6 Amendments of Antonio TAJANI related to 2021/0295(COD)
Amendment 267 #
Proposal for a directive
Recital 40
Recital 40
(40) For the purposes of calculating their own funds under Regulation (EU) No 575/2013 of the European Parliament and of the Council23 , institutions which belong to financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council24 may be permitted not to deduct their significant investments in insurance or reinsurance undertakings, provided that certain criteria are met. There is a need to ensure that prudential rules applicable to insurance or reinsurance undertakings and credit institutions allow for an appropriate level- playing field between banking-led and insurance-led financial groups. Therefore, insurance or reinsurance undertakings should also be permitted not to deduct from their eligible own funds participations in credit and financial institutions, subject to similar conditions and to apply a capital requirement factor based on the market risk module, calculated in accordance with Directive 2009/138/EC, to the participations in credit and financial institutions. In particular, either group supervision in accordance with Directive 2009/138/EC or supplementary supervision in accordance with Directive 2002/87/EC should apply to a group encompassing both the insurance or reinsurance undertaking and the related institution. In addition, the institution should be an equity investment of strategic nature for the insurance or reinsurance undertaking and supervisory authorities should be satisfied as to the level of integrated management, risk management and internal controls regarding the entities in the scope of group supervision or supplementary supervision. __________________ 23 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 24 Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ L 35, 11.2.2003, p. 1).
Amendment 610 #
Proposal for a directive
Article 1 – paragraph 1 – point 41 – point a
Article 1 – paragraph 1 – point 41 – point a
Directive (EU) 138/2009
Article 92 – paragraph 1a – subparagraph 1
Article 92 – paragraph 1a – subparagraph 1
1a. The Commission shall adopt delegated acts in accordance with Article 301a specifying the treatment of participations, within the meaning of Article 212(2), third subparagraph, in financial and credit institutions with respect to the determination of own funds, including: (i) approaches to deductions from the basic own funds of an insurance or reinsurance undertaking of material participations in credit and financial institutions; (ii) the market risk module to be applied by insurance and reinsurance undertakings and groups to the participations in credit and financial institutions pursuant to this Article.
Amendment 739 #
Proposal for a directive
Article 1 – paragraph 1 – point 64 – point b
Article 1 – paragraph 1 – point 64 – point b
Directive 2009/138/EC
Article 214 – paragraph 2 – subparagraph 2 – point ii
Article 214 – paragraph 2 – subparagraph 2 – point ii
Amendment 744 #
Proposal for a directive
Article 1 – paragraph 1 – point 64 – point c
Article 1 – paragraph 1 – point 64 – point c
Before excluding the ultimate parent undertaking from group supervision pursuant to paragraph 2, point (b), the group supervisor shall consult EIOPA, and where applicable, other supervisory authorities concerned, and shall assess the impact of exercising group supervision at the level of an intermediate participating undertaking on the solvency position of the group. In particular, such an exclusion shall not be possible if it would result in a material improvement in the solvency position of the group.;
Amendment 747 #
Proposal for a directive
Article 1 – paragraph 1 – point 70
Article 1 – paragraph 1 – point 70
Directive 2009/138/EC
Article 228 – paragraph 1 – introductory part
Article 228 – paragraph 1 – introductory part
1. Irrespective of the method used in accordance with Article 220 of this Directive, for the purpose of calculating the group solvency, when participations in related undertakings from other financial sectors represent 20% or more of the voting rights or capital of the undertakings, the participating insurance or reinsurance undertaking shall take into account the contribution to the group eligible own funds and to the group Solvency Capital Requirement of the following undertakings:
Amendment 752 #
Proposal for a directive
Article 1 – paragraph 1 – point 70
Article 1 – paragraph 1 – point 70
Directive (EU) 138/2009
Article 228 – paragraph 5 a (new)
Article 228 – paragraph 5 a (new)
5a. For participations in related undertakings from other financial sectors different to those referred to in paragraph 1, participating undertakings shall apply a capital requirement according to a market risk module approach.