Executive Summary:
EEA Joint Committee Decision No. 215/2022, dated 8 July 2022, amends Annex IX of the EEA Agreement to incorporate Commission Delegated Regulations (EU) 2022/439 and 2022/676. These regulations concern regulatory technical standards for assessing credit institutions' and investment firms' compliance with the Internal Ratings Based Approach, and for specifying consolidation conditions, respectively. The decision entered into force on 9 July 2022.
Key Points / Main Content:
* **Incorporation of Regulations:**
* Commission Delegated Regulation (EU) 2022/439 is incorporated into the EEA Agreement.
* Commission Delegated Regulation (EU) 2022/676 is incorporated into the EEA Agreement.
* **Authentic Texts:**
* The Icelandic and Norwegian language versions of Regulations (EU) 2022/439 and (EU) 2022/676 are authentic.
* **Entry into Force:**
* The Decision entered into force on 9 July 2022, following notifications under Article 103(1) of the EEA Agreement.
* **Publication:**
* The Decision will be published in the EEA Section and the EEA Supplement to the Official Journal of the European Union.
Impact Analysis:
**Credit Institutions and Investment Firms:**
* Impact: Must comply with the assessment methodology for the Internal Ratings Based Approach, as specified in Regulation (EU) 2022/439.
* Action Required: Adapt internal processes and systems to align with the regulatory technical standards outlined in Regulation (EU) 2022/439.
**Competent Authorities:**
* Impact: Responsible for assessing the compliance of credit institutions and investment firms with the Internal Ratings Based Approach, according to Regulation (EU) 2022/439.
* Action Required: Implement the assessment methodology as specified in Regulation (EU) 2022/439.
**Entities Subject to Consolidation:**
* Impact: Must adhere to the conditions for consolidation as specified in Regulation (EU) 2022/676.
* Action Required: Ensure consolidation practices align with the regulatory technical standards detailed in Regulation (EU) 2022/676.
Key Entities Referenced
EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement.
EEA Agreement: The Agreement on the European Economic Area.
Annex IX Financial services to the EEA Agreement: Section of the EEA agreement pertaining to financial services.
Commission Delegated Regulation EU 2022/439: A regulation supplementing Regulation EU No 575/2013 regarding regulatory technical standards for assessing the compliance of credit institutions and investment firms using the Internal Ratings Based Approach.
Regulation EU No 575/2013: A regulation of the European Parliament and of the Council.
Internal Ratings Based Approach: A method used by credit institutions and investment firms.
Commission Delegated Regulation EU 2022/676: A regulation supplementing Regulation EU No 575/2013 regarding regulatory technical standards specifying the conditions for consolidation.
Brussels: City where the decision was made.
23.3.2023 EN Official Journal of the European Union L 85/27
DECISION OF THE EEA JOINT COMMITTEE No 215/2022
of 8 July 2022
amending Annex IX (Financial services) to the EEA Agreement [2023/632]
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) 2022/439 of 20 October 2021 supplementing Regulation (EU)
No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the
specification of the assessment methodology competent authorities are to follow when assessing the compliance of
credit institutions and investment firms with the requirements to use the Internal Ratings Based Approach(1)is to
be incorporated into the EEA Agreement.
(2) Commission Delegated Regulation (EU) 2022/676 of 3 December 2021 supplementing Regulation (EU)
No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards
specifying the conditions in accordance with which consolidation is to be carried out in the cases referred to in
Article 18(3) to (6) and Article 18(8) of that Regulation(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 points are inserted after point 14azzb (Regulation (EU) 2019/2160 of the European Parliament and of the
Council) of Annex IX to the EEA Agreement:
‘14azzc. 32022 R 0439: Commission Delegated Regulation (EU) 2022/439 of 20 October 2021 supplementing
Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical
standards for the specification of the assessment methodology competent authorities are to follow when assessing
the compliance of credit institutions and investment firms with the requirements to use the Internal Ratings Based
Approach (OJ L 90, 18.3.2022, p. 1).
14azzd. 32022 R 0676: Commission Delegated Regulation (EU) 2022/676 of 3 December 2021 supplementing
Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical
standards specifying the conditions in accordance with which consolidation is to be carried out in the cases
referred to in Article 18(3) to (6) and Article 18(8) of that Regulation (OJ L 123, 26.4.2022, p. 1).’
Article 2
The texts of Delegated Regulations (EU) 2022/439 and (EU) 2022/676 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 9 July 2022, provided that all the notifications under Article 103(1) of the EEA
Agreement have been made*.
(1) OJ L 90, 18.3.2022, p. 1.
(2) OJ L 123, 26.4.2022, p. 1.
(*) No constitutional requirements indicated.L 85/28 EN Official Journal of the European Union 23.3.2023
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, 8 July 2022.
For the EEA Joint Committee
The President
Kristján Andri STEFÁNSSON