direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer amend council direct eec eec eec eec eec eec direct ec ec european parliament council european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion econom social committe consult committe region regard opinion european central bank act accord procedur laid articl treati current commun legisl comprehens set rule prudenti supervis credit institut insur undertak invest firm stand basi credit institut insur undertak invest firm part bank invest firm group insur group group homogen financi activ develop financi market led creation financi group provid servic product sector financi market call financi conglomer form prudenti supervis group wide basi credit institut insur undertak invest firm part conglomer solvenc posit risk concentr level conglomer intra group transact intern risk manag process conglomer level fit proper charact manag conglomer biggest financi group activ financi market provid servic global basi conglomer credit institut insur undertak invest firm part conglomer face financi difficulti destabilis financi system affect individu depositor insur polici holder investor commiss action plan financi servic identifi seri action need complet singl market financi servic announc develop supplementari prudenti legisl financi conglomer address loophol present sector legisl addit prudenti risk ensur sound supervisori arrang regard financi group cross sector financi activ ambiti object attain stage establish supplementari supervis credit institut insur undertak invest firm financi conglomer stage intern forum identifi develop supervisori concept regard financi conglomer order effect supplementari supervis credit institut insur undertak invest firm financi conglomer appli conglomer cross sector financi activ signific case threshold reach matter structur supplementari supervis cover financi activ identifi sector financi legisl entiti princip engag activ includ scope supplementari supervis includ asset manag compani decis includ entiti scope supplementari supervis bear mind inter alia entiti includ group wide supervis sector rule compet author assess group wide level financi situat credit institut insur undertak invest firm part financi conglomer solvenc includ elimin multipl gear fund instrument risk concentr intra group transact financi conglomer manag busi line basi fulli coincid conglomer legal structur order account trend requir manag extend manag mix financi hold compani financi conglomer subject supplementari supervis coordin appoint compet author involv task coordin affect task respons compet author provid sector rule compet author involv coordin mean obtain entiti financi conglomer compet author inform perform supplementari supervis press increas collabor author respons supervis credit institut insur undertak invest firm includ develop ad hoc cooper arrang author involv supervis entiti belong financi conglomer credit institut insur undertak invest firm head offic commun part financi conglomer head commun regul entiti subject equival supplementari supervisori arrang achiev object result similar pursu provis direct end transpar rule exchang inform countri author relev circumst great import equival supplementari supervisori arrang assum exist countri supervisori author agre cooper compet author concern mean object exercis supplementari supervis regul entiti financi conglomer direct requir disclosur compet author financi conglomer committe inform subject oblig confidenti direct sector direct object propos action establish rule supplementari supervis credit institut insur undertak invest firm financi conglomer suffici achiev member state reason scale effect action achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object direct defin minimum standard member state lai stricter rule direct respect fundament right observ principl recognis charter fundament right european union measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss technic guidanc implement measur rule laid direct time time account develop financi market commiss empow adopt implement measur provid modifi essenti element direct exist sector rule credit institut insur undertak invest firm supplement minimum level avoid regulatori arbitrag sector rule financi conglomer council direct eec juli coordin law regul administr provis relat take pursuit busi direct insur life assur council direct eec march coordin law regul administr provis relat take pursuit busi direct life assur council direct eec june coordin law regul administr provis relat direct insur life insur life insur direct council direct eec novemb coordin law regul administr provis relat direct life assur life insur direct council direct eec march capit adequaci invest firm credit institut council direct eec invest servic secur field direct ec european parliament council octob supplementari supervis insur undertak insur group direct ec european parliament council march relat take pursuit busi credit institut amend object harmonis achiev stage base care analysi order assess prepar futur harmonis treatment asset manag compani sector rule commiss report member state practic field adopt direct chapter object definit articl object direct lai rule supplementari supervis regul entiti obtain authoris pursuant articl direct eec articl direct eec articl direct eec articl direct ec part financi conglomer amend relev sector rule appli entiti regul direct refer articl definit purpos direct quot credit institut quot credit institut mean subparagraph articl direct ec quot insur undertak quot insur undertak mean articl direct eec articl direct eec articl direct ec quot invest firm quot invest firm mean articl direct eec includ undertak refer articl direct eec quot regul entiti quot credit institut insur undertak invest firm quot asset manag compani quot manag compani mean articl council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit undertak regist offic commun requir authoris accord articl direct regist offic commun quot reinsur undertak quot reinsur undertak mean articl direct ec quot sector rule quot commun legisl relat prudenti supervis regul entiti laid direct eec eec ec eec eec ec quot financi sector quot sector compos entiti credit institut financi institut ancillari bank servic undertak mean articl direct ec bank sector insur undertak reinsur undertak insur hold compani mean articl direct ec insur sector invest firm financi institut mean articl direct eec invest servic sector mix financi hold compani quot parent undertak quot parent undertak mean articl seventh council direct eec june consolid account undertak opinion compet author effect exercis domin influenc undertak quot subsidiari undertak quot subsidiari undertak mean articl direct eec undertak opinion compet author parent undertak effect exercis domin