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

Decision of the EEA Joint Committee No 243/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/247]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 243/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2024/1780.
  • Commission Delegated Regulation (EU) 2024/1780 supplements Regulation (EU) No 575/2013 regarding regulatory technical standards for calculating KIRB (K-factor Internal Ratings Based approach) in relation to underlying exposures of securitisation transactions.

Key Changes

  • Annex IX to the EEA Agreement is amended by inserting point 14azzs, referencing Commission Delegated Regulation (EU) 2024/1780.
  • Commission Delegated Regulation (EU) 2024/1780, dated 13 March 2024, concerns the conditions under which institutions can calculate KIRB for securitisation transactions.
  • The Decision enters into force on 26 October 2024, contingent upon all notifications under Article 103(1) of the EEA Agreement being made.
  • The authentic texts of Delegated Regulation (EU) 2024/1780 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union.

Impact Analysis

Financial Institutions within the EEA

  • Action Item: Institutions should monitor the publication of the Icelandic and Norwegian language versions of the regulation for accurate implementation.

EEA Regulators

  • Action Item: Regulators should communicate the requirements of the regulation to the financial institutions they supervise.

Securitisation Market Participants

  • Action Item: Market participants should assess the potential impact of the new KIRB rules on their securitisation activities.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2024/1780: Regulation supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the conditions under which institutions are allowed to calculate KIRB in relation to the underlying exposures of a securitisation transaction. Regulation (EU) No 575/2013: Regulation of the European Parliament and of the Council, which Commission Delegated Regulation (EU) 2024/1780 supplements. EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2025/247 20.2.2025 DECISION OF THE EEA JOINT COMMITTEE No 243/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/247] 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) 2024/1780 of 13 March 2024 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions under which institutions are allowed to calculate KIRB in relation to the underlying exposures of a securitisation transaction(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 14azzr (Commission Delegated Regulation (EU) 2024/1728) of Annex IX to the EEA Agreement: ‘14azzs. 32024 R 1780: Commission Delegated Regulation (EU) 2024/1780 of 13 March 2024 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions under which institutions are allowed to calculate KIRB in relation to the underlying exposures of a securitisation transaction (OJ L, 2024/1780, 25.6.2024).’ Article 2 The text of Delegated Regulation (EU) 2024/1780 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 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 (1) OJ L, 2024/1780, 25.6.2024, ELI: http://data.europa.eu/eli/reg_del/2024/1780/oj. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2025/247/oj 1/1

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