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

Decision of the EEA Joint Committee No 244/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/225]

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 244/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2024/1700.
  • Commission Delegated Regulation (EU) 2024/1700 supplements Regulation (EU) 2017/2402, specifying regulatory technical standards for simple, transparent and standardised (STS) non-ABCP traditional securitisation and on-balance-sheet securitisation.
  • These standards relate to the content, methodologies, and presentation of information regarding the principal adverse impacts of assets financed by underlying exposures on sustainability factors.

Key Changes

  • Annex IX to the EEA Agreement is amended to include point 31bkm, referencing Commission Delegated Regulation (EU) 2024/1700.
  • The full reference is: '31bkm. 32024 R 1700: Commission Delegated Regulation (EU) 2024/1700 of 5 March 2024supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying, for simple, transparent and standardised non-ABCP traditional securitisation, and for simple, transparent and standardised on-balance-sheet securitisation, the content, methodologies and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors (OJ L, 2024/1700, 18.6.2024).'
  • The Decision enters into force on 26 October 2024, provided that all notifications under Article 103(1) of the EEA Agreement have been made, or on the day of the entry into force of Decision of the EEA Joint Committee No 145/2024 of 12 June 2024, whichever is later.

Impact Analysis

Financial Institutions in the EEA

  • Action Item: Review current securitisation processes and reporting frameworks to ensure alignment with the requirements of Regulation (EU) 2024/1700. Implement necessary changes to data collection, analysis, and reporting systems.

Investors

  • Action Item: Integrate the newly available sustainability information into investment analysis and due diligence processes.

EEA Regulators

  • Action Item: Update supervisory frameworks and guidelines to incorporate the requirements of Regulation (EU) 2024/1700. Develop mechanisms for monitoring and enforcing compliance.

Key Entities Referenced

EEA Joint Committee: The body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2024/1700: Regulation supplementing Regulation (EU) 2017/2402, specifying regulatory technical standards for STS securitisation regarding sustainability factors. Regulation (EU) 2017/2402: The underlying regulation on securitisation that Commission Delegated Regulation (EU) 2024/1700 supplements. EEA Agreement: The Agreement on the European Economic Area.
Official Source Record View Original Source →
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Official Journal EN of the European Union L series 2025/225 20.2.2025 DECISION OF THE EEA JOINT COMMITTEE No 244/2024 of 25 October 2024 amending Annex IX (Financial services) to the EEA Agreement [2025/225] 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) 2024/1700 of 5 March 2024supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying, for simple, transparent and standardised non-ABCP traditional securitisation, and for simple, transparent and standardised on-balance-sheet securitisation, the content, methodologies and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors(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 31bkl (Commission Delegated Regulation (EU) 2023/2175) of Annex IX to the EEA Agreement: ‘31bkm. 32024 R 1700: Commission Delegated Regulation (EU) 2024/1700 of 5 March 2024supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying, for simple, transparent and standardised non-ABCP traditional securitisation, and for simple, transparent and standardised on-balance-sheet securitisation, the content, methodologies and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors (OJ L, 2024/1700, 18.6.2024).’ Article 2 The text of Delegated Regulation (EU) 2024/1700 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(*), or on the day of the entry into force of Decision of the EEA Joint Committee No 145/2024 of 12 June 2024(2), whichever is the later. (1) OJ L, 2024/1700, 18.6.2024, ELI: http://data.europa.eu/eli/reg_del/2024/1700/oj. (*) No constitutional requirements indicated. (2) OJ L, 2024/2433, 3.10.2024, ELI: http://data.europa.eu/eli/dec/2024/2433/oj. ELI: http://data.europa.eu/eli/dec/2025/225/oj 1/2EN OJ L, 20.2.2025 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 2/2 ELI: http://data.europa.eu/eli/dec/2025/225/oj

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