(1)

Commission Delegated Regulation (EU) 2015/2205 of 6 August 2015 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation (1), Commission Delegated Regulation (EU) 2016/592 of 1 March 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation (2) and Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation (3) were incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 113/2018 of 31 May 2018 (4).

(2)

Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty (5) was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 83/2019 of 29 March 2019 (6).

(3)

Commission Delegated Regulation (EU) 2023/315 of 25 October 2022 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2015/2205, (EU) No 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types of contracts (7) was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 60/2023 of 17 March 2023 (8). Delegated Regulation (EU) 2023/315 sets the deferred date of application for the clearing obligation for OTC derivative contracts concluded between counterparties which are part of the same group and where one counterparty is established in a third country and the other counterparty is established in the EEA to 30 June 2025.

(4)

Commission Delegated Regulation (EU) 2023/314 of 25 October 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2016/2251 as regards the date of application of certain risk management procedures for the exchange of collateral (9) was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 60/2023 of 17 March 2023 (10). Delegated Regulation (EU) 2023/314 sets the deferred date of application of the bilateral margin requirements for OTC derivative contracts that are not cleared by a central counterparty and that are concluded between counterparties which are part of the same group and where one counterparty is established in a third country and the other counterparty is established in the EEA to 30 June 2025.

(5)

The deferred dates of application in Commission Delegated Regulations (EU) 2015/2205, (EU) 2016/592, (EU) 2016/1178 and (EU) 2016/2251 are necessary to ensure that such OTC derivative contracts are not subject to the clearing obligation before the adoption of an equivalence decision pursuant to Article 13(2) of Regulation (EU) No 648/2012.

(6)

Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (11) entered into force on 17 December 2024. Regulation (EU) 2024/2987 amends, inter alia, the framework for the regime for equivalence decisions in Article 13 of Regulation (EU) No 648/2012 and replaces the need for an equivalence decision with a list of third countries for which an exemption should not be granted.

(7)

Regulation (EU) 2024/2987 awaits incorporation into the EEA Agreement.

(8)

To ensure that intragroup transactions from the clearing obligation and the margin requirements are exempted in the EFTA States after 30 June 2025 and before Regulation (EU) 2024/2987 is incorporated into the EEA Agreement, this decision extends the deferred date of application in Commission Delegated Regulations (EU) 2015/2205, (EU) 2016/592, (EU) 2016/1178 and (EU) 2016/2251 until the entry into force of the Decision of the Joint Committee incorporating Regulation (EU) 2024/2987.

(9)

Annex IX to the EEA Agreement should therefore be amended accordingly,

1.

The following adaptation is inserted after adaptation (b)(ii) of point 31bcp (Commission Delegated Regulation (EU) 2015/2205):

2.

The following adaptation is inserted after adaptation (b)(ii) of point 31bcq (Commission Delegated Regulation (EU) 2016/592):

3.

The following adaptation is inserted after adaptation (b)(ii) of point 31bcr (Commission Delegated Regulation (EU) 2016/1178):

4.

Point 31bcs (Commission Delegated Regulation (EU) 2016/2251) shall be amended as follows: