Decision of the EEA Joint Committee No 1/98 of 30 January 1998 amending Annex IX (Financial services) and Annex XIX (Consumer protection) to the EEA Agreement
Date: 1998-01-30
Institutions: EEA Joint Committee
Subjects: European Economic Area, agreement (EU), credit transfer, financial institution, financial transaction, frontier region

8.10.98

EN

Official  Journal  of  the  European  Communities

L 272/1

II

(Acts  whose  publication  is  not  obligatory)

EUROPEAN  ECONOMIC  AREA

THE  EEA  JOINT  COMMITTEE

DECISION  OF  THE  EEA  JOINT  COMMITTEE

No  1/98

of  30  January  1998

amending  Annex  IX  (Financial  services)  and  Annex  XIX  (Consumer  protection)  to  the  EEA
Agreement

THE  EEA  JOINT  COMMITTEE,

Having  regard  to  the  Agreement  on  the  European  Economic  Area,  as  adjusted  by  the  Protocol
adjusting  the  Agreement  on  the  European  Economic  Area,  hereinafter  referred  to  as  ‘the
Agreement’,  and  in  particular  Article  98  thereof,

Whereas  Annex  IX  to  the  Agreement  was  amended  by  Decision  of  the  EEA  Joint  Committee
No  53/96 (1);

Whereas  Annex  XIX  to  the  Agreement  was  amended  by  Decision  of  the  EEA  Joint  Committee
No  34/96 (2);

Whereas Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997
on  cross-border  credit  transfers (3)  is  to  be  incorporated  into  the  Agreement;

Whereas  Directive  97/5/EC  is  also  to  apply  to  cross-border  credit  transfers  in  the  currencies  of
Liechtenstein,  Iceland  and  Norway;

Whereas Directive 97/5/EC is to be incorporated into Annex IX and to be listed, for purposes of
information  only,  in  Annex  XIX  to  the  Agreement,

HAS  DECIDED  AS  FOLLOWS:

Article  1

The following point shall be inserted after point 16 (European Parliament and Council Directive
95/26/EC)  in  Annex  IX  to  the  Agreement:

‘16a. 397 L 0005:  Directive  97/5/EC  of  the  European  Parliament  and  of  the  Council  of
27  January  1997  on  cross-border  credit  transfers  (OJ  L 43,  14.2.1997,  p. 25).

(1) OJ  L  21,  23.1.1997,  p.  8.
(2) OJ  L  237,  19.9.1996,  p.  41.
(3) OJ  L  43,  14.2.1997,  p.  25.

L 272/2

EN

Official  Journal  of  the  European  Communities

8.10.98

The  provisions  of  the  Directive  shall,  for  the  purposes  of  the  present  Agreement,  be
read  with  the  following  adaptations:

(a)

in  Article  1,  the  words  “currencies  of  the  Member  States”  shall  be  replaced  by
“currencies  of  the  Member  States  and  of  the  EFTA  States”;

(b) Article  2(c)  shall  be  replaced  by  the  following:

“financial  institution”  means:

— credit  institutions  as  defined  in  the  first  indent  of  Article  1  of  Directive

77/780/EEC,

— insurance  undertakings  as  defined  in  Article  1(a)  of  Directive  92/49/EEC,

— assurance  undertakings  as  defined  in  Article  1(a)  of  Directive  92/96/EEC,

— UCITS  as  defined  in  Article  1(2)  of  Directive  85/611/EEC,

— investment  firms  as  defined  in  Article  1(2)  of  Directive  93/22/EEC,

— other  undertakings  the  activities  of  which  are  similar  to  those  of  the
undertakings  referred  to  in  the  previous  indents  or  the  principal  activity  of
which  is  to  acquire  holdings  of  financial  assets  or  to  transform  financial
claims.”’

Article  2

The  following  shall  be  inserted  after  point  7b  (Directive  94/47/EC  of  the  European  Parliament
and  of  the  Council)  in  Annex  XIX  to  the  Agreement:

‘7c. 397 L 0005:  Directive  97/5/EC  of  the  European  Parliament  and  of  the  Council (*)  of
27  January  1997  on  cross-border  credit  transfers  (OJ  L  43,  14.2.1997,  p.  25).

(*) Listed  here  for  purposes  of  information  only.  For  application,  see  Annex  IX.’

The texts of Directive 97/5/EC in the Icelandic and Norwegian languages, which are annexed to
the  respective  language  versions  of  this  Decision,  are  authentic.

Article  3

This  Decision  shall  enter  into  force  on  1  February  1998,  provided  that  all  the  notifications
under  Article  103(1)  of  the  Agreement  have  been  made  to  the  EEA  Joint  Committee.

Article  4

This  Decision  shall  be  published  in  the  EEA  section  of,  and  in  the  EEA  supplement  to,  the
Official  Journal  of  the  European  Communities.

Article  5

Done  at  Brussels,  30  January  1998.

For  the  EEA  Joint  Committee

The  President

F.  BARBASO