DECISION OF THE EEA JOINT COMMITTEE No 291/2024

of 6 December 2024

amending Annex IX (Financial services) to the EEA Agreement [2025/569]

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) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor ( 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

Point 14a (Regulation (EU) No 575/2013 of the European Parliament and of the Council) of Annex IX to the EEA Agreement shall be amended as follows:

The following is added:

‘—

32024 R 1623 : Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 ( OJ L, 2024/1623, 19.6.2024 ).

The provisions of the Regulation shall, for the purposes of this Agreement, be read with the following adaptations:

‘In Article 2, as regards the EFTA States:

(i) the words “or on a date designated under national law no later than 1 July 2025” shall be inserted after the word “Union”;

(ii) the words “or from a date designated under national law no later than six months thereafter” shall be inserted after the words “1 January 2025”.’

Adaptation (a) is replaced with the following:

‘(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.’

The following adaptation is inserted after adaptation (m):

‘(n)

In Article 400(2)(a), as regards Liechtenstein, the words “or covered bonds issued in the State Liechtenstein forms a currency union with” shall be inserted after the words “covered bonds as referred to in Article 129”.’

Adaptations (n), (o), (p), (q), (r) and (s) are renumbered (o), (p), (q), (s), (u) and (v).

Adaptation (q)(v) is replaced with the following:

‘(v)

as regards the EFTA States, paragraph 6 shall read as follows:

“Where an EFTA State recognises the measures set in accordance with this Article, it shall notify the ESRB. The ESRB shall forward such notifications without delay to the Standing Committee of the EFTA States, the EFTA Surveillance Authority, EBA and the Contracting Party to the EEA Agreement authorised to apply the measures”.’

The following adaptation is inserted after adaptation (q):

‘(r)

In Article 449a, the words “Union law” shall read “provisions of the EEA Agreement”.’

The following adaptation is inserted after adaptation (s):

‘(t)

In Article 493(3)(a), as regards Liechtenstein, the words “or covered bonds issued in the State Liechtenstein forms a currency union with” shall be inserted after the words “covered bonds as referred to in Article 129”.’

Adaptation (s) is replaced with the following:

‘(s)

In Article 500, as regards the EFTA States, the words “31 December 2024” shall read “five months following the date of entry into force of Decision of the EEA Joint Committee No 291/2024 of 6 December 2024”.’

Article 2

The text of Regulation (EU) 2024/1623 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 1 January 2025, provided that all the notifications under Article 103(1) of the EEA Agreement have been made ( *1 ) .

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, 6 December 2024.

For the EEA Joint Committee

The President

Anders H. EIDE

( 1 ) OJ L, 2024/1623, 19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1623/oj .

( *1 ) Constitutional requirements indicated.

ELI: http://data.europa.eu/eli/dec/2025/569/oj

ISSN 1977-0677 (electronic edition)