influenc subsidiari undertak subsidiari undertak consid subsidiari undertak parent undertak quot particip quot particip mean sentenc articl fourth council direct eec juli annual account type compani direct indirect ownership vote right capit undertak quot group quot group undertak consist parent undertak subsidiari entiti parent undertak subsidiari hold particip undertak link relationship mean articl direct eec quot close link quot situat natur legal person link quot particip quot ownership direct control vote right capit undertak quot control quot relationship parent undertak subsidiari case refer articl direct eec similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person quot financi conglomer quot group meet subject articl condit regul entiti mean articl head group subsidiari group regul entiti mean articl regul entiti mean articl head group parent undertak entiti financi sector entiti hold particip entiti financi sector entiti link entiti financi sector relationship mean articl direct eec regul entiti mean articl head group group activ occur financi sector mean articl entiti group insur sector bank invest servic sector consolid aggreg activ entiti group insur sector consolid aggreg activ entiti bank invest servic sector signific mean articl subgroup group mean point meet criteria point consid financi conglomer quot mix financi hold compani quot parent undertak regul entiti subsidiari regul entiti head offic commun entiti constitut financi conglomer quot compet author quot nation author member state empow law regul supervis credit institut insur undertak invest firm individu group wide basi quot relev compet author quot member state compet author respons sector group wide supervis regul entiti financi conglomer coordin appoint accord articl author refer compet author concern relev opinion author refer opinion account market share regul entiti conglomer member state exce import conglomer regul entiti establish member state quot intra group transact quot transact regul entiti financi conglomer reli directli indirectli undertak group natur legal person link undertak group quot close link quot fulfil oblig contractu payment quot risk concentr quot exposur loss potenti born entiti financi conglomer larg threaten solvenc financi posit gener regul entiti financi conglomer exposur caus counterparti risk credit risk invest risk insur risk market risk risk combin interact risk articl threshold identifi financi conglomer purpos determin activ group occur financi sector mean articl ratio balanc sheet total regul regul financi sector entiti group balanc sheet total group exce purpos determin activ financi sector signific mean articl financi sector averag ratio balanc sheet total financi sector balanc sheet total financi sector entiti group ratio solvenc requir financi sector total solvenc requir financi sector entiti group exce purpos direct smallest financi sector financi conglomer sector smallest averag import financi sector financi conglomer sector highest averag purpos calcul averag measur smallest import financi sector bank sector invest servic sector consid cross sector activ presum signific mean articl balanc sheet total smallest financi sector group exce eur billion group reach threshold refer paragraph relev compet author decid common agreement regard group financi conglomer appli provis articl opinion inclus group scope direct applic provis inappropri mislead respect object supplementari supervis take account instanc fact rel size smallest financi sector exce measur term averag refer paragraph term balanc sheet total solvenc requir financi sector market share exce member state measur term balanc sheet total bank invest servic sector term gross premium written insur sector decis accord paragraph notifi compet author concern applic paragraph relev compet author common agreement exclud entiti calcul ratio case refer articl account complianc threshold envisag paragraph consecut year avoid sudden regim shift disregard complianc signific group structur financi conglomer identifi paragraph decis refer subparagraph paragraph basi propos made coordin financi conglomer applic paragraph relev compet author except case common agreement replac criterion base balanc sheet total paramet add paramet opinion paramet relev purpos supplementari supervis direct incom structur balanc sheet activ applic paragraph ratio refer paragraph fall conglomer subject supplementari supervis lower ratio appli year avoid sudden regim shift similarli applic paragraph balanc sheet total smallest financi sector group fall eur billion conglomer subject supplementari supervis lower figur eur billion appli year avoid sudden regim shift period refer paragraph coordin agreement relev compet author decid lower ratio lower amount refer paragraph ceas appli calcul refer articl balanc sheet made basi aggreg balanc sheet total entiti group annual account purpos calcul undertak particip held account amount balanc sheet total aggreg proport share held group consolid account aggreg account solvenc requir refer paragraph calcul accord provis relev sector rule articl identifi financi conglomer compet author authoris regul entiti basi articl identifi group fall scope direct purpos compet author authoris regul entiti group cooper close compet author opinion regul entiti authoris compet author member group financi conglomer identifi direct compet author commun view compet author concern coordin appoint accord articl inform parent undertak head group absenc parent undertak regul entiti largest balanc sheet total import financi sector group group identifi financi conglomer appoint coordin coordin inform compet author authoris regul entiti group compet author member state mix financi hold compani head offic commiss chapter ii supplementari supervis section scope articl scope supplementari supervis regul entiti refer articl prejudic provis supervis contain sector rule member state provid supplementari supervis regul entiti refer articl extent manner prescrib direct regul entiti subject supplementari supervis level financi conglomer accord articl regul entiti head financi conglomer regul entiti parent undertak mix financi hold compani head offic commun regul entiti link financi sector entiti relationship mean articl direct eec financi conglomer subgroup financi conglomer meet requir subparagraph member state appli articl regul entiti group refer direct term group financi conglomer understood refer group regul entiti subject supplementari supervis accord paragraph parent undertak regul entiti mix financi hold compani head offic commun subject supplementari supervis level financi conglomer extent manner prescrib articl person hold particip capit ti regul entiti exercis signific influenc entiti hold particip capit ti case refer paragraph relev compet author