1.12.2009 Official Journal of the European Union L 314/21 COMMISSION REGULATION (EC) No 1165/2009 of 27 November 2009 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 4 and IFRS 7 (Text with EEA relevance) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ('), and in particular Article 3(1) thereof, Whereas: (1) By Commission Regulation (EC) No 1126/2008 (3 certain international standards and interpretations that were in existence on 15 October 2008 were adopted. 20 On 5 March 2009, the International Accounting Standards Board (IASB) published amendments to Inter- national Financial Reporting Standard (IFRS) 4 Insurance Contracts and IFRS 7 Financial Instruments: Disclosures here- inafter ‘amendments to IFRS 4 and 7’. The amendments to IFRS 4 and IFRS 7 aim at requiring enhanced disclosures about fair value measurements and liquidity risk associated with financial instruments. (3)  The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the amendments to IFRS 4 and IFRS 7 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. In accordance with Commission Decision 2006/505/EC of 14 July 2006 setting up a Standards Advice Review Group to advise the Commission on the objectivity and neutrality of the European Financial Reporting Advisory Group’s (EFRAG’s) opinions (°), the Standards Advice Review Group considered EFRAG's opinion on endorsement and advised the Commission that it is well-balanced and objective. (4)  Regulation (EC) No 1126/2008 should therefore be amended accordingly. (5)  The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regu- latory Committee, HAS ADOPTED THIS REGULATION: Article 1 The Annex to Regulation (EC) No 1126/2008 is amended as follows: 1. International Financial Reporting Standard (IFRS) 4 is amended as set out in the Annex to this Regulation; 2. IFRS 7 is amended as set out in the Annex to this Regu- lation. Article 2 Each company shall apply the amendments to IFRS 4 and IFRS 7, as set out in the Annex to this Regulation, at the latest, as from the commencement date of its first financial year starting after 31 December 2008. Article 3 This Regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 27 November 20009. () OJ L 243, 11.9.2002, p. 1. (3 OJ L 320, 29.11.2008, p. 1. For the Commission Charlie McCREEVY Member of the Commission () O] L 199, 21.7.2006, p. 33.