Question ID: 116
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 35
Template: S.06.02
Status: Final
Date of submission: 27 Jan 2015
Question
We have following questions regarding template S.06.02:
1. In the LOG of the cell A8 (Issuer name) it is stated, that this item is not aplicable to CIC category 9 – Property. However, in the LOG of the cells A9 (Issuer sector), A10 (Issuer Group), A11 (Issuer Country) it is stated, that this item is not applicable to CIC =95 – Plant and equipment (for own use). We think that the application of these cells should be consistent for all the mentioned cells. Could you, please clarify, which definition is correct?
2. In the LOG of the cells A7 (Item Title), A9 (Issuer Sector), A10 (Issuer Group), A11 (Issuer Country) it is stated, that this item is not applicable for CIC category 8 - Mortgages and loans (for mortgages and loans on individuals, as those assets are not required to be individualized). Does it mean that these cells are not also applicable for loans provided to individual undertakings?
3. In the definiton of the CIC country code it is stated that if the asset is listed in more than one country, the country should be the one used as the reference for valuation purposes. Which CIC country code should be used in case that the asset is valued according to Bloomberg BGN price? Should the code XL (assets that are not listed in a stock exchange) be used?
EIOPA answer
1. In fact the cells A9 (Issuer sector), A10 (Issuer Group) and A11 (Issuer Country) are not applicable to CIC 9 – Property. This will be amended in the LOG under development for the Technical Standard.
2. cells A7 (Item Title), A9 (Issuer Sector), A10 (Issuer Group) are not applicable to CIC category 8 – Mortgages and Loans (for mortgages and loans to natural persons, as those assets are not required to be individualised). Loans to undertakings have to be individualised and these cells shall be reported. Cell A11 (Issuer Country) is not applicable to all CIC category 8 – Mortgages and Loans.
3. If the asset is listed in more than one country, the country shall be the one of the most liquid regulated market. This definition is no longer linked to the references used for the valuation. In this case the country code of the RM or MTF should be used.