Home› Europe› EEA Joint Committee› Decision of the EEA Joint Committee No 185/2023 of 5 July 20...
Date: 21-Mar-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 185/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/809]

Issued by EEA Joint Committee · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

Key Changes

  • Point 31bf is amended to include Regulation (EU) 2022/858.
  • Regulation (EU) 2022/858 is incorporated into Annex IX of the EEA Agreement.
  • Amendments are made to points 31ba and 31baa, adding reference to Regulation (EU) 2022/858.
  • A new point 31cc is inserted, fully incorporating Regulation (EU) 2022/858 with specific adaptations for the EEA Agreement.
  • Adaptations include replacing 'Union law' with 'the EEA Agreement', modifying Article 5(9) regarding financial systems, and Article 11(4) concerning financial services legislation.
  • For EFTA States, Article 19(2) shall be applied within 12 months following the date of entry into force of Decision of the EEA Joint Committee No 185/2023 of 5 July 2023.

What it means

  • The Decision of the EEA Joint Committee No 185/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate Regulation (EU) 2022/858 regarding a pilot regime for market infrastructures based on distributed ledger technology (DLT).

Impact Analysis

Financial Institutions within the EEA

  • Action Item: Conduct a thorough review of Regulation (EU) 2022/858 and develop a plan for implementing necessary changes to systems and processes.

Market Infrastructure Operators

  • Action Item: Engage with relevant regulatory authorities to clarify any ambiguities and ensure compliance with the pilot regime requirements.

EFTA States

  • Action Item: EFTA states should prioritize the implementation of Article 19(2) within the stipulated timeframe.

Legal and Compliance Departments

  • Action Item: Update internal policies and procedures and conduct training sessions for staff on the implications of Regulation (EU) 2022/858.

Key Entities Referenced

EEA Joint Committee: The body responsible for amending the EEA Agreement. Regulation (EU) 2022/858: Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU. EEA Agreement: The Agreement on the European Economic Area. Regulation (EU) No 600/2014: Regulation on markets in financial instruments (MiFIR). Regulation (EU) No 909/2014: Regulation on improving securities settlement in the European Union and on central securities depositories (CSDR). Directive 2014/65/EU: Markets in Financial Instruments Directive (MiFID II).
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/809 21.3.2024 DECISION OF THE EEA JOINT COMMITTEE No 185/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/809] 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) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU(1)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 Annex IX to the EEA Agreement shall be amended as follows: 1. The following indent is added in points 31ba (Directive 2014/65/EU of the European Parliament and of the Council) and 31baa (Regulation (EU) No 600/2014 of the European Parliament and of the Council): ‘— 32022 R 0858: Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 (OJ L 151, 2.6.2022, p. 1).’ 2. The following is added in point 31bf (Regulation (EU) No 909/2014 of the European Parliament and of the Council): ‘, as amended by: — 32022 R 0858: Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 (OJ L 151, 2.6.2022, p. 1).’ 3. The following is inserted after point 31ca (Commission Decision 2001/528/EC): ‘31cc. 32022 R 0858: Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (OJ L 151, 2.6.2022, p. 1). The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptations: (a) The words “Union law” shall be replaced by the words “the EEA Agreement”. (b) In Article 5(9), the words “the Union financial system, or the financial system of the Member State concerned” shall be replaced by “the EEA financial system, or the financial system of the Contracting Party concerned”. (c) In Article 11(4), the words “Union financial services legislation” shall be replaced with “EEA financial services legislation”. (d) Article 19(2), as regards the EFTA States, shall read “It shall be applied within 12 months following the date of entry into force of Decision of the EEA Joint Committee No 185/2023 of 5 July 2023.”’ (1) OJ L 151, 2.6.2022, p. 1. ELI: http://data.europa.eu/eli/dec/2024/809/oj 1/2EN OJ L, 21.3.2024 Article 2 The text of Regulation (EU) 2022/858 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 6 July 2023, provided that all the notifications under Article 103(1) of the EEA Agreement have been made*. 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, 5 July 2023. For the EEA Joint Committee The President Pascal SCHAFHAUSER * Constitutional requirements indicated. 2/2 ELI: http://data.europa.eu/eli/dec/2024/809/oj

Continue your research

Related Documents from EEA Joint Committee