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

Key data

If your financial entity operates with counterparties in Norway, Iceland or Liechtenstein, this decision directly affects you. The EEA Joint Committee approved on 20 March 2026 Decision No. 93/2026, which amends the Annex IX of the EEA Agreement — the one dedicated to financial services — to incorporate EU legislation applicable to the three EEA countries that are not members of the European Union.

The practical result is clear: counterparties in those countries will be subject to regulatory frameworks equivalent to European ones, which facilitates mutual recognition and regulatory equivalence in financial services across the expanded European internal market.

What does this regulation establish?

The European Economic Area (EEA) Agreement extends the EU internal market to three non-member countries: Norway, Iceland and Liechtenstein. For this to work, the EEA Joint Committee periodically updates the annexes of the Agreement to incorporate EU legislation as it is approved.

Decision 93/2026 specifically amends Annex IX, which regulates financial services. With this amendment:

• EU legislative acts on financial matters that were not yet included in that annex are incorporated into the EEA Agreement.
• The regulatory homogeneity of the European financial internal market is guaranteed beyond EU borders.
• The basis for equivalence and mutual recognition in financial services between EU countries and the three non-EU EEA countries is established.
• Counterparties from Norway, Iceland and Liechtenstein are subject to regulatory frameworks equivalent to those applicable in Spain and the rest of the EU.

The decision was adopted on 20 March 2026 and published in the EU Official Journal on 25 June 2026, effective from the date of adoption.

Economic and operational impact

For Spanish financial entities, the impact is not one of immediate direct cost, but of compliance and contract review. The specific operational changes are:

• Confirmed regulatory equivalence: Counterparties in Norway, Iceland and Liechtenstein operate under frameworks equivalent to those of the EU, which can simplify due diligence processes and regulatory risk assessment.
• Necessary contract review: Any contract or compliance agreement that references the applicable regulatory framework in EEA countries must be verified to ensure that the newly incorporated acts do not alter the agreed conditions.
• Facilitated mutual recognition: The update to the annex strengthens the legal basis for the financial passport and recognition of authorizations between the EU and the three EEA countries.
• Retroactive effect from 20 March 2026: The decision is effective from its adoption, not from its publication, which means that the period between March and June 2026 is already covered by the new framework.

Who does it affect?

This decision directly or indirectly affects the following profiles:

• Banks and credit institutions with branches, subsidiaries or correspondent relationships in Norway, Iceland or Liechtenstein.
• Investment fund managers that market or manage assets in the three non-EU EEA countries.
• Investment service firms that operate under European passport in those territories.
• Insurance and reinsurance companies with cross-border operations in the EEA.
• Compliance departments of any financial entity with exposure to the EEA.
• Legal advisors and financial consultants advising entities with operations in these countries.
• CFOs and financial directors of business groups with subsidiaries in Norway, Iceland or Liechtenstein.

Practical example

A Spanish banking entity has a subsidiary in Norway through which it provides asset management services to institutional clients. Until now, service provision contracts referenced the Norwegian financial regulatory framework as "equivalent" to the European one in certain compliance clauses.

With the incorporation of new EU legislation into Annex IX of the EEA Agreement through Decision 93/2026, the compliance team of that entity must:

1. Identify which specific legislative acts have been incorporated into Annex IX.
2. Verify whether any of those acts modify the obligations of the Norwegian subsidiary or the conditions under which it operates.
3. Review contracts with institutional clients that include regulatory equivalence clauses to check whether they remain valid or require updating.

This review process is what any entity with operations in the three non-EU EEA countries should activate following the publication of this decision.

What should companies do now?

1. Identify exposure to non-EU EEA: Map all operations, contracts and relationships with entities in Norway, Iceland and Liechtenstein to determine the real scope of the impact.
2. Review the acts incorporated into Annex IX: Consult the full text of Decision 93/2026 to identify which EU legislation has been incorporated and whether any specific act affects your activity.
3. Audit contracts and compliance agreements: Verify that clauses referencing the regulatory framework of EEA countries remain valid under the updated new annex.
4. Update due diligence procedures: If the regulatory equivalence of EEA counterparties was used as an argument in risk assessment processes, confirm that it remains applicable with the newly incorporated acts.
5. Inform compliance and legal teams: Ensure that affected departments are aware of the decision and its effective date (20 March 2026), especially to cover the retroactive period.
6. Consult with a specialized advisor: If the entity has relevant operations in the three EEA countries, a specific legal review is recommended to determine the concrete impact of the incorporated acts.

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_202601242