# C_2023087EN.01004301.xml

| 9.3.2023 | EN | Official Journal of the European Union | C 87/43 |
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9.3.2023

EN

Official Journal of the European Union

C 87/43

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JUDGMENT OF THE COURT

of 17 November 2022

in Case E-8/22

EFTA Surveillance Authority v Iceland

(Failure by an EFTA State to fulfil its obligations – Failure to implement – Capital requirements framework for banks)

(2023/C 87/14)

In Case E-8/22, EFTA Surveillance Authority v Iceland – APPLICATION for a declaration that Iceland has failed to adopt the measures necessary to make certain Acts concerning the capital requirements framework for banks, incorporated into Annex IX (Financial Services) to the Agreement on the European Economic Area by Decisions No 80/2019, 81/2019, 82/2019, 83/2019 and 17/2020 of the EEA Joint Committee, part of its internal legal order as required by Article 7 of that Agreement, the Court, composed of Páll Hreinsson, President, Per Christiansen and Bernd Hammermann (Judge-Rapporteur), Judges, gave judgment on 17 November 2022, the operative part of which is as follows:

The Court hereby:

| 1. | Declares that Iceland has failed to fulfil its obligations under Article 7 EEA by failing to make the following Acts, as adapted by Protocol 1 to the EEA Agreement, part of its internal legal order:






  a. | The Act referred to at point 14e of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/98 of 16 October 2015 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards for specifying the general conditions for the functioning of colleges of supervisors (1)); |
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1.

Declares that Iceland has failed to fulfil its obligations under Article 7 EEA by failing to make the following Acts, as adapted by Protocol 1 to the EEA Agreement, part of its internal legal order:

a.

The Act referred to at point 14e of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/98 of 16 October 2015 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards for specifying the general conditions for the functioning of colleges of supervisors (1));

| b. | The Act referred to at point 14b of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) No 710/2014 of 23 June 2014 laying down implementing technical standards with regard to conditions of application of the joint decision process for institution-specific prudential requirements according to Directive 2013/36/EU of the European Parliament and of the Council (2)); |
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b.

The Act referred to at point 14b of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) No 710/2014 of 23 June 2014 laying down implementing technical standards with regard to conditions of application of the joint decision process for institution-specific prudential requirements according to Directive 2013/36/EU of the European Parliament and of the Council (2));

| c. | The Act referred to at point 14f of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/99 of 16 October 2015 laying down implementing technical standards with regard to determining the operational functioning of the colleges of supervisors according to Directive 2013/36/EU of the European Parliament and of the Council (3)); |
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c.

The Act referred to at point 14f of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/99 of 16 October 2015 laying down implementing technical standards with regard to determining the operational functioning of the colleges of supervisors according to Directive 2013/36/EU of the European Parliament and of the Council (3));

| d. | The Act referred to at point 14ae of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/100 of 16 October 2015 laying down implementing technical standards specifying the joint decision process with regard to the application for certain prudential permissions pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council (4)); |
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d.

The Act referred to at point 14ae of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/100 of 16 October 2015 laying down implementing technical standards specifying the joint decision process with regard to the application for certain prudential permissions pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council (4));

| e. | The Act referred to at point 14g of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 527/2014 of 12 March 2014 supplementing Directive (EU) No 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the classes of instruments that adequately reflect the credit quality of an institution as a going concern and are appropriate to be used for the purposes of variable remuneration (5)); |
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e.

The Act referred to at point 14g of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 527/2014 of 12 March 2014 supplementing Directive (EU) No 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the classes of instruments that adequately reflect the credit quality of an institution as a going concern and are appropriate to be used for the purposes of variable remuneration (5));

| f. | The Act referred to at point 14i of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 604/2014 of 4 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile (6)); |
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f.

The Act referred to at point 14i of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 604/2014 of 4 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile (6));

| g. | The Act referred to at point 14k of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 1152/2014 of 4 June 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards on the identification of the geographical location of the relevant credit exposures for calculating institution-specific countercyclical capital buffer rates (7)); |
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g.

