Commission Implementing Regulation (EU) 2016/1868 of 20 October 2016 amending and correcting Implementing Regulation (EU) 2015/2450 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)⁽¹⁾, and in particular the third subparagraph of Article 35(10), the third subparagraph of Article 244(6) and the second subparagraph of Article 245(6) thereof,

Whereas:

1. On 2 April 2016, Commission Delegated Regulation (EU) 2016/467⁽²⁾, amending Delegated Regulation (EU) 2015/35⁽³⁾ entered into force. Delegated Regulation (EU) 2016/467 introduced a new asset class into the insurance prudential legislative framework for qualifying infrastructure investments. This new infrastructure asset class was framed by criteria to ensure that these investments exhibit a sound risk profile and receive a revised calibration, lowering the capital requirements, based on fulfilling those strict criteria.

2. Delegated Regulation (EU) 2016/467 also extended to European Long-Term Investment Funds (ELTIFs) the specific treatment in Delegated Regulation (EU) 2015/35 for European Venture Capital Funds and European Social Entrepreneurship Funds and amended Article 168 of that Delegated Regulation to provide for equivalent treatment to equities traded on multilateral trading facilities (MTFs) as those listed on regulated markets.

3. Commission Implementing Regulation (EU) 2015/2450⁽⁴⁾ lays down the reporting templates that insurance and reinsurance undertakings must use for reporting information to the supervisory authorities that is necessary for the purposes of supervision. In order to ensure that supervisory authorities receive appropriate information for the purposes of the supervisory review process also on qualifying infrastructure investments made by insurance and reinsurance undertakings as well as investments in ELTIFs and equities traded on MTFs, the templates for reporting by these undertakings to supervisory authorities, as laid down in Implementing Regulation (EU) 2015/2450, should be amended accordingly.

4. Implementing Regulation (EU) 2015/2450 includes several minor drafting errors which should be corrected accordingly.

5. This Regulation is based on the draft implementing technical standards submitted by the European Supervisory Authority (European Insurance and Occupational Pensions Authority) to the Commission.

6. The European Supervisory Authority (European Insurance and Occupational Pensions Authority) has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Insurance and Reinsurance Stakeholder Group established by Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council⁽⁵⁾,

HAS ADOPTED THIS REGULATION: