Question ID: 86
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 212, 229, 35
Template: S.06.02
Status: Final
Date of submission: 06 Jun 2014
Question
In relation to QRT S.06.02, the definition of cell A16 is related to article 212 of the Solvency II Directive.
Meanwhile, the definition of the same cell A16 in the LOG of the consultation of July 2012 relates to article 229 of the Solvency II Directive.
This change is not identified in the Log of changes (Appendix III) by EIOPA.
Could you clarify which definition is correct?
EIOPA answer
In fact July 2012 report said: “Participation as defined in article 13(20) of Directive 2009/138/EC and relative to solo entity (for solo reporting). Identifies participations by the following criteria: included in group supervision except if deducted under art. 229 (G) and / or strategic (S).”
Preparatory Guidelines say: “Identify if an equity and other share or subordinated liability is a participation by using the following criteria: included in group supervision except if deducted under art. 212 and / or strategic.”
The wording of both LOGs are not contradicting but the most accurate is in fact the one in July 2012 report. EIOPA will consider this in the drafting of the Reporting Technical Standard.