Explanatory Memorandum to COM(2018)683 - EU position concerning an amendment to Annex IX (Financial Services) to the EEA Agreement - Main contents
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| dossier | COM(2018)683 - EU position concerning an amendment to Annex IX (Financial Services) to the EEA Agreement. |
|---|---|
| source | COM(2018)683  |
| date | 12-10-2018 |
1. CONTEXT OF THE PROPOSAL
• Reasons for and objectives of the proposal
The two draft Decisions of the EEA Joint Committee (annexed to the proposed Council Decision) aim to amend Annex IX (Financial Services) to the EEA Agreement in order to incorporate the Transfer of Funds Regulation 1 and the Fourth Anti-Money Laundering Directive 2 including its supplementing Commission Delegated Regulation 3 .
The adaptations appearing in the drafts of the annexed Decisions 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 Decisions extend 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 Article 114 of the Treaty on the Functioning of the European Union.
Article 1(3) of Council Regulation (EC) No 2894/94 4 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 Decisions of the EEA Joint Committee for adoption by the Council as the Union’s position. The EEAS would hope to be able to present them 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 acts into the EEA Agreement.
5. OTHER ELEMENTS
Not applicable