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

Decision of the EEA Joint Committee No 218/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/277]

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 218/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Implementing Decision (EU) 2021/85 regarding the equivalence of the U.S. regulatory framework for central counterparties.

Key Changes

  • The decision incorporates Commission Implementing Decision (EU) 2021/85 into the EEA Agreement.
  • Commission Implementing Decision (EU) 2021/85 pertains to the equivalence of the United States of America's regulatory framework for central counterparties (CCPs) that are authorized and supervised by the U.S. Securities and Exchange Commission (SEC) with the requirements of Regulation (EU) No 648/2012.
  • The specific point inserted into Annex IX of the EEA Agreement is '31bcaz. 32021 D 0085: Commission Implementing Decision (EU) 2021/85 of 27 January 2021on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (OJ L 29, 28.1.2021, p. 27).'
  • The decision entered into force on 10 July 2021, provided that all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Financial Institutions

  • Financial institutions should review their existing relationships with US CCPs and assess the impact of the equivalence decision on their operations.

Central Counterparties (CCPs)

  • CCPs should analyze the implications for their risk management frameworks and market access strategies.

Regulators

  • Regulators should monitor the impact of the decision on market stability and financial system resilience.

Corporates

  • Corporates should assess how this decision affects their hedging strategies and counterparty risk management.

Key Entities Referenced

EEA Joint Committee: The body responsible for adopting decisions related to the EEA Agreement. European Economic Area (EEA): The region encompassing the EU member states and Iceland, Liechtenstein and Norway. Commission Implementing Decision (EU) 2021/85: A decision by the European Commission regarding the equivalence of the U.S. regulatory framework for central counterparties. Regulation (EU) No 648/2012: European Market Infrastructure Regulation (EMIR) governing over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories. U.S. Securities and Exchange Commission (SEC): The primary securities regulator in the United States. Annex IX to the EEA Agreement: Annex to the EEA Agreement pertaining to Financial Services.
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Official Journal EN of the European Union L series 2024/277 8.2.2024 DECISION OF THE EEA JOINT COMMITTEE No 218/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/277] 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 Implementing Decision (EU) 2021/85 of 27 January 2021on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission(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 point is inserted after point 31bcay (Commission Implementing Decision (EU) 2020/1308) of Annex IX to the EEA Agreement: ‘31bcaz. 32021 D 0085: Commission Implementing Decision (EU) 2021/85 of 27 January 2021on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (OJ L 29, 28.1.2021, p. 27).’ Article 2 The text of Implementing Decision (EU) 2021/85 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 29, 28.1.2021, p. 27. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/277/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/2024/277/oj

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