common agreement conform nation law determin extent supplementari supervis regul entiti carri constitut financi conglomer order appli supplementari supervis entiti regul entiti refer articl condit set articl met relev compet author decis take account object supplementari supervis provid direct purpos appli subparagraph quot cooper group quot compet author account public financi commit group respect financi entiti prejudic articl exercis supplementari supervis level financi conglomer impli compet author requir plai supervisori role relat mix financi hold compani countri regul entiti financi conglomer unregul entiti financi conglomer stand basi section financi posit articl capit adequaci prejudic sector rule supplementari supervis capit adequaci regul entiti financi conglomer exercis accord rule laid articl section chapter annex member state requir regul entiti financi conglomer ensur fund level financi conglomer equal capit adequaci requir calcul accord annex member state requir regul entiti place adequ capit adequaci polici level financi conglomer requir refer subparagraph subject supervisori overview coordin accord section coordin ensur calcul refer subparagraph carri year regul entiti mix financi hold compani result calcul relev data calcul submit coordin regul entiti mean articl head financi conglomer financi conglomer head regul entiti mean articl mix financi hold compani regul entiti financi conglomer identifi coordin consult relev compet author financi conglomer purpos calcul capit adequaci requir refer subparagraph paragraph entiti includ scope supplementari supervis manner extent defin annex credit institut financi institut ancillari bank servic undertak mean articl direct ec insur undertak reinsur undertak insur hold compani mean articl direct ec invest firm financi institut mean articl direct eec mix financi hold compani calcul supplementari capit adequaci requir regard financi conglomer appli method account consolid refer annex fund solvenc requir entiti group calcul appli sector rule form extent consolid laid articl direct ec annex direct ec appli method deduct aggreg book requir deduct refer annex calcul account proport share held parent undertak undertak hold particip entiti group quot proport share quot mean proport subscrib capit held directli indirectli undertak coordin decid includ entiti scope calcul supplementari capit adequaci requir case entiti situat countri legal impedi transfer inform prejudic sector rule oblig compet author refus authoris effect exercis supervisori function prevent entiti neglig interest respect object supplementari supervis regul entiti financi conglomer inclus entiti inappropri mislead respect object supplementari supervis entiti exclud pursuant subparagraph includ collect neglig interest case mention subparagraph coordin case urgenc consult relev compet author take decis coordin includ regul entiti scope case provid subparagraph compet author member state entiti situat entiti head financi conglomer inform facilit supervis regul entiti articl risk concentr prejudic sector rule supplementari supervis risk concentr regul entiti financi conglomer exercis accord rule laid articl section chapter annex ii member state requir regul entiti mix financi hold compani report regular basi annual coordin signific risk concentr level financi conglomer accord rule laid articl annex ii inform submit coordin regul entiti mean articl head financi conglomer financi conglomer head regul entiti mean articl mix financi hold compani regul entiti financi conglomer identifi coordin consult relev compet author financi conglomer risk concentr subject supervisori overview coordin accord section pend coordin commun legisl member state set quantit limit compet author set quantit limit supervisori measur achiev object supplementari supervis regard risk concentr level financi conglomer financi conglomer head mix financi hold compani sector rule risk concentr import financi sector financi conglomer appli sector includ mix financi hold compani articl intra group transact prejudic sector rule supplementari supervis intra group transact regul entiti financi conglomer exercis accord rule laid articl section chapter annex ii member state requir regul entiti mix financi hold compani report regular basi annual coordin signific intra group transact regul entiti financi conglomer accord rule laid articl annex ii definit threshold refer sentenc paragraph annex ii drawn intra group transact presum signific amount exce total amount capit adequaci requir level financi conglomer inform submit coordin regul entiti mean articl head financi conglomer financi conglomer head regul entiti mean articl mix financi hold compani regul entiti financi conglomer identifi coordin consult relev compet author financi conglomer intra group transact subject supervisori overview coordin pend coordin commun legisl member state set quantit limit qualit requir compet author set quantit limit qualit requir supervisori measur achiev object supplementari supervis regard intra group transact regul entiti financi conglomer financi conglomer head mix financi hold compani sector rule intra group transact import financi sector financi conglomer appli sector includ mix financi hold compani articl intern control mechan risk manag process member state requir regul entiti place level financi conglomer adequ risk manag process intern control mechan includ sound administr account procedur risk manag process includ sound govern manag approv period review strategi polici govern bodi level financi conglomer respect risk assum adequ capit adequaci polici order anticip impact busi strategi risk profil capit requir determin accord articl annex adequ procedur ensur risk monitor system integr organis measur ensur system implement undertak includ scope supplementari supervis consist risk measur monitor control level financi conglomer intern control mechan includ adequ mechan capit adequaci identifi measur materi risk incur appropri relat fund risk sound report account procedur identifi measur monitor control intra group transact risk concentr member state ensur undertak includ scope supplementari supervis pursuant articl adequ intern control mechan product data inform relev purpos supplementari supervis process mechan refer paragraph subject supervisori overview coordin section measur facilit supplementari supervis articl compet author respons exercis supplementari supervis coordin order ensur proper supplementari supervis regul entiti financi conglomer singl coordin respons coordin exercis supplementari supervis appoint compet author member state concern includ member state mix financi hold compani head offic appoint base criteria financi conglomer head regul entiti task coordin exercis compet author authoris regul entiti pursuant relev sector