The EEA links the EU member states and three EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same basic … They are located just off the coast of France, in the English Channel. This includes: • nationals of any state belonging to the European Economic Area; • residents of the British Islands or in a British Overseas Territory; The EFTA Surveillance Authority performs the European Commission's role as "guardian of the treaties" for the EFTA countries to ensure the EEA Agreement is being followed. The European Economic Area (EEA) comprises the countries of the European Union (EU), plus Iceland, Liechtenstein and Norway and was established on 1 January 1994.. This agreement was set out in Protocol 3. The amendments to the Brexit Law do three main things: repeal the European Economic Area (Bailiwick of Guernsey) Law, 1996, make lasting provision for the remaining Parts of the EU Withdrawal Agreement and for the EEA EFTA separation agreement, and [4][13] The United Kingdom transitionally continues to be an EEA member after it withdrew from the EU on 31 January 2020, and entered into a transition period ending 31 December 2020. Similarly, an aircraft can be registered in Guernsey by its legal or beneficial owner or, if applicable, a charterer by demise, which in each case must be a 'qualified person'. In terms of membership, the main difference between the EU and the EEA is that the latter consists of three more countries, which are: The EEA is a Single Market of member states, which have to implement all EU legislation in the field of the Single Market. The main difference between the two is that to join the EEA it is necessary first to join EFTA. However, there is a formal relationship between the Channel Islands and the EU which is governed by Protocol 3 to the UK's Act of Accession to the European Economic Community in 1972 ("Protocol 3"). All Guernsey funds are eligible to be marketed into the European Union and European Economic Area (“EEA”) in accordance with the provisions of the AIFMD through both: 1. national private placement regimes; and 2. The agreement entered into force on December 6, 2005, following the enlargement of the European Union in 2004. The contracting parties are the EU, its member states, and Iceland, Liechtenstein, Norway, and the United Kingdom.[8]. The States of Guernsey is urging local businesses to review an updated "essential guide" before the end of the UK Brexit transition period. Funds established in Guernsey do not, therefore, have access to the UCITS passport. You will need to comply with the residency requirements demanded over the five to six years needed to stay in Guernsey to become eligible for citizenship. The EEA Treaty is a commercial treaty and differs from the EU Treaties in certain key respects. funds for sale to retail clients in South Africa. The European Economic Area (EEA) was established via the Agreement on the European Economic Area, an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association. Once approved at the EEA Joint Committee, it is part of the EEA Agreement, and the EFTA states within the EEA must implement it in their national law.[73]. However, he stated that Norway was open to the possibility of EFTA membership for the microstates if they decide to submit an application, and that the country had not made a final decision on the matter. Rather than setting up pan-EEA institutions, the activities of the EEA are regulated by the European Union institutions, as well as the EFTA Surveillance Authority and the EFTA Court. All Guernsey funds are eligible to be marketed into the European Union and European Economic Area (“EU / EEA”) in accordance with the Alternative… However, a country does not need to be part of the EEA, to participate in the EFTA. Of the original agreement, or a subsequent agreement on participation of that particular state in the EEA. Additionally, some choose to take part in EU programmes such as Trans-European Networks and the European Regional Development Fund. The right to free movement of persons between EEA member states and the relevant provisions on safeguard measures are identical to those applying between members of the EU. The 31 states + EU signed an agreement on the participation of one new state in the EEA on 11 April 2014 following the enlargement of the European Union in 2013. 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