For the purposes of Article 169(1), point (a), 169(2), point (a), 169(3), point (a), and 169(4), point (a), and of Article 170(1), point (b), 170(2), point (b), 170(3), point (b) and 170(4), point (b), equity investments of a strategic nature shall mean equity investments to which the look-through approach does not apply and for which the participating insurance or reinsurance undertaking demonstrates the following:
that the value of the equity investment is likely to be materially less volatile for the following 12 months than the value of other equities over the same period as a result of both the nature of the investment and the influence exercised by the participating undertaking in the related undertaking;
that the nature of the investment is strategic, taking into account all relevant factors, including:
the existence of a clear decisive strategy to continue holding the participation for long period;
the consistency of the strategy referred to in point (a) with the main policies guiding or limiting the actions of the undertaking;
the participating undertaking's ability to continue holding the participation in the related undertaking;
the existence of a durable link;
where the insurance or reinsurance participating company is part of a group, the consistency of such strategy with the main policies guiding or limiting the actions of the group.