rule financi conglomer head regul entiti task coordin exercis compet author identifi accord principl parent regul entiti mix financi hold compani task coordin exercis compet author authoris regul entiti pursuant relev sector rule ii regul entiti head offic commun parent mix financi hold compani entiti authoris member state mix financi hold compani head offic task coordin exercis compet author regul entiti authoris member state regul entiti activ financi sector authoris member state mix financi hold compani head offic task coordin exercis compet author regul entiti activ import financi sector financi conglomer head mix financi hold compani head offic member state regul entiti state task coordin exercis compet author regul entiti largest balanc sheet total entiti financi sector compet author regul entiti import financi sector iii regul entiti head offic commun parent mix financi hold compani entiti authoris member state mix financi hold compani head offic task coordin exercis compet author authoris regul entiti largest balanc sheet total import financi sector iv financi conglomer group parent undertak top case task coordin exercis compet author authoris regul entiti largest balanc sheet total import financi sector case relev compet author common agreement waiv criteria refer paragraph applic inappropri take account structur conglomer rel import activ countri appoint compet author coordin case take decis compet author give conglomer opportun state opinion decis articl task coordin task carri coordin regard supplementari supervis includ coordin gather dissemin relev essenti inform concern emerg situat includ dissemin inform import compet author supervisori task sector rule supervisori overview assess financi situat financi conglomer assess complianc rule capit adequaci risk concentr intra group transact set articl assess financi conglomer structur organis intern control system set articl plan coordin supervisori activ concern emerg situat cooper relev compet author involv task measur decis assign coordin direct deriv applic direct order facilit establish supplementari supervis broad legal basi coordin relev compet author compet author concern coordin arrang place coordin arrang entrust addit task coordin procedur decis make process relev compet author refer articl cooper compet author coordin inform compet author accord sector rule contact author order prevent duplic report author involv supervis prejudic possibl deleg specif supervisori compet respons provid commun legisl presenc coordin entrust specif task supplementari supervis regul entiti financi conglomer affect task respons compet author provid sector rule articl cooper exchang inform compet author compet author respons supervis regul entiti financi conglomer compet author appoint coordin financi conglomer cooper close prejudic respect respons defin sector rule author establish member state provid inform essenti relev exercis author supervisori task sector rule direct regard compet author coordin commun request relev inform commun initi essenti inform cooper provid gather exchang inform regard item identif group structur major entiti belong financi conglomer compet author regul entiti group financi conglomer strateg polici financi situat financi conglomer capit adequaci intra group transact risk concentr profit financi conglomer major sharehold manag organis risk manag intern control system financi conglomer level procedur collect inform entiti financi conglomer verif inform advers develop regul entiti entiti financi conglomer affect regul entiti major sanction except measur compet author accord sector rule direct compet author exchang author inform need perform respect task regul entiti financi conglomer line provis laid sector rule central bank european system central bank european central bank prejudic respect respons defin sector rule compet author concern prior decis consult regard item decis import compet author supervisori task sharehold organis manag structur regul entiti financi conglomer requir approv authoris compet author major sanction except measur compet author compet author decid consult case urgenc consult jeopardis effect decis case compet author delai inform compet author coordin invit compet author member state parent undertak head offic exercis supplementari supervis pursuant articl parent undertak inform relev exercis coordin task laid articl transmit inform coordin inform refer articl compet author accord sector rule compet author respons exercis supplementari supervis appli mention author obtain inform member state authoris exchang inform compet author compet author author refer paragraph collect possess inform regard entiti financi conglomer regul entiti impli compet author requir plai supervisori role relat entiti stand basi inform receiv framework supplementari supervis exchang inform compet author compet author author provid direct subject provis profession secreci commun confidenti inform laid sector rule articl manag bodi mix financi hold compani member state requir person effect direct busi mix financi hold compani suffici good reput suffici experi perform duti articl access inform member state ensur legal impedi jurisdict prevent natur legal person includ scope supplementari supervis regul entiti exchang inform relev purpos supplementari supervis member state provid approach entiti financi conglomer regul entiti directli indirectli compet author respons exercis supplementari supervis access inform relev purpos supplementari supervis articl verif appli direct compet author specif case verifi inform entiti regul part financi conglomer situat member state compet author member state verif carri author receiv request framework compet act carri verif allow auditor expert carri allow author made request carri compet author made request wish particip verif carri verif articl enforc measur regul entiti financi conglomer compli requir refer articl requir met solvenc jeopardis intra group transact risk concentr threat regul entiti financi posit measur requir order rectifi situat coordin respect mix financi hold compani compet author respect regul entiti end coordin inform compet author find prejudic articl member state determin measur compet author respect mix financi hold compani compet author involv includ coordin coordin supervisori action articl addit power compet author pend harmonis sector rule member state provid compet author power supervisori measur deem order avoid deal circumvent sector rule regul entiti financi conglomer prejudic crimin law provis member state ensur penalti measur aim end observ breach breach impos mix financi hold compani effect manag infring law regul administr provis enact implement direct case measur requir intervent court compet author cooper close ensur penalti measur produc desir result section