Executive Summary:
This EEA Joint Committee Decision No. 214/2020 amends Annex IX of the EEA Agreement to incorporate Regulation EU 2017/1991 concerning European venture capital funds and European social entrepreneurship funds. The decision, adopted on 11 December 2020, specifies adaptations to the incorporated regulations regarding existing fund managers. It entered into force on 12 December 2020, or the entry into force of Decision No 64/2018, whichever was later.
Key Points / Main Content:
* **Amendment to Annex IX:**
* Regulation EU 2017/1991 is incorporated into the EEA Agreement by amending Annex IX.
* **Adaptations to Regulation EU No 345/2013 (European Venture Capital Funds):**
* Paragraphs 2-6 of Article 10 and point b of Article 13(1) do not apply to existing managers of existing qualifying venture capital funds during the funds' terms as of 11 December 2020.
* Existing managers must justify the sufficiency of their funds to maintain operational continuity.
* **Adaptations to Regulation EU No 346/2013 (European Social Entrepreneurship Funds):**
* Paragraphs 2-6 of Article 11 and point b of Article 14(1) do not apply to existing managers of existing qualifying social entrepreneurship funds during the funds' terms as of 11 December 2020.
* Existing managers must justify the sufficiency of their funds to maintain operational continuity.
* **Language Authenticity:**
* The Icelandic and Norwegian language versions of Regulation EU 2017/1991 are authentic.
* **Entry into Force:**
* The decision entered into force on 12 December 2020, contingent upon EEA Agreement Article 103(1) notifications or the entry into force of Decision No. 64/2018, whichever was later.
Impact Analysis:
EEA Joint Committee:
* Impact: Responsible for adopting and publishing the decision to incorporate EU regulations into the EEA Agreement.
* Action Required: Ensure the decision is published in the EEA Section and EEA Supplement to the Official Journal of the European Union.
European Parliament and Council:
* Impact: Their Regulation EU 2017/1991, which amends regulations on European venture capital and social entrepreneurship funds, is now part of the EEA Agreement.
* Action Required: None specified.
Existing Managers of Qualifying Venture Capital and Social Entrepreneurship Funds:
* Impact: Benefit from exemptions under specific articles of Regulations EU No 345/2013 and No 346/2013 but must demonstrate financial stability.
* Action Required: Justify the sufficiency of their own funds to maintain operational continuity for existing funds.
Icelandic and Norwegian Language Authorities:
* Impact: Responsible for the accurate translation and implementation of Regulation EU 2017/1991.
* Action Required: Ensure the authentic text of the Regulation is published in the EEA Supplement to the Official Journal of the European Union.
Key Entities Referenced
EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement.
EEA Agreement: Agreement on the European Economic Area
Regulation EU 2017/1991: Regulation of the European Parliament and of the Council amending regulations on European venture capital funds and European social entrepreneurship funds.
European Parliament: One of the legislative bodies of the European Union
Council of the European Union: A legislative body of the European Union comprised of government ministers from each member state.
Regulation EU No 345/2013: Regulation on European venture capital funds.
Regulation EU No 346/2013: Regulation on European social entrepreneurship funds.
Brussels: The location where the decision was finalized, which is also the de facto capital of the European Union, Belgium.
28.9.2023 EN Official Journal of the European Union L 240/81
DECISION OF THE EEA JOINT COMMITTEE No 214/2020
of 11 December 2020
amending Annex IX (Financial services) to the EEA Agreement [2023/2016]
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) 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending
Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European
social entrepreneurship funds(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 is added in point 31bd (Regulation (EU) No 345/2013 of the European Parliament and of the Council):
‘, as amended by:
— 32017 R 1991: Regulation (EU) 2017/1991 of the European Parliament and of the Council of 25 October 2017
(OJ L 293, 10.11.2017, p. 1).
The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptation:
Paragraphs 2 to 6 of Article 10 and point (b) of Article 13(1) shall not apply to existing managers in relation to
existing qualifying venture capital funds during the terms of those funds as at the date of entry into force of
Decision of the EEA Joint Committee No 214/2020 of 11 December 2020. Those managers shall ensure that they
are able to justify at all times the sufficiency of their own funds to maintain operational continuity.’
2. The following is added in point 31be (Regulation (EU) No 346/2013 of the European Parliament and of the Council):
‘, as amended by:
— 32017 R 1991: Regulation (EU) 2017/1991 of the European Parliament and of the Council of 25 October 2017
(OJ L 293, 10.11.2017, p. 1).
The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptation:
Paragraphs 2 to 6 of Article 11 and point (b) of Article 14(1) shall not apply to existing managers in relation to
existing qualifying social entrepreneurship funds during the terms of those funds as at the date of entry into force of
Decision of the EEA Joint Committee No 214/2020 of 11 December 2020. Those managers shall ensure that they
are able to justify at all times the sufficiency of their own funds to maintain operational continuity.’
(1) OJ L 293, 10.11.2017, p. 1.L 240/82 EN Official Journal of the European Union 28.9.2023
Article 2
The text of Regulation (EU) 2017/1991 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 12 December 2020, 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 64/2018 of 23 March 2018(2), whichever is the later.
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, 11 December 2020.
For the EEA Joint Committee
The President
Sabine MONAUNI
* Constitutional requirements indicated.
(2) OJ L 26, 30.1.2020, p. 60