CELEX: 52018PC0682
Language: en
Date: 2018-10-12
Title: Proposal for a COUNCIL DECISION on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning an amendment to Annex IX (Financial Services) to the EEA Agreement (Omnibus II)

EUROPEAN COMMISSION
            Brussels, 12.10.2018
            COM(2018) 682 final
            2018/0351(NLE)
            Proposal for a
            COUNCIL DECISION
            on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning an amendment to Annex IX (Financial Services) to the EEA Agreement(Omnibus II) 
            (Text with EEA relevance)
            
               
         
         
            
               EXPLANATORY MEMORANDUM
            
            
               1.CONTEXT OF THE PROPOSAL
            
            
               •Reasons for and objectives of the proposal
            
            
               The draft Decision of the EEA Joint Committee (annexed to the proposed Council Decision) aims to amend Annex IX (Financial Services) to the EEA Agreement in order to incorporate Directive 2014/51/EU in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)
                  1
               .
            
            
               The adaptations appearing in the draft of the annexed Decision of the EEA Joint Committee go beyond what can be considered mere technical adaptations in the sense of the Council Regulation No 2894/94.The Union position shall therefore be established by the Council.
            
            
               •Consistency with existing policy provisions in the policy area
            
            
               The annexed draft EEA Joint Committee Decision extends the already existing EU policy to the EEA EFTA States (Norway, Iceland and Liechtenstein).
            
            
               •Consistency with other Union policies
            
            
               The extension of the EU acquis to the EEA EFTA States, through their incorporation into the EEA Agreement is conducted in conformity with the objectives and principles of that Agreement, aiming at establishing a dynamic and homogeneous European Economic Area, based on common rules and equal conditions of competition.
            
            
               2.LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY
            
            
               •Legal basis
            
            
               The legislation to be incorporated into the EEA Agreement is based on Articles 50, 53, 62, and 114 of the Treaty on the Functioning of the European Union.
            
            
               Article 1(3) of Council Regulation (EC) No 2894/94
                  2
                concerning arrangements for implementing the EEA Agreement provides that the Council establishes the position to be adopted on the Union’s behalf on such Decisions, on a proposal from the Commission. 
            
            
               The EEAS with the Commission services submit the draft Decision of the EEA Joint Committee for adoption by the Council as the Union’s position. The EEAS would hope to be able to present it in the EEA Joint Committee at the earliest possible opportunity.
            
            
               •Subsidiarity (for non-exclusive competence) 
            
            
               The proposal complies with the subsidiarity principle for the following reason. 
            
            
               The objective of this proposal, namely to ensure the homogeneity of the Internal Market, cannot be sufficiently achieved by the Member States and can therefore, by reason of the effects, be better achieved at Union level. 
            
            
               
                  The process of incorporation of the EU acquis into the EEA Agreement is conducted in conformity with the Council Regulation (EC) No 2894/94 of 28 November 1994 concerning arrangements for implementing the Agreement on the European Economic Area which confirms the approach taken.
               
            
            
               •Proportionality
            
         
         
            
               
                  In accordance with the principle of proportionality, this proposal does not go beyond what is necessary in order to achieve its objective.
               
            
            
               •Choice of the instrument
            
            
               In conformity with Article 98 of the EEA Agreement, the chosen instrument is the EEA Joint Committee decision. The EEA Joint Committee shall ensure the effective implementation and operation of the EEA Agreement. To this end, it shall take decisions in the cases provided for in the EEA Agreement. 
            
            
               3.RESULTS OF EX-POST EVALUATIONS, STAKEHOLDER CONSULTATIONS AND IMPACT ASSESSMENTS
            
            
               Not applicable 
            
            
            
               4.BUDGETARY IMPLICATIONS
            
            
               
                  There are no budgetary implications expected as a result of incorporation of the above mentioned act into the EEA Agreement.
               
            
            
               5.OTHER ELEMENTS
            
            
               Not applicable 
            
            
               2018/0351 (NLE)
            
            
               Proposal for a
            
            
               COUNCIL DECISION
            
            
               on the position to be adopted, on behalf of the European Union, 
                  within the EEA Joint Committee, concerning an amendment to 
                  Annex IX (Financial Services) to the EEA Agreement
               
                  (Omnibus II) 
               
            
               (Text with EEA relevance)
            
            
               THE COUNCIL OF THE EUROPEAN UNION,
            
            
               Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 50, 53, 62, and 114 in conjunction with Article 218(9) thereof,
            
            
               Having regard to Council Regulation (EC) No 2894/94 of 28 November 1994 concerning arrangements for implementing the Agreement on the European Economic Area
                  3
               , and in particular Article 1(3) thereof 
            
            
               Having regard to the proposal from the European Commission,
            
            
               Whereas:
            
         
         
            
               (1)The Agreement on the European Economic Area
                  4
                ('the EEA Agreement') entered into force on 1 January 1994.
            
            
               (2)Pursuant to Article 98 of the EEA Agreement, the EEA Joint Committee may decide to amend, inter alia, amend Annex IX to the EEA Agreement, which contains provisions on financial services.
            