countri articl parent undertak commun prejudic sector rule case refer articl compet author verifi regul entiti parent undertak head offic commun subject supervis countri compet author equival provid provis direct supplementari supervis regul entiti refer articl verif carri compet author coordin criteria set articl appli request parent undertak regul entiti authoris commun initi compet author consult relev compet author account applic guidanc prepar financi conglomer committe accord articl purpos compet author consult committe take decis absenc equival supervis refer paragraph member state appli regul entiti analog provis supplementari supervis regul entiti refer articl altern compet author appli method set paragraph member state compet author appli method ensur supplementari supervis regul entiti financi conglomer method agre coordin consult relev compet author compet author requir establish mix financi hold compani head offic commun appli direct regul entiti financi conglomer head hold compani method achiev object supplementari supervis defin direct notifi compet author involv commiss articl cooper countri compet author articl direct ec articl direct ec appli mutati mutandi negoti agreement countri mean exercis supplementari supervis regul entiti financi conglomer commiss bank advisori committe insur committe financi conglomer committe examin outcom negoti refer paragraph result situat chapter iii power confer commiss committe procedur articl power confer commiss commiss adopt accord procedur refer articl technic adapt made direct area precis formul definit refer articl order account develop financi market applic direct precis formul definit refer articl order ensur uniform applic direct commun align terminolog frame definit direct accord subsequ commun act regul entiti relat matter precis definit calcul method set annex order account develop financi market prudenti techniqu coordin provis adopt pursuant articl annex ii view encourag uniform applic commun commiss inform public propos present accord articl consult interest parti prior submit draft measur financi conglomer committe refer articl articl committe commiss assist financi conglomer committe hereinaft refer quot committe quot refer made paragraph articl decis ec appli regard provis articl thereof period laid articl decis ec set month committe adopt rule procedur prejudic implement measur adopt expiri year period entri forc direct applic provis thereof requir adopt technic rule decis accord procedur refer paragraph suspend propos commiss european parliament council renew provis concern accord procedur laid articl treati end review prior expiri period refer committe give gener guidanc supplementari supervis arrang compet author countri achiev object supplementari supervis defin direct relat regul entiti financi conglomer head head offic commun committe guidanc review account supplementari supervis carri compet author committe inform member state principl appli supervis intra group transact risk concentr chapter iv amend exist direct articl amend direct eec direct eec amend articl insert quot articl compet author member state involv consult prior grant authoris insur undertak subsidiari insur undertak authoris member state subsidiari parent undertak insur undertak authoris member state control person natur legal control insur undertak authoris member state compet author member state involv respons supervis credit institut invest firm consult prior grant authoris insur undertak subsidiari credit institut invest firm authoris commun subsidiari parent undertak credit institut invest firm authoris commun control person natur legal control credit institut invest firm authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit quot subparagraph ad articl quot solvenc margin reduc item particip insur undertak hold insur undertak mean articl direct articl direct eec march coordin law regul administr provis relat take pursuit busi direct life assur articl direct ec european parliament council reinsur undertak mean articl direct ec insur hold compani mean articl direct ec credit institut financi institut mean articl direct ec european parliament council invest firm financi institut mean articl direct eec articl direct eec item insur undertak hold respect entiti defin hold particip instrument refer paragraph instrument refer articl direct eec subordin claim instrument refer articl articl direct ec share credit institut invest firm financi institut insur reinsur undertak insur hold compani held temporarili purpos financi assist oper design reorganis save entiti compet author waiv provis deduct refer fourth subparagraph altern deduct item refer fourth subparagraph insur undertak hold credit institut invest firm financi institut member state insur undertak appli mutati mutandi method annex direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer method account consolid appli compet author confid level integr manag intern control entiti includ scope consolid method chosen appli consist manner overtim member state provid calcul solvenc margin provid direct insur undertak subject supplementari supervis accord direct ec supplementari supervis accord direct ec deduct item refer fourth subparagraph held credit institut invest firm financi institut insur reinsur undertak insur hold compani includ supplementari supervis purpos deduct particip refer paragraph particip particip mean articl direct ec quot articl amend direct eec direct ec amend articl insert quot articl compet author member state involv consult prior grant authoris life assur undertak subsidiari insur undertak authoris member state subsidiari parent undertak insur undertak authoris member state control person natur legal control insur undertak authoris member state compet author member state involv respons supervis credit institut invest firm consult prior grant authoris life assur undertak subsidiari credit institut invest firm authoris commun subsidiari parent undertak credit institut invest firm authoris commun control person natur legal control credit institut invest firm authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit quot subparagraph ad articl quot solvenc margin reduc item particip assur undertak hold insur undertak mean articl direct articl direct eec articl direct ec european parliament council reinsur undertak mean articl direct ec insur hold compani mean articl direct ec credit institut financi institut mean articl direct ec european parliament council invest firm financi institut mean articl direct eec articl direct eec item assur undertak hold respect entiti defin hold particip instrument refer paragraph instrument refer articl direct eec subordin claim instrument refer articl articl direct ec share credit institut invest firm financi institut insur reinsur undertak