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Date: 23-May-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the Standing Committee of the EFTA States No. 1/2024/SC of 1 February 2024 Establishing an EEA Financial Mechanism Interim Committee 2021-2028 [2024/1345]

Issued by Standing Committee of the EFTA States · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Decision of the Standing Committee of the EFTA States No. 1/2024/SC establishes an EEA Financial Mechanism Interim Committee 2021-2028 to assist EFTA States in preparing for the implementation of the EEA Financial Mechanism for the period 2021-2028. This Interim Committee will be replaced by a permanent committee upon the agreement establishing the EEA Financial Mechanism 2021-2028 coming into force.

Key Changes

  • An EEA Financial Mechanism Interim Committee 2021-2028 is established.
  • The Interim Committee will assist EFTA States in preparing for the implementation of the EEA Financial Mechanism for 2021-2028.
  • The Interim Committee will report to the Standing Committee.
  • The Interim Committee will be replaced by the EEA Financial Mechanism Committee 2021-2028 upon the agreement establishing the EEA Financial Mechanism 2021-2028 coming into force.
  • The Interim Committee will discuss and assess possible coordination between the EEA Financial Mechanism and the Norwegian Financial Mechanism.
  • Each EFTA State party to the EEA Agreement will be represented in the Interim Committee and have one vote.
  • The rules of procedure adopted by the Financial Mechanism Committee in accordance with Article 8 of Decision No. 4/2004/SC will apply to the Interim Committee.
  • The decision enters into force on the day of its adoption, February 1, 2024.

Impact Analysis

EFTA States

  • Action Items: EFTA states should nominate representatives to the Interim Committee to participate in the preparations.

European Economic Area (EEA)

  • Action Items: Monitor the progress of the Interim Committee and prepare for the transition to the permanent committee.

Financial Mechanism Committee

  • Action Items: Ensure that the Interim Committee adheres to the established rules of procedure.

Kingdom of Norway

  • Action Items: Monitor the discussions and assessments regarding coordination between the EEA and Norwegian Financial Mechanisms.

Key Entities Referenced

Standing Committee of the EFTA States: The governing body of the EFTA States. EEA Financial Mechanism Interim Committee 2021-2028: A temporary committee established to assist EFTA States in preparing for the implementation of the EEA Financial Mechanism for 2021-2028. EEA Financial Mechanism Committee 2021-2028: The permanent committee that will replace the Interim Committee upon the agreement establishing the EEA Financial Mechanism 2021-2028 coming into force. EEA Agreement: The Agreement on the European Economic Area. Norwegian Financial Mechanism: A financial mechanism established between the Kingdom of Norway and the European Union. Decision No. 4/2004/SC: Decision related to the rules of procedure adopted by the Financial Mechanism Committee.
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Official Journal EN of the European Union L series 2024/1345 23.5.2024 DECISION OF THE STANDING COMMITTEE OF THE EFTA STATES No. 1/2024/SC of 1 February 2024 Establishing an EEA Financial Mechanism Interim Committee 2021-2028 [2024/1345] THE STANDING COMMITTEE OF THE EFTA STATES, Having regard to the Agreement on the European Economic Area, hereinafter referred to as the EEA Agreement, Having regard to the agreement to be concluded establishing a new EEA Financial Mechanism for the period 2021-2028, Having regard to the agreement to be concluded between the Kingdom of Norway and the European Union to establish a Norwegian Financial Mechanism for the period 2021-2028, Having regard to the rules of procedure adopted by the Financial Mechanism Committee in accordance with Article 8 of Decision No. 4/2004/SC, HAS DECIDED AS FOLLOWS: Article 1 EEA Financial Mechanism Interim Committee 2021-2028 1. An EEA Financial Mechanism Interim Committee 2021-2028, hereinafter referred to as the Interim Committee, is hereby established. 2. The Interim Committee shall assist the EFTA States in preparing for the implementation of the EEA Financial Mechanism for 2021-2028. 3. The Interim Committee shall report to the Standing Committee. 4. The Interim Committee shall on the day of entering into force or on the day of provisional application of the agreement establishing the EEA Financial Mechanism 2021-2028 be replaced by an EEA Financial Mechanism Committee 2021-2028. 5. The Interim Committee shall discuss and assess possible coordination between the EEA Financial Mechanism and the Norwegian Financial Mechanism. 6. Each EFTA State, party to the EEA Agreement, shall be represented in the Interim Committee and have one vote. 7. The rules of procedure adopted by the Financial Mechanism Committee in accordance with Article 8 of Decision No. 4/2004/SC shall apply mutatis mutandis to the Interim Committee. Article 2 Publication This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. Article 3 Entry into force and application This Decision shall enter into force on the day of its adoption. ELI: http://data.europa.eu/eli/dec/2024/1345/oj 1/2EN OJ L, 23.5.2024 Done at Brussels, 1 February 2024. For the Standing Committee The Chair The Secretary-General Kristján Andri STEFÁNSSON Siri VESETH MELING 2/2 ELI: http://data.europa.eu/eli/dec/2024/1345/oj

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