Executive Summary:
EEA Joint Committee Decision No. 80/2020 amends Annex IX (Financial Services) to the EEA Agreement. It incorporates Commission Delegated Regulation (EU) 2019/348 and Commission Implementing Regulation (EU) 2018/1624 into the EEA Agreement, while repealing Commission Implementing Regulation (EU) 2016/1066. The decision entered into force on 13 June 2020, or the entry into force of Decision No. 237/2019, whichever was later.
Key Points / Main Content:
* **Incorporation of Regulations:**
* Commission Delegated Regulation (EU) 2019/348 regarding the impact of an institution's failure on financial markets is incorporated.
* Commission Implementing Regulation (EU) 2018/1624 regarding procedures, standard forms, and templates for resolution plans for credit institutions and investment firms is incorporated.
* **Repeal of Regulation:**
* Commission Implementing Regulation (EU) 2016/1066 is repealed.
* **Adaptations for EFTA States:**
* Article 9 of Implementing Regulation (EU) 2018/1624 is adapted for EFTA States, modifying the years specified in paragraphs 1 and 2 to reflect the entry into force of Decision No. 80/2020.
* **Authentic Texts:**
* The Icelandic and Norwegian language versions of Delegated Regulation (EU) 2019/348 and Implementing Regulation (EU) 2018/1624 are authentic.
Impact Analysis:
* **Credit Institutions and Investment Firms:**
* Impact: Must comply with the procedures, standard forms, and templates outlined in Implementing Regulation (EU) 2018/1624 for resolution plans.
* Action Required: Implement the requirements of Implementing Regulation (EU) 2018/1624, taking into account the adaptations for EFTA States regarding timelines.
* **Financial Markets:**
* Impact: Affected by the criteria for assessing the impact of an institution's failure, as specified in Delegated Regulation (EU) 2019/348.
* Action Required: No specific action explicitly stated, but should be aware of the criteria for assessing the impact of potential institutional failures.
* **EEA Authorities:**
* Impact: Responsible for implementing and enforcing the incorporated regulations.
* Action Required: Ensure that national regulations and procedures align with the requirements of Delegated Regulation (EU) 2019/348 and Implementing Regulation (EU) 2018/1624, as adapted. Update legal frameworks to reflect the repeal of Commission Implementing Regulation (EU) 2016/1066.
Key Entities Referenced
EEA Joint Committee: The joint committee responsible for decisions related to the European Economic Area (EEA).
EEA Agreement: The Agreement on the European Economic Area.
Commission Delegated Regulation EU 2019/348: A regulation supplementing Directive 2014/59/EU regarding regulatory technical standards for assessing the impact of an institution's failure on financial markets.
Directive 2014/59/EU: A directive of the European Parliament and of the Council concerning resolution plans for credit institutions and investment firms.
Commission Implementing Regulation EU 2018/1624: A regulation laying down implementing technical standards for the provision of information for resolution plans for credit institutions and investment firms.
Commission Implementing Regulation EU 2016/1066: A regulation related to procedures and standard forms for resolution plans, which is repealed by Regulation EU 2018/1624.
Brussels: The location where the decision was made.
EFTA States: Refers to the member states of the European Free Trade Association.
L 78/24 EN Official Journal of the European Union 16.3.2023
DECISION OF THE EEA JOINT COMMITTEE No 80/2020
of 12 June 2020
amending Annex IX (Financial Services) to the EEA Agreement [2023/529]
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) 2019/348 of 25 October 2018supplementing Directive 2014/59/EU of the
European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for
assessing the impact of an institution’s failure on financial markets, on other institutions and on funding
conditions(1)is to be incorporated into the EEA Agreement.
(2) Commission Implementing Regulation (EU) 2018/1624 of 23 October 2018laying down implementing technical
standards with regard to procedures and standard forms and templates for the provision of information for the
purposes of resolution plans for credit institutions and investment firms pursuant to Directive 2014/59/EU of the
European Parliament and of the Council, and repealing Commission Implementing Regulation (EU) 2016/1066(2)
is to be incorporated into the EEA Agreement.
(3) Implementing Regulation (EU) 2018/1624 repeals Commission Implementing Regulation (EU) 2016/1066(3),
which is incorporated into the EEA Agreement and which is consequently to be repealed under the EEA Agreement.
(4) 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 is inserted after point 19bn (Commission Delegated Regulation (EU) 2018/345):
‘19bo. 32018 R 1624: Commission Implementing Regulation (EU) 2018/1624 of 23 October 2018 laying down
implementing technical standards with regard to procedures and standard forms and templates for the
provision of information for the purposes of resolution plans for credit institutions and investment firms
pursuant to Directive 2014/59/EU of the European Parliament and of the Council, and repealing Commission
Implementing Regulation (EU) 2016/1066 (OJ L 277, 7.11.2018, p. 1).
The provisions of the Implementing Regulation shall, for the purposes of this Agreement, be read with the
following adaptation:
In Article 9, as regards the EFTA States:
(i) in paragraph 1, the word “2018” shall read “of the year of entry into force of Decision of the EEA Joint
Committee No 80/2020 of 12 June 2020”, and the word “2019” shall read “of the year following the entry
into force of Decision of the EEA Joint Committee No 80/2020 of 12 June 2020”;
(ii) in paragraph 2, the word “2019” shall read “of the year following the entry into force of Decision of the
EEA Joint Committee No 80/2020 of 12 June 2020”, and the word “2020” shall read “of the second year
following the entry into force of Decision of the EEA Joint Committee No 80/2020 of 12 June 2020”.
(1) OJ L 63, 4.3.2019, p. 1.
(2) OJ L 277, 7.11.2018, p. 1.
(3) OJ L 181, 6.7.2016, p. 1.16.3.2023 EN Official Journal of the European Union L 78/25
19bp. 32019 R 0348: Commission Delegated Regulation (EU) 2019/348 of 25 October 2018 supplementing
Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical
standards specifying the criteria for assessing the impact of an institution’s failure on financial markets, on
other institutions and on funding conditions (OJ L 63, 4.3.2019, p. 1).’;
(2) the text of point 19bc (Commission Implementing Regulation (EU) 2016/1066) shall be deleted.
Article 2
The texts of Delegated Regulation (EU) 2019/348 and Implementing Regulation (EU) 2018/1624 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 13 June 2020, provided that all the notifications under Article 103(1) of the EEA
Agreement have been made*, or on the day of the entry into force of Decision of the EEA Joint Committee No 237/2019
of 27 September 2019(4), whichever is the later.
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, 12 June 2020.
For the EEA Joint Committee
The President
Clara GANSLANDT
(*) No constitutional requirements indicated.
(4) OJ L 4, 5.1.2023, p. 61.