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

Decision of the EEA Joint Committee No 28/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1544]

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 28/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2021/1527 regarding regulatory technical standards for the contractual recognition of write down and conversion powers.

Key Changes

  • Annex IX to the EEA Agreement is amended to include point 19bt, referencing Commission Delegated Regulation (EU) 2021/1527.
  • Commission Delegated Regulation (EU) 2021/1527 supplements Directive 2014/59/EU of the European Parliament and of the Council.
  • The incorporated regulation concerns regulatory technical standards for the contractual recognition of write down and conversion powers.
  • The Decision entered into force on 3 February 2024, conditional upon completion of notifications under Article 103(1) of the EEA Agreement.
  • The authentic texts of Delegated Regulation (EU) 2021/1527 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: Legal and compliance teams should analyze Commission Delegated Regulation (EU) 2021/1527 and assess the necessary changes to existing contractual frameworks. Training should be provided to relevant staff on the implications of the new regulation.

EEA Member States

  • Action Item: National regulatory authorities should update their supervisory frameworks and guidance to reflect the requirements of Commission Delegated Regulation (EU) 2021/1527. Conduct outreach to financial institutions to ensure awareness and understanding of the new rules.

Legal Professionals

  • Action Item: Legal professionals should undertake professional development to gain expertise in Commission Delegated Regulation (EU) 2021/1527 and its practical application.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2021/1527: A regulation supplementing Directive 2014/59/EU, establishing regulatory technical standards for the contractual recognition of write down and conversion powers. Directive 2014/59/EU: The European Parliament and Council directive that Commission Delegated Regulation (EU) 2021/1527 supplements. EEA Agreement: The Agreement on the European Economic Area, governing trade and economic relations between the EU member states and Iceland, Liechtenstein and Norway.
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Official Journal EN of the European Union L series 2024/1544 27.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 28/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1544] 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) 2021/1527 of 31 May 2021 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards for the contractual recognition of write down and conversion powers(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 19bs (Commission Implementing Regulation (EU) 2021/1751) of Annex IX to the EEA Agreement: ‘19bt. 32021 R 1527: Commission Delegated Regulation (EU) 2021/1527 of 31 May 2021 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards for the contractual recognition of write down and conversion powers (OJ L 329, 17.9.2021, p. 2).’ Article 2 The text of Delegated Regulation (EU) 2021/1527 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 329, 17.9.2021, p. 2. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1544/oj 1/1

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