2.In order to ensure cross-sectoral consistency and to remove misalignment between the interests of firms that ‘repackage’ loans into tradable securities and other financial instruments (originators) and the interests of insurance or reinsurance undertakings that invest in such securities or instruments, the Commission shall adopt implementing measures laying down:
3.Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 301(3).
1.In order to ensure the uniform application of this Directive, theThe Commission may adopt implementingdelegated measuresacts in accordance with Article 301a specifying qualitative requirements in the following areas:
(a)the identification, measurement, monitoring, managingmonitoring and reportingmanaging of risks arising from investments in relation to the first subparagraph of Article 132(2);
(b)the identification, measurementmeasurement, monitoring, managingmonitoring and reportingmanaging of specific risks arising from investment in derivative instruments and assets referred to in the second subparagraph of Article 132(4) and the determination of the extent to which the use of such assets qualifies as risk reduction or efficient portfolio management as referred to in the third subparagraph of Article 132(4).
2.The Commission shall adopt delegated acts in accordance with Article 301a laying down:
(a)the requirements that need to be met by theundertakings originatorthat repackage loans into tradable securities and other financial instruments (originators or sponsors) in order for an insurance or reinsurance undertaking to be allowed to invest in such securities or instruments issued after 1 January 2011, including requirements that ensure that the originatororiginator, retainssponsor or original lender retains, on an ongoing basis, a material net economic interestinterest, ofwhich, noin any event, shall not be less than 5 %;
(b)qualitative requirements that must be met by insurance or reinsurance undertakings that invest in such securities or instruments.instruments;
(c)the specifications for the circumstances under which a proportionate additional capital charge may be imposed when the requirements laid down under points (a) and (b) of this paragraph have been breached, without prejudice to Article 101(3).
3.In order to ensure consistent harmonisation in relation to paragraph 2(c), EIOPA shall, subject to Article 301b, develop draft regulatory technical standards to specify the methodologies for the calculation of a proportionate additional capital charge referred to therein.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.