insur hold compani held temporarili purpos financi assist oper design reorganis save entiti compet author waiv provis deduct refer subparagraph altern deduct item refer subparagraph insur undertak hold credit institut invest firm financi institut member state insur undertak appli mutati mutandi method annex direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer method account consolid appli compet author confid level integr manag intern control entiti includ scope consolid method chosen appli consist manner time member state provid calcul solvenc margin provid direct insur undertak subject supplementari supervis accord direct ec supplementari supervis accord direct ec deduct item refer subparagraph held credit institut invest firm financi institut insur reinsur undertak insur hold compani includ supplementari supervis purpos deduct particip refer paragraph particip particip mean articl direct ec quot articl amend direct eec direct eec amend paragraph insert articl quot acquir hold refer paragraph insur undertak credit institut invest firm authoris member state parent undertak entiti natur legal person control entiti result acquisit undertak acquir propos hold hold subsidiari subject control acquir assess acquisit subject prior consult refer articl direct eec quot articl replac quot articl prevent compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task prevent author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl quot articl amend direct eec direct eec amend paragraph insert articl quot acquir hold refer paragraph insur undertak credit institut invest firm authoris member state parent undertak entiti natur legal person control entiti result acquisit undertak acquir propos hold hold subsidiari subject control acquir assess acquisit subject prior consult refer articl direct eec quot articl replac quot articl prevent compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task prevent author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl quot articl amend direct eec articl direct eec indent replac quot financi hold compani financi institut subsidiari undertak exclus invest firm financi institut invest firm mix financi hold compani mean direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer mix activ hold compani parent undertak financi hold compani invest firm mix financi hold compani mean direct ec subsidiari includ invest firm quot articl amend direct eec direct eec amend articl paragraph ad quot compet author member state involv respons supervis credit institut insur undertak consult prior grant authoris invest firm subsidiari credit institut insur undertak authoris commun subsidiari parent undertak credit institut insur undertak authoris commun control person natur legal control credit institut insur undertak authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit quot articl replac quot acquir hold refer paragraph invest firm credit institut insur undertak authoris member state parent undertak invest firm credit institut insur undertak authoris member state natur legal person control invest firm credit institut insur undertak authoris member state result acquisit undertak acquir propos acquir hold acquir subsidiari control assess acquisit subject prior consult provid articl quot articl amend direct ec direct ec amend articl point replac quot particip undertak undertak parent undertak undertak hold particip undertak link undertak relationship mean articl direct eec relat undertak subsidiari undertak particip held undertak link undertak relationship mean articl direct eec insur hold compani parent undertak main busi acquir hold particip subsidiari undertak subsidiari undertak exclus insur undertak reinsur undertak member countri insur undertak subsidiari undertak insur undertak mix financi hold compani mean direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer mix activ insur hold compani parent undertak insur undertak member countri insur undertak reinsur undertak insur hold compani mix financi hold compani mean direct ec includ insur undertak subsidiari undertak quot articl sentenc ad quot compet author made request wish particip verif carri verif quot articl subparagraph replac quot member state requir insur undertak place adequ risk manag process intern control mechan includ sound report account procedur order identifi measur monitor control transact provid paragraph appropri member state requir annual report insur undertak compet author signific transact process mechan subject overview compet author quot articl insert quot articl cooper countri compet author commiss submit propos council request member state initi negoti agreement countri mean exercis supplementari supervis insur undertak particip undertak undertak mean articl head offic situat countri member countri insur undertak particip undertak undertak mean articl head offic commun agreement refer paragraph seek ensur compet author member state obtain inform supplementari supervis insur undertak head offic commun subsidiari hold particip undertak commun compet author countri obtain inform supplementari supervis insur undertak head offic territori subsidiari hold particip undertak member state commiss insur committe examin outcom negoti refer paragraph result situat articl manag bodi insur hold compani member state requir person effect direct busi insur hold compani suffici good reput suffici experi perform duti quot annex paragraph ad quot capit ti undertak insur group compet author determin proport share account quot annex point ad quot relat credit institut invest firm financi institut calcul adjust solvenc insur undertak particip undertak credit institut invest firm financi institut rule laid articl direct eec articl direct eec deduct particip appli mutati mutandi provis abil member state condit altern method particip deduct quot articl amend direct ec direct ec amend articl amend point replac quot particip purpos supervis consolid basi purpos point articl particip mean sentenc articl direct eec ownership direct indirect vote right capit undertak quot point replac quot financi hold compani financi institut subsidiari undertak exclus credit institut financi institut subsidiari credit institut mix financi hold compani mean direct ec european parliament council decemb supplementari supervis credit institut insur undertak invest firm financi conglomer mix activ hold compani parent undertak financi hold compani credit institut mix financi hold compani mean direct ec subsidiari includ credit institut quot articl paragraph ad quot compet author member state involv respons supervis insur undertak invest firm consult prior grant authoris credit institut subsidiari insur undertak invest firm authoris commun subsidiari parent undertak insur undertak invest firm authoris commun control person natur legal control