Question ID: 905
Regulation Reference: Guidelines on reporting and public disclosure
Article: 35
Status: Final
Date of submission: 14 Dec 2016
Question
The language of this particular requirement is hard to read, making it difficult to understand what is to be reported here. Please be so kind as to give us some guidance on the requested information.
EIOPA answer
The paragraph in question is only applicable for undertakings that have been exempted by the NSA to report information regarding the external rating in the template list of assets under the conditions stated in the General comments to templates S.06.02 and S.08.01 included in the Annex II Instructions regarding reporting templates for individual undertakings (included in Commission Implementing regulation 2015/2450).
In the cases where such exemption was given due to outsourcing agreements between the undertaking and a service provider (e.g. asset managers) undertakings should explain the procedures implemented by the undertaking to oversight and safeguard the compliance of the requirements in the referred area (e.g. risk management of investments and specific outsourcing requirements) and how it is guaranteed that all relevant information underlying the investment portfolio is taken into account in the risk management.