Question ID: 710
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Article: 35
Status: Final
Date of submission: 02 Jun 2016
Question
In the Log it is stated: Where similar transactions with a related entity may be excluded from IGT reporting when considered individually against the thresholds for significant and very significant, these transactions must nevertheless be reported individually where collectively, they are at or above the corresponding threshold values for significant or very significant IGTs.
Coud EIOPA confirm:
1. Is the threshold applied on market or nominal value?
2. What exactly we can understand under the term "similar transaction"? We apply the threshold on individual transactions. Do we need to make a sum of transactions with the same counterparty and apply the second threshold?
Example: if we have two transactions with the same counterparty in value 60 and 50, these are below the threshold, but the sum of these transactions exceeds the threshold set. Do or do not we need to report these transactions?
EIOPA answer
1. It is expected that usually a nominal value should be considered, but this may differ depending on the type of the transaction. Therefore we advise to contact a relevant group supervisor in case of doubts.
2. The similarity of the transactions should be assessed on the basis of the type of the transaction. In case of doubts please contact with the group supervisor. If the transactions mentioned in the example are determined as similar and the sum of their value exceeds the threshold, both transactions should be individually reported.