Address https://gelex.eu/eli/EU/regulation/2015/2017@2015-11-11/en

Contents

1. Preamble
2. 1. Article 1 Adjusted factors for currency risk where the local or foreign currency is the euro
   2. Article 2 Adjusted factors for currency risk where the local and the foreign currency are pegged to the euro
   3. Article 3 Entry into force

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), and in particular Article 109a(2)(c) thereof,

Whereas:

(1) The adjustments laid down in this Regulation take into account the detailed criteria set out in Article 188(5) of Commission Delegated Regulation (EU) 2015/35.

(2) In order to ensure a consistent treatment of currencies pegged to the euro in the calculation of the capital requirement for currency risk, adjusted factors should be provided for the currency risk relating to the exchange rates between the euro and currencies pegged to the euro as well as in relation to the exchange rates between two currencies pegged to the euro.

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

(4) The 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 in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council,

HAS ADOPTED THIS REGULATION:

Article 1 Adjusted factors for currency risk where the local or foreign currency is the euro

Where the local or foreign currency is the euro, for the purposes of Article 188(3) and (4) of Delegated Regulation (EU) 2015/35, the 25 % factor is replaced by:

(a) 0,39 % where the other currency is the Danish krone (DKK);

(b) 1,81 % where the other currency is the lev (BGN);

(c) 2,18 % where the other currency is the West African CFA franc (BCEAO) (XOF);

(d) 1,96 % where the other currency is the Central African CFA franc (BEAC) (XAF);

(e) 2,00 % where the other currency is the Comorian franc (KMF).

Article 2 Adjusted factors for currency risk where the local and the foreign currency are pegged to the euro

For the purposes of Article 188(3) and (4) of Delegated Regulation (EU) 2015/35, the 25 % factor is replaced by:

(a) 2,24 % where the two currencies are the DKK and the BGN;

(b) 2,62 % where the two currencies are the DKK and the XOF;

(c) 2,40 % where the two currencies are the DKK and the XAF;

(d) 2,44 % where the two currencies are the DKK and the KMF;

(e) 4,06 % where the two currencies are the BGN and the XOF;

(f) 3,85 % where the two currencies are the BGN and the XAF;

(g) 3,89 % where the two currencies are the BGN and the KMF;

(h) 4,23 % where the two currencies are the XOF and the XAF;

(i) 4,27 % where the two currencies are the XOF and the KMF;

(j) 4,04 % where the two currencies are the XAF and the KMF.

Article 3 Entry into force

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

This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 11 November 2015. For the Commission The President Jean-Claude Juncker

Versions

1. 2015-11-11

Cited by

• Commission Delegated Regulation (EU) 2019/886 of 12 February 2019 amending and correcting Delegated Regulation (EU) No 480/2014 as regards the provisions on financial instruments, simplified cost options, audit trail, scope and content of audits of operations and methodology for the selection of the sample of operations and Annex III Regulation · Grade B

  in paragraph 1, point (d) is replaced by the following: differentiated treatment of investors operating under the market economy principle and of the EIB, when using the EU guarantee pursuant to Regulation (EU) 2015/2017, as referred to in Article 37(2)(c) and Article 43a of Regulation (EU) No 1303/2013, is proportionate to the risks taken by these investors and is limited to the minimum necessary to attract such investors, which shall be ensured through terms and conditions and procedural safeguards;

• Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union 2015 2016/C 380/01 Notice · Grade B

  Investments are restricted essentially to the following categories: term deposits with Euro-area Central Banks, Euro-area sovereign debt agencies, fully state-owned or state-guaranteed banks or supranational institutions, and bonds, bills and Certificates of Deposit issued by either sovereign or supranational institutions. Significant amounts of guarantees issued by financial institutions are held by the Commission in relation to the fines it imposes on companies breaching EU competition rules (see note 2.6.1.2). These guarantees are provided by fined companies as an alternative to making prov

• Communication from the Commission to the European Parliament, the Council and the Court of Auditors Consolidated annual accounts of the European Union for the financial year 2018 (2019/C 327/01) Notice · Grade B

  However, even if appealed, the fine must be paid within the time limit of three months laid down as the appeal does not have suspensory effect (Article 278 of the EU Treaty) or, under certain circumstances and subject to the agreement of the Commission’s Accounting Officer, the debtor may present a bank guarantee for the amount instead. If the undertaking appeals against the decision, and has already provisionally paid the fine, the amount is disclosed as a contingent liability. However, since an appeal against an EU decision by the addressee does not have suspensory effect, the cash received