Commission Implementing Regulation (EU) 2016/1630 of 9 September 2016 laying down implementing technical standards with regard to the procedures for the application of the transitional measure for the equity risk sub-module in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)

1 Where the weight for the standard parameter referred to in point (b) of the first subparagraph of Article 308b(13) of Directive 2009/138/EC is lower than 100 %, insurance and reinsurance undertakings shall keep a record of the equities referred to in Article 173 of Delegated Regulation (EU) 2015/35 and the dates of their purchase. Where those equities are held within a collective investment undertaking or other investments packaged as funds and the look-through approach is not possible, undertakings shall only keep a record of the units or shares of the collective investment undertaking or other investment packaged as funds to which Article 173(2) applies and the dates of their purchase.

2 Insurance and reinsurance undertakings shall provide the supervisory authority with all the information necessary related to those equities, units and shares, and with documentary evidence of the date of purchase, upon request.

3 The records referred to in paragraph 1 shall be updated each time the insurance or reinsurance undertaking calculates the solvency capital requirement using the transitional measure set out in Article 308b(13) of Directive 2009/138/EC.

4 Where insurance and reinsurance undertakings sell equities, units or shares as referred to in paragraph 1 bought on or before 1 January 2016 and then purchase equities, units or shares of the same kind after 1 January 2016, insurance and reinsurance undertakings shall ensure that the remaining equities, units or shares bought on or before 1 January 2016 can be identified in accordance with paragraph 1.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.