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Date: 21-Mar-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 186/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/812]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 186/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate two Commission Delegated Regulations: (EU) 2018/977 and (EU) 2022/1666. These regulations correct language versions of Delegated Regulation (EU) 2017/653, which supplements Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs).

Key Changes

  • Commission Delegated Regulation (EU) 2018/977 of 4 April 2018, correcting the Bulgarian language version of Delegated Regulation (EU) 2017/653, is incorporated into the EEA Agreement.
  • Commission Delegated Regulation (EU) 2022/1666 of 13 June 2022, correcting the Danish language version of Annex II to Delegated Regulation (EU) 2017/653, is incorporated into the EEA Agreement.
  • The amendments are added to point 31bgb of Annex IX to the EEA Agreement.
  • Authentic Icelandic and Norwegian language versions of Delegated Regulations (EU) 2018/977 and (EU) 2022/1666 will be published in the EEA Supplement to the Official Journal of the European Union.
  • The decision came into force on 6 July 2023, 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 67/2020 of 30 April 2020, whichever is the later.

Impact Analysis

Financial Institutions offering PRIIPs in EEA countries

  • Action Items: Monitor the EEA Supplement to the Official Journal of the European Union for the publication of the authentic Icelandic and Norwegian language versions of the regulations.

Retail Investors in EEA countries

  • Action Items: No direct action is required from retail investors. They should continue to review KIDs before making investment decisions, understanding that these documents have been updated for accuracy in specific languages.

Regulatory Bodies in EEA countries

  • Action Items: Update regulatory frameworks and guidelines to reflect the incorporation of Regulations (EU) 2018/977 and (EU) 2022/1666. Monitor financial institutions' compliance with the updated regulations.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. European Commission: The executive branch of the European Union, responsible for proposing and implementing legislation, including the Delegated Regulations mentioned in the decision. Financial Institutions offering PRIIPs: Entities that manufacture and/or distribute packaged retail and insurance-based investment products within the EEA. Regulation (EU) No 1286/2014: Regulation of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs). Commission Delegated Regulation (EU) 2017/653: Regulation supplementing Regulation (EU) No 1286/2014 by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents. Commission Delegated Regulation (EU) 2018/977: Regulation correcting the Bulgarian language version of Delegated Regulation (EU) 2017/653. Commission Delegated Regulation (EU) 2022/1666: Regulation correcting the Danish language version of Annex II to Delegated Regulation (EU) 2017/653. EEA Agreement: Agreement on the European Economic Area
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Official Journal EN of the European Union L series 2024/812 21.3.2024 DECISION OF THE EEA JOINT COMMITTEE No 186/2023 of 5 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/812] 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) 2018/977 of 4 April 2018 correcting the Bulgarian language version of Delegated Regulation (EU) 2017/653 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents(1)is to be incorporated into the EEA Agreement. (2) Commission Delegated Regulation (EU) 2022/1666 of 13 June 2022 correcting the Danish language version of Annex II to Delegated Regulation (EU) 2017/653 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents(2)is to be incorporated into the EEA Agreement. (3) Annex IX to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 The following indents are added in point 31bgb (Commission Delegated Regulation (EU) 2017/653) of Annex IX to the EEA Agreement: ‘— 32018 R 0977: Commission Delegated Regulation (EU) 2018/977 of 4 April 2018(OJ L 176, 12.7.2018, p. 1), — 32022 R 1666: Commission Delegated Regulation (EU) 2022/1666 of 13 June 2022(OJ L 251, 29.9.2022, p. 3).’ Article 2 The texts of Delegated Regulations (EU) 2018/977 and (EU) 2022/1666 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*, or on the day of the entry into force of Decision of the EEA Joint Committee No 67/2020 of 30 April 2020(3), whichever is the later. (1) OJ L 176, 12.7.2018, p. 1. (2) OJ L 251, 29.9.2022, p. 3. * No constitutional requirements indicated. (3) OJ L 72, 9.3.2023, p. 39. ELI: http://data.europa.eu/eli/dec/2024/812/oj 1/2EN OJ L, 21.3.2024 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 2/2 ELI: http://data.europa.eu/eli/dec/2024/812/oj

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