            
               (3)Directive 2014/51/EU of the European Parliament and of the Council
                  5
                is to be incorporated into the EEA Agreement.
            
            
               (4)Annex IX to the EEA Agreement should therefore be amended accordingly. 
            
            
               (5)The position of the Union within the EEA Joint Committee should therefore be based on the attached draft decision,
            
            
               HAS ADOPTED THIS DECISION: 
            
            
               Article 1
            
            
               The position to be adopted, on behalf of the Union, within the EEA Joint Committee on the proposed amendment to Annex IX (Financial Services) to the EEA Agreement, shall be based on the draft decision of the EEA Joint Committee attached to this Decision.
            
            
               Article 2
            
            
               This Decision shall enter into force on the date of its adoption.
            
            
               Done at Brussels,
            
            
               
                     For the Council
               
               
                     The President
               
            
         
         
            
                  
                     (1)
                  
                        Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), OJ L 153, 22.5.2014, p. 1.
               
               
                  
                     (2)
                  
                        OJ L 305, 30.11.1994, p. 6–8
               
               
                  
                     (3)
                  
                        OJ L 305, 30.11.1994, p. 6.
               
               
                  
                     (4)
                  
                        OJ L 1, 3.1.1994, p. 3. 
               
               
                  
                     (5)
                  
                        Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), OJ L 153, 22.5.2014, p. 1.
               
            
      
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               EUROPEAN COMMISSION
            Brussels, 12.10.2018
            COM(2018) 682 final
            ANNEX
            to the
            Proposal for a Council Decision 
            on the position to be adopted, on behalf of the European Union, within the EEA JointCommittee concerning an amendment to Annex IX (Financial Services) to the EEA Agreement(OMNIBUS II)
            
               
         
         
            
               ANNEX
               
                  DECISION OF THE EEA JOINT COMMITTEE 
                  No 
            
            
               of 
            
            
               amending Annex IX (Financial services) to the EEA Agreement
            
            
               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)Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)
                  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
            
            
               Annex IX to the EEA Agreement shall be amended as follows:
            
            
               1.Point 1 (Directive 2009/138/EC of the European Parliament and of the Council) is amended as follows:
            
            
               (i)the following indent is added:
            
            
               ‘-32014 L 0051: Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 (OJ L 153, 22.5.2014, p. 1).’;
            
            
               (ii)the following adaptations are added:
            
            
               ‘(k)References to the powers of EIOPA under Articles 18 and 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council in the Directive shall be understood as referring, in the cases provided for in and in accordance with point 31h of this Annex, to the powers of the EFTA Surveillance Authority as regards the EFTA States.
            
            
               (l)In Articles 52(3) and 77f(1), the words “, the EFTA Surveillance Authority, the Standing Committee of the EFTA States” shall be inserted after the words “the Council”.
            
            
               (m)In Article 65a, the words “or, as the case may be, the EFTA Surveillance Authority” shall be inserted after the word “EIOPA”.
            
            
               (n)In Article 70, references to “central banks of the European System of Central Banks (ESCB)” and “central banks of the ESCB” shall be understood to include, in addition to their meaning in the Directive, the national central banks of the EFTA States.
            
         
         
            
                (o)In Article 138(4), as regards the EFTA States, the word “EIOPA” shall read “the EFTA Surveillance Authority” and the words “as declared by EIOPA” shall read “as declared by the EFTA Surveillance Authority on the basis of drafts prepared by EIOPA”.
            
            
               (p)Information originating in the EFTA States shall not be exchanged by EIOPA as part of cooperation arrangements concluded with third country or their authorities pursuant to Articles 172(4)(e) or 260(5)(e) without the express agreement of the authorities which have disclosed it and, where appropriate, solely for the purposes for which those authorities gave their agreement.
            
            
               (q)In Article 308b(15), as regards the EFTA States, the words “23 May 2014” shall read “the date of entry into force of Decision of the EEA Joint Committee No …/… of … [this decision]”.’.
            
            
               2.The following indent is added in points 29b (Directive 2003/71/EC of the European Parliament and of the Council), 31eb (Regulation (EC) No 1060/2009 of the European Parliament and of the Council) and 31i (Regulation (EU) No 1095/2010 of the European Parliament and of the Council):
            
            
               ‘-32014 L 0051: Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 (OJ L 153, 22.5.2014, p. 1).’
            
            
               3.The following is added in point 31h (Regulation (EU) No 1094/2010 of the European Parliament and of the Council):
            
            
               ‘, as amended by:
            
            
               -32014 L 0051: Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 (OJ L 153, 22.5.2014, p. 1).’
            
            
               Article 2
            
            
               The text of Directive 2014/51/EU 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 […], provided that all the notifications under Article 103(1) of the EEA Agreement have been made
                  2*.
            
            
               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, .
            
            
               
                     For the EEA Joint Committee
               
               
                     The President
                     
                     
                     
                     The Secretaries
                     to the EEA Joint Committee
                     
               
            
            
         
         
            
                  
                     (1)
                  
                        OJ L 153, 22.5.2014, p. 1.
               
               
                  
                     (2)
                  *
                        [No constitutional requirements indicated.] [Constitutional requirements indicated.]