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Date: 8-Feb-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 213/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/282]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Decision of the EEA Joint Committee No 213/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2020/866.
  • Commission Delegated Regulation (EU) 2020/866 amends Delegated Regulation (EU) 2016/101, which supplements Regulation (EU) No 575/2013 regarding regulatory technical standards for prudent valuation under Article 105(14) of Regulation (EU) No 575/2013.

Key Changes

  • Annex IX to the EEA Agreement is amended to include Commission Delegated Regulation (EU) 2020/866.
  • Specifically, point 14af of Annex IX, which refers to Commission Delegated Regulation (EU) 2016/101, is updated to include a reference to its amendment by Commission Delegated Regulation (EU) 2020/866 (OJ L 201, 25.6.2020, p. 1).

Impact Analysis

Financial Institutions within the EEA

  • Action Items: These institutions need to review and implement the changes introduced by Commission Delegated Regulation (EU) 2020/866 to ensure compliance with the updated requirements for prudent valuation of assets, as outlined in Regulation (EU) No 575/2013.

EEA Member States

  • Action Items: National authorities should ensure that the changes are effectively implemented and enforced within their jurisdictions.

Legal and Compliance Departments

  • Action Items: Conduct a thorough review of existing valuation policies and procedures. Update documentation and provide training to relevant staff on the new requirements.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for the management of the EEA Agreement. Commission Delegated Regulation (EU) 2020/866: A regulation amending Delegated Regulation (EU) 2016/101 regarding regulatory technical standards for prudent valuation. Commission Delegated Regulation (EU) 2016/101: A regulation supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards for prudent valuation. Regulation (EU) No 575/2013: A regulation of the European Parliament and of the Council concerning prudential requirements for credit institutions and investment firms. EEA Agreement: The Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/282 8.2.2024 DECISION OF THE EEA JOINT COMMITTEE No 213/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/282] 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) 2020/866 of 28 May 2020amending Delegated Regulation (EU) 2016/101 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for prudent valuation under Article 105(14) of Regulation (EU) No 575/2013(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 The following is added in point 14af (Commission Delegated Regulation (EU) 2016/101) of Annex IX to the EEA Agreement: ‘, as amended by: — 32020 R 0866: Commission Delegated Regulation (EU) 2020/866 of 28 May 2020(OJ L 201, 25.6.2020, p. 1).’ Article 2 The text of Delegated Regulation (EU) 2020/866 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 10 July 2021, 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. (1) OJ L 201, 25.6.2020, p. 1. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/282/oj 1/2EN OJ L, 8.2.2024 Done at Brussels, 9 July 2021. For the EEA Joint Committee The President Rolf Einar FIFE 2/2 ELI: http://data.europa.eu/eli/dec/2024/282/oj

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