Home Europe EEA Joint Committee Decision of the EEA Joint Committee No 30/2024 of 2 February...
Date: 27-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 30/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1518]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • Decision of the EEA Joint Committee No 30/2024 amends Annex IX (Financial services) to the EEA Agreement to incorporate regulations and directives related to crowdfunding and financial instruments.

Key Changes

  • Regulation (EU) 2020/1503 on European crowdfunding service providers for business is incorporated into the EEA Agreement.
  • Directive (EU) 2020/1504 amending Directive 2014/65/EU on markets in financial instruments is incorporated into the EEA Agreement.
  • Commission Delegated Regulation (EU) 2022/1988 extending the transitional period for crowdfunding services is incorporated into the EEA Agreement.
  • EFTA States are required to consider the EU list of non-cooperative jurisdictions for tax purposes when defining their own lists.
  • Article 48(1) regarding the transitional period for crowdfunding services in EFTA States now refers to one year after the entry into force of Decision of the EEA Joint Committee No 30/2024 of 2 February 2024, instead of November 10, 2022.

Impact Analysis

Crowdfunding Service Providers

  • Action Item: Review current crowdfunding operations and ensure compliance with Regulation (EU) 2020/1503 within the extended transitional period.

Financial Institutions and Markets

  • Action Item: Assess the impact of Directive (EU) 2020/1504 on current market practices and update internal policies accordingly.

EFTA States

  • Action Item: Review and update national legislation to reflect the EU list of non-cooperative jurisdictions for tax purposes.

ESMA and EFTA Surveillance Authority

  • Action Item: Understand the division of powers between ESMA and the EFTA Surveillance Authority and ensure compliance with the relevant authority.

Key Entities Referenced

EEA Joint Committee: The governing body responsible for amending the Annexes to the EEA Agreement. Regulation (EU) 2020/1503: Regulation on European crowdfunding service providers for business. Directive (EU) 2020/1504: Directive amending Directive 2014/65/EU on markets in financial instruments. Commission Delegated Regulation (EU) 2022/1988: Regulation extending the transitional period for crowdfunding services. EFTA States: The European Free Trade Association states that are part of the EEA Agreement. ESMA: European Securities and Markets Authority. EFTA Surveillance Authority: The supervisory authority for EFTA States. Regulation (EU) No 1095/2010: Regulation establishing the European Securities and Markets Authority. Regulation (EU) No 1075/2013 of the European Central Bank: Regulation concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions. Regulation (EU) 2017/2402 of the European Parliament and of the Council: Regulation laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation.
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Official Journal EN of the European Union L series 2024/1518 27.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 30/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1518] 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) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937(1)is to be incorporated into the EEA Agreement. (2) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments(2)is to be incorporated into the EEA Agreement. (3) Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council(3)is to be incorporated into the EEA Agreement. (4) The EFTA States shall, when defining what jurisdictions shall be on the list of non-cooperative jurisdictions in their national legislation, take utmost account of the EU list of non-cooperative jurisdictions for tax purposes. (5) Annex IX to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 Annex IX to the EEA Agreement shall be amended as follows: 1. The following indent is added in point 29bd (Regulation (EU) 2017/1129 of the European Parliament and of the Council): ‘— 32020 R 1503: Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 (OJ L 347, 20.10.2020, p. 1).’ 2. The following indent is added in point 31ba (Directive 2014/65/EU of the European Parliament and of the Council): ‘— 32020 L 1504: Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 (OJ L 347, 20.10.2020, p. 50).’ 3. The following is inserted after point 31bj (Directive (EU) 2019/2162 of the European Parliament and of the Council): ‘31bl. 32020 R 1503: Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (OJ L 347, 20.10.2020, p. 1). (1) OJ L 347, 20.10.2020, p. 1. (2) OJ L 347, 20.10.2020, p. 50. (3) OJ L 273, 21.10.2022, p. 3. ELI: http://data.europa.eu/eli/dec/2024/1518/oj 1/2EN OJ L, 27.6.2024 The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptations: (a) Notwithstanding the provisions of Protocol 1 to this Agreement, and unless otherwise provided for in this Agreement, the terms Member State(s) and competent authorities shall be understood to include, in addition to their meaning in the Regulation, the EFTA States and their competent authorities, respectively. (b) References to the powers of ESMA under Article 19 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council in the Regulation shall be understood as referring, in the cases provided for in and in accordance with point 31i of this Annex, to the powers of the EFTA Surveillance Authority as regards the EFTA States. (c) Unless otherwise provided for in this Agreement, references to Union law shall be understood as referring to the EEA Agreement. (d) In Article 2(1)(q), as regards the EFTA States, the words “point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank” shall read “point (1) of Article 2 of Regulation (EU) 2017/2402 of the European Parliament and of the Council”. (e) In Article 5(2)(b), as regards the EFTA States, the words “as recognised by the relevant Union policy” shall read “as defined by the national legislation of the EFTA State concerned”. (f) In Article 48(1), as regards the EFTA States, the words “10 November 2022” shall read “one year after the date of entry into force of Decision of the EEA Joint Committee No 30/2024 of 2 February 2024”. 31bla. 32022 R 1988: Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022 extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council (OJ L 273, 21.10.2022, p. 3).’ Article 2 The texts of Regulation (EU) 2020/1503, Directive (EU) 2020/1504 and Delegated Regulation (EU) 2022/1988 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 (*) Constitutional requirements indicated. 2/2 ELI: http://data.europa.eu/eli/dec/2024/1518/oj

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