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

Decision of the EEA Joint Committee No 215/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/281]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

Key Changes

  • Annex IX is amended to include Regulation (EU) 2019/2115 as an amendment to Directive 2014/65/EU.
  • Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets is incorporated into the EEA Agreement.
  • Regulation (EU) 2016/1011 is added as an amending act to Regulation (EU) No 596/2014 in Annex IX of the EEA Agreement.
  • Specifically, Annex IX is amended to include Regulation (EU) 2016/1011 and Regulation (EU) 2019/2115 as amendments to Regulation (EU) No 596/2014.
  • Annex IX is amended to include Regulation (EU) 2019/2115 as an amendment to Regulation (EU) 2017/1129.

What it means

  • Decision of the EEA Joint Committee No 215/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate Regulation (EU) 2019/2115 and to add Regulation (EU) 2016/1011 as an amending act to Regulation (EU) No 596/2014.

Impact Analysis

Financial Institutions Operating within the EEA

  • Action Items: Review and update internal policies and procedures to reflect the changes introduced by Regulation (EU) 2019/2115 and Regulation (EU) 2016/1011. Ensure that relevant staff are trained on the new requirements.

SME Growth Markets

  • Action Items: Monitor the impact of the regulation on SME growth markets and adjust investment strategies accordingly.

Regulators and Supervisory Authorities

  • Action Items: Update supervisory frameworks and guidelines to reflect the changes. Conduct inspections and audits to ensure compliance.

Issuers of Financial Instruments

  • Action Items: Review disclosure practices and ensure compliance with the updated regulations. Seek legal advice if necessary.

EEA Member States

  • Action Items: Transpose the provisions of Regulation (EU) 2019/2115 and Regulation (EU) 2016/1011 into national law. Update relevant guidance and regulations.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Regulation (EU) 2019/2115: Regulation of the European Parliament and of the Council amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets. Regulation (EU) 2016/1011: Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. Regulation (EU) No 596/2014: Regulation of the European Parliament and of the Council on market abuse (market abuse regulation). Regulation (EU) 2017/1129: Regulation of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. Directive 2014/65/EU: Directive of the European Parliament and of the Council on markets in financial instruments (MiFID II). EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/281 8.2.2024 DECISION OF THE EEA JOINT COMMITTEE No 215/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/281] 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) 2019/2115 of the European Parliament and of the Council of 27 November 2019 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets(1)is to be incorporated into the EEA Agreement. (2) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016(2), which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 190/2019 of 10 July 2019(3), should also be added as an amending act to Regulation (EU) No 596/2014 in Annex IX of the EEA Agreement. (3) 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 29a (Regulation (EU) No 596/2014 of the European Parliament and of the Council): ‘, as amended by: — 32016 R 1011: Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 (OJ L 171, 29.6.2016, p. 1), — 32019 R 2115: Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 (OJ L 320, 11.12.2019, p. 1).’ 2. The following is added in point 29bd (Regulation (EU) 2017/1129 of the European Parliament and of the Council): ‘, as amended by: — 32019 R 2115: Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 (OJ L 320, 11.12.2019, p. 1).’ 3. The following indent is added in point 31ba (Directive 2014/65/EU of the European Parliament and of the Council): ‘- 32019 R 2115: Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 (OJ L 320, 11.12.2019, p. 1).’ Article 2 The text of Regulation (EU) 2019/2115 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. (1) OJ L 320, 11.12.2019, p. 1. (2) OJ L 171, 29.6.2016, p. 1. (3) OJ L 235, 12.9.2019, p. 9. ELI: http://data.europa.eu/eli/dec/2024/281/oj 1/2EN OJ L, 8.2.2024 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. Done at Brussels, 9 July 2021. For the EEA Joint Committee The President Rolf Einar FIFE * Constitutional requirements indicated. 2/2 ELI: http://data.europa.eu/eli/dec/2024/281/oj

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