Version in force , Modified +56 −80§
Amended by Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2018-12-31, 2024-12-31 · dates removed: 2014-01-01, 2022-12-31
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Explanation, written by a model and checked against the cited text
The derogation period in paragraph 1 changed from running from 1 January 2014 to 31 December 2022 to running from 31 December 2018 to 31 December 2024, and the reference date in point (c) for the 15% threshold was likewise extended from 31 December 2022 to 31 December 2024.
The opening clause changed from stating that competent authorities may permit institutions not to deduct such holdings to stating that institutions themselves may choose not to deduct them.
Point (a) was altered so that it now references the conditions in points (a) and (e) of Article 49(1), removing the earlier reference to point (c) of that Article.
Cited: Art. 471, v1 (external, EUR-Lex) · Art. 471, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 26 April 2019 02013R0575-20190426 → this version, in force 27 June 2019 02013R0575-20190627
Article 471
Exemption from Deduction of Equity Holdings in Insurance Companies from Common Equity Tier 1 Items
1. By way of derogation from Article 49(1), during the period from 1 January 2014 31 December 2018 to 31 December 2022, competent authorities 2024, institutions may permit institutions choose not to not deduct equity holdings in insurance undertakings, reinsurance undertakings and insurance holding companies where the following conditions are met:
(a) the conditions laid down set out in points (a), (c) and (e) of Article 49(1);
(b) the competent authorities are satisfied with the level of risk control and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking or holding company;
(c) the equity holdings of the institution in the insurance undertaking, reinsurance undertaking or insurance holding company do not exceed 15 % of the Common Equity Tier 1 instruments issued by that insurance entity as at 31 December 2012 and during the period from 1 January 2013 to 31 December 2022; 2024;
(d) the amount of the equity holding which is not deducted does not exceed the amount held in the Common Equity Tier 1 instruments in the insurance undertaking, reinsurance undertaking or insurance holding company as at 31 December 2012.
2. The equity holdings which are not deducted pursuant to paragraph 1 shall qualify as exposures and be risk weighted at 370 %.