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

Decision of the EEA Joint Committee No 219/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/279]

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 219/2021 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2021/70.
  • Commission Delegated Regulation (EU) 2021/70 amends Delegated Regulation (EU) 2018/1229 concerning regulatory technical standards on settlement discipline, specifically regarding its entry into force.

Key Changes

  • Annex IX to the EEA Agreement is amended by adding the following indent in point 31bfh (Commission Delegated Regulation (EU) 2018/1229): ‘- 32021 R 0070: Commission Delegated Regulation (EU) 2021/70 of 23 October 2020(OJ L 27, 27.1.2021, p. 1).’
  • The text of Delegated Regulation (EU) 2021/70 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union and shall be authentic.
  • 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 operating within the EEA

  • Action Items: Review and update internal processes and systems to ensure compliance with the amended settlement discipline regulations. Monitor the EEA Supplement to the Official Journal of the European Union for the authentic Icelandic and Norwegian language versions of Delegated Regulation (EU) 2021/70.

EEA Member States

  • Action Items: Review national laws and regulations to ensure consistency with the amended EEA Agreement. Communicate the changes to relevant stakeholders, including financial institutions and regulatory bodies.

Regulatory Bodies

  • Action Items: Update supervisory frameworks and procedures to reflect the changes introduced by Commission Delegated Regulation (EU) 2021/70. Provide guidance and support to financial institutions to facilitate compliance.

Key Entities Referenced

EEA Joint Committee: The body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2021/70: Regulation amending Delegated Regulation (EU) 2018/1229 concerning the regulatory technical standards on settlement discipline, as regards its entry into force. Delegated Regulation (EU) 2018/1229: Regulation concerning regulatory technical standards on settlement discipline. EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/279 8.2.2024 DECISION OF THE EEA JOINT COMMITTEE No 219/2021 of 9 July 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/279] 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) 2021/70 of 23 October 2020 amending Delegated Regulation (EU) 2018/1229 concerning the regulatory technical standards on settlement discipline, as regards its entry into force(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 indent is added in point 31bfh (Commission Delegated Regulation (EU) 2018/1229) of Annex IX to the EEA Agreement: ‘- 32021 R 0070: Commission Delegated Regulation (EU) 2021/70 of 23 October 2020(OJ L 27, 27.1.2021, p. 1).’ Article 2 The text of Delegated Regulation (EU) 2021/70 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. Done at Brussels, 9 July 2021. For the EEA Joint Committee The President Rolf Einar FIFE (1) OJ L 27, 27.1.2021, p. 1. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/279/oj 1/1

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