EUROPEAN
COMMISSION
Brussels, XXX
[…](2015) XXX draft
COMMISSION IMPLEMENTING REGULATION (EU) No …/..
of XXX
on […]
COMMISSION IMPLEMENTING REGULATION (EU) …/... laying down implementing
technical standards with regard to the procedures for the application of the transitional
measure for the equity risk sub-module in accordance with Directive 2009/138/EC of the
European Parliament and of the Council
of […]
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2009/138/EC of 25 of November 2009 of the European Parliament and
of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency
II)1, and in particular the sixth subparagraph of Article 308b(13) thereof,
Whereas:
(1)
Insurance and reinsurance undertakings should adopt procedures for the appropriate
identification and documentation of the equities which are subject to the transitional
measure.
(2)
Each time insurance and reinsurance undertakings calculate the Solvency Capital
Requirement in accordance with the standard formula they should be able to identify any
changes affecting the amount of equities which are subject to the transitional measure.
(3)
Where insurance and reinsurance undertakings sell equities referred to in Article 173 of the
Commission Delegated Regulation 2015/352 and then buy back equities of the same kind
after 1 January 2016, the amount of equities subject to the transitional measure will reduce
from that initially recognised. The procedures should therefore ensure that equities subject to
the transitional measure can be distinguished from all other equities.
(4)
This Regulation is based on the draft implementing technical standards submitted by the
European Insurance and Occupational Pensions Authority to the Commission.
(5)
The European Insurance and Occupational Pensions Authority has conducted open public
consultations on the draft implementing technical standards on which this Regulation is
based, analysed the potential related costs and benefits and requested the opinion of the
Insurance and Reinsurance Stakeholder Group established by Article 37 of Regulation (EU)
No 1094/2010 of the European Parliament and of the Council3.
HAS ADOPTED THIS REGULATION:
Article 1
(1)
1
With regard to the equities referred to in Article 173 of Commission Delegated Regulation
(EU) 2015/35, where the weight for the parameter expressed in point (b) of the first
OJ L 335, 17.12.2009, p.1.
Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the
European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance
(Solvency II) (OJ L 12, 17.01.2015, p. 1).
3
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a
European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No
716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).
2
(2)
subparagraph of Article 308b(13) of Directive 2009/138/EC is lower than 100 %, insurance
and reinsurance undertakings shall do all of the following:
(a) document those equities;
(b) identify those equities each time they calculate the Solvency Capital Requirement using
the transitional measure laid down in Article 308b(13) of Directive 2009/138/EC;
(c) keep evidence for the date of purchase of those equities;
(d) upon request of the supervisory authority, provide all information necessary for the
identification of those equities.
The procedures set out in paragraph1 shall ensure that also where sales and purchases in the
same equities occur after 1 January 2016 the equities bought on or before 1 January 2016
can be identified.
.
Article 2
Entry into force
(1)
(2)
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, []
[For the Commission
The President]
[For the Commission
On behalf of the President]