EEA Annex IX Financial Services 2026: what changes for companies with activity in Norway, Iceland and Liechtenstein

Key data

If your company operates in the financial sector and has activity in one of the three EEA countries that are not EU members—Norway, Iceland or Liechtenstein—this decision directly affects you. Decision No. 89/2026 of the EEA Joint Committee, adopted on 20 March 2026 and published on 25 June 2026, modifies Annex IX on Financial Services of the Agreement on the European Economic Area, incorporating or adapting EU financial legislation for application in those territories.

The practical result: the regulatory conditions under which the European financial passport operates in the EEA change, and Spanish companies with cross-border activity in those markets must verify that they continue to meet the new requirements.

What does this regulation establish?

The Agreement on the European Economic Area (EEA) allows Norway, Iceland and Liechtenstein to participate in the European single market without being EU members. To do so, they must periodically incorporate EU legislation into their legal systems through decisions of the EEA Joint Committee.

Decision 89/2026 updates Annex IX, which specifically regulates financial services within that agreement. This means that one or more EU financial regulations—previously approved at community level—are now incorporated into the legal framework applicable in the three non-EU EEA countries.

The concrete effects of this modification are structured around two main axes:

• Incorporation of EU financial legislation: new rules or adaptations of European directives and regulations on financial matters become applicable in Norway, Iceland and Liechtenstein.
• European financial passport: the conditions under which an entity authorized in an EU Member State can operate in non-EU EEA countries (and vice versa) are updated in accordance with this decision.

Since the decision has retroactive effect from 20 March 2026—the date of adoption—but was published on 25 June 2026, there is a period in which the changes are already applicable even though many companies have not yet identified them.

Economic and operational impact

The impact is not of a direct sanctioning type with published figures, but of regulatory and operational risk for entities operating in the EEA. The main effects are:

• Review of the financial passport: entities using the European passport to operate in Norway, Iceland or Liechtenstein must verify that their authorization and access conditions remain valid under the new Annex IX framework.
• Adaptation of contracts and products: if the incorporation of new EU legislation affects specific financial products (insurance, investment funds, banking services), existing contracts in those markets may require adjustments.
• Compliance costs: legal review and operational adaptation generate internal costs or external advisory costs that must be budgeted.
• Market access risk: failing to adapt operations to new requirements may result in temporary or permanent loss of the right to operate in those markets under the financial passport regime.

Who does it affect?

• Spanish banks and credit institutions with branches, subsidiaries or provision of cross-border services in Norway, Iceland or Liechtenstein.
• Insurers and reinsurers that operate or distribute products in the non-EU EEA.
• Investment fund managers (UCITS, AIF) that market or manage assets in those markets.
• Investment service companies (ISCs, brokers, trading platforms) with cross-border activity in the EEA.
• CFOs and regulatory compliance directors of financial groups with presence in the EEA.
• Legal advisors and consultants providing services to financial entities with activity in Norway, Iceland or Liechtenstein.

Practical example

A Spanish fund manager that markets a UCITS fund in Norway through the European passport must verify whether the EU legislation incorporated by Decision 89/2026 into Annex IX of the EEA Agreement affects the conditions for registration, marketing or investor information applicable in that market.

If the new regulation incorporated modifies, for example, requirements for pre-contractual documentation or periodic reporting, the fund manager will need to update its processes before the next operation in that market. Failure to do so could mean that its financial passport becomes irregular before the Norwegian supervisor (Finanstilsynet), with the consequent risk of suspension of activity.

The same reasoning applies to a Spanish bank with a branch in Iceland or an insurer distributing products in Liechtenstein: the entry into force date is 20 March 2026, so the review period has already begun.

What should companies do now?

1. Identify if you operate in the non-EU EEA: confirm whether your entity has activity—direct or through financial passport—in Norway, Iceland or Liechtenstein.
2. Review the full text of Decision 89/2026: access the official source on EUR-Lex to identify what specific EU legislation has been incorporated into Annex IX and whether it affects your activity.
3. Audit the current financial passport: verify with your legal team or external advisor that the conditions of your authorization remain valid under the new regulatory framework.
4. Review contracts and active products in those markets: if the new regulation incorporated affects specific products or services, update the contractual documentation and operational processes.
5. Communicate with local supervisors if appropriate: in some cases, regulatory changes require notification or updating of the file with the supervisor of the corresponding EEA country.
6. Establish a continuous monitoring system: EEA Joint Committee decisions are published periodically. Implement a monitoring process to not miss future updates to Annex IX.

Official source

Consult complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202601287