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

Decision of the EEA joint Committee No 324/2023 of 8 December 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/1425]

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 324/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2023/2222.
  • Commission Delegated Regulation (EU) 2023/2222 extends the transitional period for third-country benchmarks as outlined in Article 51(5) of Regulation (EU) 2016/1011.

Key Changes

  • The decision inserts point 31lze into Annex IX of the EEA Agreement, referencing Commission Delegated Regulation (EU) 2023/2222.
  • Commission Delegated Regulation (EU) 2023/2222 extends the transitional period for third-country benchmarks.
  • The authentic texts of Delegated Regulation (EU) 2023/2222 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union.
  • The Decision came into force on 9 December 2023, provided that all notifications under Article 103(1) of the EEA Agreement were made.

Impact Analysis

Financial Institutions

  • Affected institutions should monitor the EEA Supplement to the Official Journal of the European Union for the authentic Icelandic and Norwegian language versions of the regulation.

Benchmark Administrators

  • Administrators should communicate any relevant changes to their EEA clients.

EEA Member States

  • Member states should monitor the implementation of the regulation and address any potential issues.

Legal and Compliance Departments

  • These departments should ensure that relevant staff are trained on the implications of the extended transitional period for third-country benchmarks.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2023/2222: Extends the transitional period for third-country benchmarks under Regulation (EU) 2016/1011. Regulation (EU) 2016/1011: The European Parliament and the Council regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. EEA Agreement: The Agreement on the European Economic Area.
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/1425 13.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 324/2023 of 8 December 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/1425] 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) 2023/2222 of 14 July 2023extending the transitional period laid down for third-country benchmarks in Article 51(5) of Regulation (EU) 2016/1011 of the European Parliament and 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 point is inserted after point 31lzb (Commission Delegated Regulation (EU) 2021/1848) of Annex IX to the EEA Agreement: ‘31lze. 32023 R 2222: Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of Regulation (EU) 2016/1011 of the European Parliament and the Council (OJ L, 2023/2222, 23.10.2023).’ Article 2 The text of Delegated Regulation (EU) 2023/2222 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, 2023/2222, 23.10.2023. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1425/oj 1/1

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