Decision of the EEA Joint Committee No 65/2005 of 29 April 2005 amending Annex IX (Financial services) to the EEA Agreement
Date: 2005-04-29
Institutions: EEA Joint Committee
Subjects: Iceland, Norway, credit institution, financial instrument, financial legislation, financial market, investment company, provision of services, securities

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Official Journal of the European Union

15.9.2005

DECISION OF THE EEA JOINT COMMITTEE No 65/2005

of 29 April 2005

amending Annex IX (Financial services) to the EEA Agreement

THE EEA JOINT COMMITTEE,

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

Whereas:

(1) Annex IX to the Agreement was amended by Decision of the EEA Joint Committee No 43/2005 of

11 March 2005 (1).

(2) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets
in financial
instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive
2000/12/EC of the European Parliament and of the Council and repealing Council Directive
93/22/EEC (2), as corrected by OJ L 45, 16.2.2005, p. 18, is to be incorporated into the Agreement.

(3) Directive 2004/39/EC repeals, with effect from 30 April 2006, Directive 93/22/EEC (3), which is
incorporated into the Agreement and which is consequently to be repealed under the Agreement,

HAS DECIDED AS FOLLOWS:

Article 1

Annex IX to the Agreement shall be amended as follows:

1.

the following indent shall be added in points 14 (Directive 2000/12/EC of the European Parliament
and of the Council), 30 (Council Directive 85/611/EEC) and 30a (Council Directive 93/6/EEC):

‘— 32004 L 0039: Directive 2004/39/EC of the European Parliament and of the Council of
21 April 2004 (OJ L 145, 30.4.2004, p. 1), as corrected by OJ L 45, 16.2.2005, p. 18.’;

2.

the following point shall be inserted after point 30c (Directive 97/9/EC of the European Parliament
and of the Council):

‘30ca. 32004 L 0039: Directive 2004/39/EC of the European Parliament and of the Council of
21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC
and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and
repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1), as corrected by OJ L 45,
16.2.2005, p. 18.

(1) OJ L 198, 28.7.2005, p. 45.
(2) OJ L 145, 30.4.2004, p. 1.
(3) OJ L 141, 11.6.1993, p. 27.

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

As regards relations with third-country investment firms described in Article 15 of the
Directive, the following shall apply:

1. with a view to achieving a maximum degree of convergence in the application of a third-
country regime for investment firms, the Contracting Parties shall exchange information
as described in Articles 15(1) and 15(4) and consultations shall be held regarding matters
referred to in Article 15(2) and 15(3), within the framework of the EEA Joint Committee
and according to specific procedures to be agreed by the Contracting Parties;

2.

authorisations granted by the competent authorities of a Contracting Party to investment
firms being direct or indirect subsidiaries of parent undertakings governed by the laws of
a third country shall have validity in accordance with the provisions of this Directive
throughout the territory of all Contracting Parties. However,

(a) when a third country imposes quantitative restrictions on the establishment of
investment firms of an EFTA State or imposes restrictions on such investment firms
that it does not impose on Community investment firms, authorisations granted by
competent authorities within the Community to investment firms being direct or
indirect subsidiaries of parent undertakings governed by the laws of that third
country shall have validity only in the Community, except where an EFTA State
decides otherwise for its own jurisdiction;

(b) where the Community has decided that decisions regarding authorisations of
investment firms being direct or indirect subsidiaries of parent undertakings
governed by the law of a third country shall be limited or suspended, any
authorisation granted by a competent authority of an EFTA State to such
investment firms shall have validity only in its own jurisdiction, except where
another Contracting Party decides otherwise for its own jurisdiction;

(c)

the limitations or suspensions referred to in subparagraphs (a) and (b) may not
apply to investment firms or their subsidiaries already authorised in the territory of
a Contracting Party;

3. whenever the Community negotiates with a third country on the basis of Articles 15(2)
and 15(3), in order to obtain national treatment and effective market access for its
investment firms, it shall endeavour to obtain equal treatment for the investment firms
of the EFTA States.’;

3.

point 30b (Council Directive 93/22/EEC) shall be deleted with effect from 30 April 2006.

Article 2

The text of Directive 2004/39/EC, as corrected by OJ L 45, 16.2.2005, p. 18, 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 30 April 2005, provided that all the notifications under
Article 103(1) of the Agreement have been made to the EEA Joint Committee (*).

(*)

Constitutional requirements indicated.

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Official Journal of the European Union

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This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal
of the European Union.

Article 4

Done at Brussels, 29 April 2005.

For the EEA Joint Committee

The President

Richard WRIGHT