The Act referred to at point 14k of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 1152/2014 of 4 June 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards on the identification of the geographical location of the relevant credit exposures for calculating institution-specific countercyclical capital buffer rates (7));

| h. | The Act referred to at points 14al and 14i of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/861 of 18 February 2016 correcting Commission Delegated Regulation (EU) No 528/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for non-delta risk of options in the standardised market risk approach and correcting Commission Delegated Regulation (EU) No 604/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile (8)); |
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h.

The Act referred to at points 14al and 14i of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2016/861 of 18 February 2016 correcting Commission Delegated Regulation (EU) No 528/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for non-delta risk of options in the standardised market risk approach and correcting Commission Delegated Regulation (EU) No 604/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile (8));

| i. | The Act referred to at point 14n of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/180 of 24 October 2016 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards for benchmarking portfolio assessment standards and assessment-sharing procedures (9)); |
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i.

The Act referred to at point 14n of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) 2017/180 of 24 October 2016 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards for benchmarking portfolio assessment standards and assessment-sharing procedures (9));

| j. | The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/2070 of 14 September 2016 laying down implementing technical standards for templates, definitions and IT-solutions to be used by institutions when reporting to the European Banking Authority and to competent authorities in accordance with Article 78(2) of Directive 2013/36/EU of the European Parliament and of the Council (10)); |
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j.

The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2016/2070 of 14 September 2016 laying down implementing technical standards for templates, definitions and IT-solutions to be used by institutions when reporting to the European Banking Authority and to competent authorities in accordance with Article 78(2) of Directive 2013/36/EU of the European Parliament and of the Council (10));

| k. | The Act referred to at point 14o of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 524/2014 of 12 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the information that competent authorities of home and host Member States supply to one another (11)); |
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k.

The Act referred to at point 14o of Annex IX to the EEA Agreement (Commission Delegated Regulation (EU) No 524/2014 of 12 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the information that competent authorities of home and host Member States supply to one another (11));

| l. | The Act referred to at point 14p of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) No 620/2014 of 4 June 2014 laying down implementing technical standards with regard to information exchange between competent authorities of home and host Member States, according to Directive 2013/36/EU of the European Parliament and of the Council (12)); |
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l.

The Act referred to at point 14p of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) No 620/2014 of 4 June 2014 laying down implementing technical standards with regard to information exchange between competent authorities of home and host Member States, according to Directive 2013/36/EU of the European Parliament and of the Council (12));

| m. | The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1486 of 10 July 2017 amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios and reporting instructions (13)); |
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m.

The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2017/1486 of 10 July 2017 amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios and reporting instructions (13));

| n. | The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2019/439 of 15 February 2019 amending Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the Union for the reporting referred to in Article 78(2) of Directive 2013/36/EU of the European Parliament and of the Council (14)). |
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n.

The Act referred to at point 14m of Annex IX to the EEA Agreement (Commission Implementing Regulation (EU) 2019/439 of 15 February 2019 amending Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the Union for the reporting referred to in Article 78(2) of Directive 2013/36/EU of the European Parliament and of the Council (14)).

| 2. | Orders Iceland to bear the costs of the proceedings. |
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2.

Orders Iceland to bear the costs of the proceedings.

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(1)  OJ L 21, 28.1.2016, p. 2.

(2)  OJ L 188, 27.6.2014, p. 19.

(3)  OJ L 21, 28.1.2016, p. 21.

(4)  OJ L 21, 28.1.2016, p. 45.

(5)  OJ L 148, 20.5.2014, p. 21.

(6)  OJ L 167, 6.6.2014, p. 30.

(7)  OJ L 309, 30.10.2014, p. 5.

(8)  OJ L 144, 1.6.2016, p. 21.

(9)  OJ L 29, 3.2.2017, p. 1.

(10)  OJ L 328, 2.12.2016, p. 1.

(11)  OJ L 148, 20.5.2014, p. 6.

(12)  OJ L 172, 12.6.2014, p. 1.

(13)  OJ L 225, 31.8.2017, p. 1.

(14)  OJ L 90, 29.3.2019, p. 1.

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