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Date: 13-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA joint Committee No 322/2023 of 8 December 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/1427]

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 322/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2022/1622 regarding regulatory technical standards on emerging markets and advanced economies.

Key Changes

  • Incorporation of Commission Delegated Regulation (EU) 2022/1622 into Annex IX of the EEA Agreement.
  • Delegated Regulation (EU) 2022/1622 supplements Regulation (EU) No 575/2013 of the European Parliament and of the Council.
  • The incorporated regulation pertains to regulatory technical standards on emerging markets and advanced economies.
  • The Decision entered into force on 9 December 2023, following notifications under Article 103(1) of the EEA Agreement.
  • The authentic Icelandic and Norwegian language texts of Delegated Regulation (EU) 2022/1622, as corrected by OJ L 171, 6.7.2023, p. 41, will be published in the EEA Supplement to the Official Journal of the European Union.

Impact Analysis

Financial Institutions in the EEA

  • Action Item: Conduct a thorough review of Commission Delegated Regulation (EU) 2022/1622 and assess the impact on existing capital requirements and risk management frameworks.

EEA Member States

  • Action Item: Update national regulations and supervisory practices to incorporate the requirements of Commission Delegated Regulation (EU) 2022/1622.

Businesses operating in Emerging Markets and Advanced Economies

  • Action Item: Monitor the implementation of Commission Delegated Regulation (EU) 2022/1622 and assess potential impacts on access to finance and investment opportunities.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2022/1622: A regulation supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on emerging markets and advanced economies. Regulation (EU) No 575/2013: Regulation of the European Parliament and of the Council, which Commission Delegated Regulation (EU) 2022/1622 supplements. EEA Agreement: The Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/1427 13.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 322/2023 of 8 December 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/1427] 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) 2022/1622 of 17 May 2022supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on emerging markets and advanced economies(1), as corrected by OJ L 171, 6.7.2023, p. 41, 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 14azzm (Commission Delegated Regulation (EU) 2023/1578) of Annex IX to the EEA Agreement: ‘14azzn. 32022 R 1622: Commission Delegated Regulation (EU) 2022/1622 of 17 May 2022supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on emerging markets and advanced economies (OJ L 244, 21.9.2022, p. 3), as corrected by OJ L 171, 6.7.2023, p. 41.’ Article 2 The text of Delegated Regulation (EU) 2022/1622, as corrected by OJ L 171, 6.7.2023, p. 41, 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 9 December 2023, 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, 8 December 2023. For the EEA Joint Committee The President Pascal SCHAFHAUSER (1) OJ L 244, 21.9.2022, p. 3. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1427/oj 1/1

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