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Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2015/35, CHAPTER VIII is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1 Deleted by Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings (Text with EEA relevance).
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Textual Amendments
F1 Deleted by Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings (Text with EEA relevance).
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Textual Amendments
F1 Deleted by Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings (Text with EEA relevance).
[F21. Where insurance and reinsurance undertakings become aware that the originator, sponsor or original lender fails to comply with the requirements [F3imposed in relation to risk retention by securitisation rules], or insurance or reinsurance undertakings become aware that the requirements [F4imposed by PRA rules in relation to due diligence before the holding of a securitisation position] are not being complied with, they shall inform the [F5PRA] immediately.
[F61A.In paragraph 1 “securitisation rules” means—
(a)in relation to an originator, sponsor or original lender who is a PRA-authorised person, PRA rules relating to securitisation;
(b)in relation to any other originator, sponsor or original lender, rules made by the FCA by virtue of regulation 5 of the Securitisation Regulations 2024.]
2. Where the requirements [F7imposed by PRA rules in relation to due diligence before the holding of a securitisation position] are not fulfilled in any respect by reason of the negligence or omission of the insurance or reinsurance undertaking, the [F8PRA] shall impose a proportionate increase to the Solvency Capital Requirement in accordance with paragraph 3 of this Article.]
3.Where the standard formula is used for the calculation of spread risk as referred to in Article 178, for the purposes of the calculation of the increased Solvency Capital Requirement referred to in paragraph 2 of this Article, the capital requirement for spread risk of the relevant securitisation positions shall be based on risk factors as referred to in Article 178, but increased by no less than 250 % of those risk factors.
[F24. The risk factors shall be progressively increased with each subsequent breach of the requirements [F9mentioned in paragraph 2].
5. Where insurance and reinsurance undertakings fail to comply with any requirement [F10imposed by PRA rules in relation to due diligence during the holding of a securitisation position], by reason of their negligence or omission, the supervisory authorities shall assess whether that failure should be considered a significant deviation from the [F11standards of governance laid down in Title 1, Chapter IV, Section 2] of Directive 2009/138/EC.]
[F126.In this Article “PRA rules” means rules made by the PRA under section 137G of the Financial Services and Markets Act 2000.]
Textual Amendments
F2Substituted by Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings (Text with EEA relevance).
F3Words in Art. 257(1) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(2)(a)
F4Words in Art. 257(1) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(2)(b)
F5Word in Art. 257(1) substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 2(3)(a) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
F6Art. 257(1A) inserted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(3)
F7Words in Art. 257(2) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(4)
F8Word in Art. 257(2) substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 2(3)(a) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Art. 257(4) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(5)
F10Words in Art. 257(5) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(6)
F11Words in Art. 257(5) substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 2(3)(b) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
F12Art. 257(6) inserted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 28(7)
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