insur undertak invest firm authoris commun relev compet author refer paragraph consult assess suitabl sharehold reput experi director involv manag entiti group inform inform suitabl sharehold reput experi director relev compet author involv grant authoris ongo assess complianc oper condit quot articl replac quot acquir hold refer paragraph credit institut insur undertak invest firm authoris member state parent undertak credit institut insur undertak invest firm authoris member state natur legal person control credit institut insur undertak invest firm authoris member state result acquisit institut acquir propos hold hold subsidiari subject control acquir assess acquisit subject prior consult refer articl quot articl amend subparagraph point replac quot hold credit financi institut amount capit subordin claim instrument refer articl articl credit institut hold respect credit financi institut hold exceed capit case hold credit financi institut capit subordin claim instrument refer articl articl credit institut hold respect credit financi institut refer point subparagraph respect amount total hold subordin claim instrument exce credit institut fund calcul deduct item point subparagraph particip mean articl credit institut hold insur undertak mean articl direct eec articl direct eec articl direct ec european parliament council reinsur undertak mean articl direct ec insur hold compani mean articl direct ec item credit institut hold respect entiti defin point hold particip instrument refer articl direct eec instrument refer articl direct eec quot subparagraph replac quot share credit institut financi institut insur reinsur undertak insur hold compani held temporarili purpos financi assist oper design reorganis save entiti compet author waiv provis deduct refer point altern deduct item refer point member state credit institut appli mutati mutandi method annex direct ec method account consolid appli compet author confid level integr manag intern control entiti includ scope consolid method chosen appli consist manner time member state provid calcul fund stand basi credit institut subject supervis consolid basi accord chapter supplementari supervis accord direct ec deduct item refer point held credit institut financi institut insur reinsur undertak insur hold compani includ scope consolid supplementari supervis provis appli prudenti rule harmonis commun act quot articl replac quot member state appli limit laid paragraph hold insur compani defin direct eec direct eec reinsur compani defin direct ec quot sentenc articl replac quot prejudic articl consolid financi situat financi hold compani impli compet author requir plai supervisori role relat financi hold compani stand basi quot articl amend paragraph subparagraph ad quot case undertak link relationship mean articl direct eec compet author determin consolid carri quot paragraph subparagraph indent delet articl insert quot articl manag bodi financi hold compani member state requir person effect direct busi financi hold compani suffici good reput suffici experi perform duti quot articl insert quot articl intra group transact mix activ hold compani prejudic provis titl chapter section direct member state provid parent undertak credit institut mix activ hold compani compet author respons supervis credit institut exercis gener supervis transact credit institut mix activ hold compani subsidiari compet author requir credit institut place adequ risk manag process intern control mechan includ sound report account procedur order identifi measur monitor control transact parent mix activ hold compani subsidiari appropri compet author requir report credit institut signific transact entiti refer articl procedur signific transact subject overview compet author intra group transact threat credit institut financi posit compet author respons supervis institut measur quot articl sentenc ad quot compet author made request wish particip verif carri verif quot articl insert quot articl countri parent undertak credit institut parent undertak credit institut financi hold compani head offic commun subject consolid supervis articl compet author verifi credit institut subject consolid supervis countri compet author equival govern principl laid articl verif carri compet author respons consolid supervis fourth subparagraph appli request parent undertak regul entiti authoris commun initi compet author consult compet author involv bank advisori committe give gener guidanc consolid supervis arrang compet author countri achiev object consolid supervis defin chapter relat credit institut parent undertak head offic commun committe guidanc review account consolid supervis arrang appli compet author compet author carri verif subparagraph account guidanc purpos compet author consult committe take decis absenc equival supervis member state appli provis articl credit institut analog altern member state compet author appli supervisori techniqu achiev object supervis consolid basi credit institut method agre compet author respons consolid supervis consult compet author involv compet author requir establish financi hold compani head offic commun appli provis consolid supervis consolid posit financi hold compani method achiev object consolid supervis defin chapter notifi compet author involv commiss quot chapter asset manag compani articl asset manag compani pend coordin sector rule member state provid inclus asset manag compani scope consolid supervis credit institut invest firm scope supplementari supervis insur undertak insur group group financi conglomer scope supplementari supervis mean direct applic paragraph member state provid give compet author power decid sector rule bank sector insur sector invest servic sector asset manag compani includ consolid supplementari supervis refer paragraph purpos provis relev sector rule form extent inclus financi institut asset manag compani includ scope consolid supervis credit institut invest firm reinsur undertak asset manag compani includ scope supplementari supervis insur undertak appli mutati mutandi asset manag compani purpos supplementari supervis refer paragraph asset manag compani treat part whichev sector includ virtu paragraph asset manag compani part financi conglomer refer notion regul entiti refer notion compet author relev compet author purpos direct understood includ asset manag compani compet author respons supervis asset manag compani appli mutati mutandi group refer paragraph chapter vi transit final provis articl report commiss august commiss submit financi conglomer committe refer articl report member state practic harmonis regard inclus asset manag compani group wide supervis choic applic capit adequaci method set annex definit signific intra group transact signific risk concentr supervis intra group transact risk concentr refer annex