January 2024” shall read “no later than 36 months after
the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022”;
(ii) in the second subparagraph of paragraph 1, the words “at 1 January 2022” shall read “no later than one year
after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022”;
(1) OJ L 150, 7.6.2019, p. 296.22.9.2022 EN Official Journal of the European Union L 246/105
(iii) in the third subparagraph of paragraph 1, the words “after 1 January 2024” shall read “more than 36 months
after the date of entry into force of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022”;
(iv) in paragraph 2, the words “1 January 2022” shall read “no later than one year after the date of entry into force
of Decision of the EEA Joint Committee No 145/2022 of 29 April 2022”.’
Article 3
The text of Directive (EU) 2019/879, as corrected by OJ L 283, 31.8.2020, p. 2, 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 4
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*.
Article 5
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.