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Date: 27-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 26/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1529]

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 26/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Implementing Regulation (EU) 2023/1718 regarding closely correlated currencies.

Key Changes

  • Annex IX to the EEA Agreement is amended to include Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023, which concerns implementing technical standards related to closely correlated currencies as per Regulation (EU) No 575/2013.
  • The amendment is specifically added to point 14ax of Annex IX, which refers to Commission Implementing Regulation (EU) 2015/2197.
  • The Decision entered into force on 3 February 2024, contingent upon all notifications under Article 103(1) of the EEA Agreement being made.
  • Authentic texts of Implementing Regulation (EU) 2023/1718 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 Items: Review and update internal policies, procedures, and systems to align with the requirements of Commission Implementing Regulation (EU) 2023/1718. Ensure compliance with the new standards for closely correlated currencies to maintain regulatory compliance within the EEA.

EEA Member States

  • Action Items: Transpose the provisions of Commission Implementing Regulation (EU) 2023/1718 into national law. Monitor the implementation and compliance of financial institutions within their jurisdiction.

Businesses Engaged in Cross-Border Transactions

  • Action Items: Assess the potential impact of the new regulations on their financial operations and risk management strategies. Seek professional advice to ensure compliance and mitigate any adverse effects.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Implementing Regulation (EU) 2023/1718: Regulation amending implementing technical standards regarding closely correlated currencies. Regulation (EU) No 575/2013: Regulation of the European Parliament and of the Council referenced in Commission Implementing Regulation (EU) 2023/1718. Commission Implementing Regulation (EU) 2015/2197: Regulation whose implementing technical standards are being amended by Commission Implementing Regulation (EU) 2023/1718. EEA Agreement: The Agreement on the European Economic Area.
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See Full Document Text
Official Journal EN of the European Union L series 2024/1529 27.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 26/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1529] 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 Regulation (EU) 2023/1718 of 8 September 2023amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council(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 14ax (Commission Implementing Regulation (EU) 2015/2197) of Annex IX to the EEA Agreement: ‘— 32023 R 1718: Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023(OJ L 223, 11.9.2023, p. 4).’ Article 2 The text of Implementing Regulation (EU) 2023/1718 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 3 February 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, 2 February 2024. For the EEA Joint Committee The President Nicolas VON LINGEN (1) OJ L 223, 11.9.2023, p. 4. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1529/oj 1/1

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