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Date: 20-Feb-2025 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 242/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/246]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • EEA Joint Committee Decision No 242/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate two Commission Delegated Regulations: (EU) 2024/1085 and (EU) 2024/1728.

Key Changes

  • Incorporates Commission Delegated Regulation (EU) 2024/1085 of 13 March 2024, which supplements Regulation (EU) No 575/2013 regarding regulatory technical standards on the assessment methodology for verifying an institution’s compliance with internal models for market risk.
  • Incorporates Commission Delegated Regulation (EU) 2024/1728 of 6 December 2023, which supplements Regulation (EU) No 575/2013 regarding regulatory technical standards specifying the circumstances for identifying groups of connected clients.
  • The decision inserts points 14azzq and 14azzr into Annex IX of the EEA Agreement, referencing the two delegated regulations.
  • Authentic Icelandic and Norwegian language versions of the delegated regulations will be published in the EEA Supplement to the Official Journal of the European Union.
  • The Decision entered into force on 26 October 2024, provided all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Financial Institutions within the EEA

  • Action Item: Review and update internal processes and models to align with the requirements of the incorporated regulations. Conduct internal audits to ensure compliance.

Competent Authorities

  • Action Item: Update supervisory frameworks and assessment methodologies to incorporate the standards defined in Regulation (EU) 2024/1085.

EEA Agreement

  • Action Item: Monitor further amendments to Annex IX and related financial services regulations.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. European Parliament and Council: Legislative bodies that enacted Regulation (EU) No 575/2013, which is supplemented by the incorporated delegated regulations. Commission Delegated Regulation (EU) 2024/1085: Regulation supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on the assessment methodology under which competent authorities verify an institution’s compliance with the requirements to use internal models for market risk. Commission Delegated Regulation (EU) 2024/1728: Regulation supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying in which circumstances the conditions for identifying groups of connected clients are met. Regulation (EU) No 575/2013: Regulation of the European Parliament and of the Council which the delegated regulations supplement. EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2025/246 20.2.2025 DECISION OF THE EEA JOINT COMMITTEE No 242/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/246] 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) 2024/1085 of 13 March 2024 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on the assessment methodology under which competent authorities verify an institution’s compliance with the requirements to use internal models for market risk(1)is to be incorporated into the EEA Agreement. (2) Commission Delegated Regulation (EU) 2024/1728 of 6 December 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying in which circumstances the conditions for identifying groups of connected clients are met(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 14azzp (Commission Delegated Regulation (EU) 2024/397) of Annex IX to the EEA Agreement: ‘14azzq. 32024 R 1085: Commission Delegated Regulation (EU) 2024/1085 of 13 March 2024 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on the assessment methodology under which competent authorities verify an institution’s compliance with the requirements to use internal models for market risk (OJ L, 2024/1085, 17.6.2024). 14azzr. 32024 R 1728: Commission Delegated Regulation (EU) 2024/1728 of 6 December 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying in which circumstances the conditions for identifying groups of connected clients are met (OJ L, 2024/1728, 18.6.2024).’ Article 2 The texts of Delegated Regulations (EU) 2024/1085 and (EU) 2024/1728 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, 2024/1085, 17.6.2024, ELI: http://data.europa.eu/eli/reg_del/2024/1085/oj. (2) OJ L, 2024/1728, 18.6.2024, ELI: http://data.europa.eu/eli/reg_del/2024/1728/oj. ELI: http://data.europa.eu/eli/dec/2025/246/oj 1/2EN OJ L, 20.2.2025 Article 3 This Decision shall enter into force on 26 October 2024, 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, 25 October 2024. For the EEA Joint Committee The President Anders H. EIDE (*) No constitutional requirements indicated. 2/2 ELI: http://data.europa.eu/eli/dec/2025/246/oj

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