Date: 2022-09-22Category: Not ApplicableState: Union GovernmentCountry: Europe
Decision of the EEA Joint Committee No 151/2022 of 29 April 2022 amending Annex IX (Financial services) and Protocol 37 (containing the list provided for in Article 101) to the EEA Agreement [2022/1595]
**Executive Summary:**
EEA Joint Committee Decision No. 151/2022 amends Annex IX and Protocol 37 to the EEA Agreement to incorporate Regulations (EU) 2019/2088 and (EU) 2020/852 concerning sustainability-related disclosures in the financial services sector and the establishment of a framework to facilitate sustainable investment. Adaptations are specified for EFTA states regarding the application dates of certain articles. The decision enters into force the day after the last notification under Article 103(1) of the EEA Agreement.
**Key Points / Main Content:**
* **Incorporation of EU Regulations:**
* Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector is incorporated into Annex IX of the EEA Agreement.
* Regulation (EU) 2020/852 on establishing a framework to facilitate sustainable investment, amending Regulation (EU) 2019/2088, is incorporated into Annex IX of the EEA Agreement.
* **Adaptations for EFTA States:**
* Specific derogations in Articles 4(3) and 4(4) of Regulation (EU) 2019/2088 apply from the entry into force date of this decision or a nationally designated date no later than 12 months thereafter.
* For Article 20 (2) and (3) of Regulation (EU) 2019/2088, the dates "10 March 2021" and "1 January 2022" are replaced with the entry into force date of this decision or a nationally designated date no later than 12 months thereafter for EFTA States.
* In Article 131d of Regulation (EU) 2020/852, "Union law" is replaced by "the EEA Agreement."
* For Article 272a of Regulation (EU) 2020/852, the date "1 January 2022" is replaced with the entry into force date of this decision or a nationally designated date no later than 12 months thereafter for EFTA States.
* **Amendment to Protocol 37:**
* Protocol 37 to the EEA Agreement is amended to include the "Member State Expert Group on Sustainable Finance Regulation (EU) 2020/852."
* **Authentic Texts:**
* The Icelandic and Norwegian language versions of Regulations (EU) 2019/2088 and (EU) 2020/852 will be published in the EEA Supplement to the Official Journal of the European Union and are authentic.
**Impact Analysis:**
* **EFTA States:**
* *Impact:* EFTA States must comply with Regulations (EU) 2019/2088 and (EU) 2020/852, with specific adaptations regarding application dates.
* *Action Required:* EFTA States need to incorporate the regulations into national law, considering the adapted deadlines, and potentially designate national dates for the application of specific articles within 12 months.
* **Financial Market Participants within the EEA:**
* *Impact:* Financial market participants will need to comply with the sustainability-related disclosure requirements as outlined in Regulation (EU) 2019/2088 and contribute to the framework for sustainable investments as outlined in Regulation (EU) 2020/852.
* *Action Required:* Affected entities must adapt their practices to align with the new disclosure requirements and sustainability framework.
* **EEA Joint Committee:**
* *Impact:* Responsible for the decision's adoption and ensuring its implementation within the EEA framework.
* *Action Required:* The Committee ensures the decision is published in the EEA Section and Supplement of the Official Journal and monitors its implementation.
Key Entities Referenced
EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement.
EEA Agreement: The Agreement on the European Economic Area.
Regulation EU 2019/2088: Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector.
Regulation EU 2020/852: Regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment.
Annex IX: Annex IX Financial services to the EEA Agreement.
Protocol 37: Protocol 37 containing the list provided for in Article 101 to the EEA Agreement
EFTA States: European Free Trade Association States referenced in the context of derogations within the agreement.
Brussels: The location where the EEA Joint Committee decision was finalized.
L 246/114 EN Official Journal of the European Union 22.9.2022
DECISION OF THE EEA JOINT COMMITTEE No 151/2022
of 29 April 2022
amending Annex IX (Financial services) and Protocol 37 (containing the list provided for in
Article 101) to the EEA Agreement [2022/1595]
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) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019on sustainability-
related disclosures in the financial services sector(1)is to be incorporated into the EEA Agreement.
(2) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020on the establishment of a
framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088(2)is to be incorporated
into the EEA Agreement.
(3) Annex IX and Protocol 37 to the EEA Agreement should therefore be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
The following is inserted after point 31mb (Commission Delegated Regulation (EU) 2018/990) of Annex IX to the EEA
Agreement:
‘31o. 32019 R 2088: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019
on sustainability-related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1), as amended by:
— 32020 R 0852: Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020
(OJ L 198, 22.6.2020, p. 13).
The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptations:
(a) As regards the EFTA States, the derogations set out in Articles 4(3) and (4) shall apply from the date of entry into
force of Decision of the EEA Joint Committee No 151/2022 of 29 April 2022 or a date designated under
national law no later than 12 months thereafter.
(b) In Article 20, as regards the EFTA States:
(i) in paragraph 2, the words “from 10 March 2021” shall read “from the date of entry into force of Decision of
the EEA Joint Committee No 151/2022 of 29 April 2022or a date designated under national law no later
than 12 months thereafter”;
(ii) in paragraph 3, the words “from 1 January 2022” shall read “from the date of entry into force of Decision of
the EEA Joint Committee No 151/2022 of 29 April 2022or a date designated under national law no later
than 12 months thereafter”.
31p. 32020 R 0852: Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020on the
establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088
(OJ L 198, 22.6.2020, p. 13).
The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptations:
(a) In Article 13(1)(d), the words “Union law” shall be replaced by “the EEA Agreement”.
(1) OJ L 317, 9.12.2019, p. 1.
(2) OJ L 198, 22.6.2020, p. 13.22.9.2022 EN Official Journal of the European Union L 246/115
(b) In Article 27(2)(a), as regards the EFTA States, the words “from 1 January 2022” shall read “from the date of entry
into force of Decision of the EEA Joint Committee No 151/2022 of 29 April 2022or a date designated under
national law no later than 12 months thereafter”.’
Article 2
The following point is inserted in Protocol 37 to the EEA Agreement:
‘46. Member State Expert Group on Sustainable Finance (Regulation (EU) 2020/852).’
Article 3
The texts of Regulations (EU) 2019/2088 and (EU) 2020/852 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 the day following the last notification under Article 103(1) of the EEA Agreement*.
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.