ii introduct quantit limit qualit requir purpos interv financi conglomer carri calcul capit adequaci requir set articl report coordin signific risk concentr set articl commiss consult committe make propos year agreement reach intern level rule elimin doubl gear fund financi group commiss examin bring provis direct line intern agreement make propos articl transposit member state bring forc law regul administr provis compli direct august forthwith inform commiss thereof member state provid provis refer subparagraph appli supervis account financi year begin januari calendar year member state adopt measur refer direct accompani refer occas offici public method make refer laid member state articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state brussel decemb european parliament presid cox council presid fischer boel oj oj oj opinion european parliament march publish offici journal council common posit septemb oj decis european parliament novemb publish offici journal oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj direct amend direct ec oj direct amend direct ec european parliament council oj oj direct amend direct ec oj oj direct amend direct ec oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj direct amend direct ec oj direct amend direct ec european parliament council oj oj oj direct amend direct eec oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj oj direct amend direct ec european parliament council oj oj oj direct amend direct ec oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj oj oj oj oj annex capit adequaci calcul supplementari capit adequaci requir regul entiti financi conglomer refer articl carri accord technic principl method annex prejudic provis paragraph member state compet author assum role coordin regard financi conglomer decid consult relev compet author conglomer method appli financi conglomer member state requir calcul carri method annex financi conglomer head regul entiti authoris member state financi conglomer head regul entiti mean articl member state authoris applic method annex situat relev compet author locat member state case member state requir applic method technic principl extent form supplementari capit adequaci requir calcul whichev method entiti subsidiari undertak solvenc deficit case regul financi sector entiti notion solvenc deficit total solvenc deficit subsidiari account case opinion coordin respons parent undertak own share capit limit strictli unambigu share capit coordin give permiss solvenc deficit subsidiari undertak account proport basi capit ti entiti financi conglomer coordin consult relev compet author determin proport share account bear mind liabil exist relationship rise technic principl method calcul supplementari capit adequaci requir regul entiti financi conglomer laid section ii annex coordin compet author concern ensur principl appli multipl element elig calcul fund level financi conglomer multipl gear inappropri intra group creation fund elimin order ensur elimin multipl gear intra group creation fund compet author appli analog relev principl laid relev sector rule ii pend harmonis sector rule solvenc requir financi sector repres financi conglomer cover fund element accord sector rule deficit fund financi conglomer level fund element elig sector rule cross sector capit qualifi verif complianc addit solvenc requir sector rule provid limit elig fund instrument qualifi cross sector capit limit appli mutati mutandi calcul fund level financi conglomer calcul fund level financi conglomer compet author account effect transfer avail fund legal entiti group object capit adequaci rule case regul financi sector entiti notion solvenc requir calcul accord section ii annex notion solvenc requir mean capit requir entiti compli relev sector rule regul entiti financi sector case asset manag compani solvenc requir mean capit requir set articl direct eec notion solvenc requir mix financi hold compani calcul sector rule import financi sector financi conglomer ii technic calcul method method quot account consolid quot method calcul supplementari capit adequaci requir regul entiti financi conglomer carri basi consolid account supplementari capit adequaci requir calcul differ fund financi conglomer calcul basi consolid posit group element elig qualifi accord relev sector rule ii sum solvenc requir financi sector repres group solvenc requir financi sector calcul accord sector rule sector rule refer direct ec titl chapter credit institut ec insur undertak eec credit institut invest firm case regul financi sector entiti includ aforement sector solvenc requir calcul notion solvenc requir calcul differ neg method quot deduct aggreg quot method calcul supplementari capit adequaci requir regul entiti financi conglomer carri basi account entiti group supplementari capit adequaci requir calcul differ sum fund regul regul financi sector entiti financi conglomer element elig qualifi accord relev sector rule ii sum solvenc requir regul regul financi sector entiti group solvenc requir calcul accord relev sector rule book particip entiti group case regul financi sector entiti notion solvenc requir calcul fund solvenc requir account proport share provid articl accord section annex differ neg method quot book requir deduct quot method calcul supplementari capit adequaci requir regul entiti financi conglomer carri basi account entiti group supplementari capit adequaci requir calcul differ fund parent undertak entiti head financi conglomer element elig qualifi accord relev sector rule ii sum solvenc requir parent undertak head refer higher book particip entiti group entiti solvenc requir solvenc requir account proport share provid articl accord section annex case regul financi sector entiti notion solvenc requir calcul valu element elig calcul supplementari capit adequaci requir particip valu equiti method accord option set articl direct eec differ neg method combin method compet author combin method combin method annex ii technic applic provis intra group transact risk concentr coordin consult relev compet author identifi type transact risk regul entiti financi conglomer report accord provis articl articl report intra group transact risk concentr defin give opinion type transact risk coordin relev compet author account specif group risk manag structur financi conglomer order identifi signific intra group transact signific risk concentr report accord provis articl coordin consult relev compet author conglomer defin threshold base regulatori fund technic provis overview intra group transact risk concentr coordin monitor risk contagion financi conglomer risk conflict interest risk circumvent sector rule level volum risk member state compet author appli level financi conglomer provis sector rule intra group transact risk concentr avoid circumvent sector rule