Considerations on COM(2022)706 - EU position concerning an amendment to Annex IX (Financial Services) to the EEA Agreement (Central Securities Depository - Liechtenstein)

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dossier COM(2022)706 - EU position concerning an amendment to Annex IX (Financial Services) to the EEA Agreement (Central Securities Depository - ...
document COM(2022)706 EN
date January 30, 2023
 
table>(1)The Agreement on the European Economic Area (2) (‘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, Annex IX thereof.

(3)Regulation (EU) No 909/2014 of the European Parliament and of the Council (3) was incorporated into EEA Agreement by Decision of the EEA Joint Committee No 18/2019 (4) and is referred to in point 31bf of Annex IX to the EEA Agreement.

(4)Adaptation (c) in point 31bf of Annex IX to the EEA Agreement grants Liechtenstein a derogation to allow third-country Central Securities Depositories that already provide services referred to in Article 25(2) of Regulation (EU) No 909/2014 to financial intermediaries in Liechtenstein or that have already set up a branch in Liechtenstein to continue to provide such services referred to in that Article for a period not exceeding five years after the date of entry into force of Decision of the EEA Joint Committee No 18/2019.

(5)On 2 November 2022, Liechtenstein submitted a request for the extension of the derogation referred to in adaptation (c) in point 31bf of Annex IX to the EEA Agreement beyond 8 February 2024, for a period that should not exceed seven years.

(6)Annex IX to the EEA Agreement should therefore be amended to the effect that third-country Central Securities Depositories that already provide services referred to in Article 25(2) of Regulation (EU) No 909/2014 to financial intermediaries in Liechtenstein or that have already set up a branch in Liechtenstein are allowed to continue to provide such services for a period not exceeding seven years after the date of entry into force of the attached draft decision. Nevertheless, adaptation (c) in point 31bf of Annex IX to the EEA Agreement should be reviewed if Article 25 or 69 of Regulation (EU) No 909/2014 are amended during that period of time.

(7)The position of the Union within the EEA Joint Committee should therefore be based on the attached draft Decision,