1.For the purposes of Article 336, point (a), the amount of equities that are treated as long-term equity investments shall not be higher than the sum of the following:
the amounts of equities that are classified as long-term equity investments by undertakings referred to in Article 335(1), point (a);
the proportional share of equities that are classified as long-term equity investments by undertakings referred to in Article 335(1), point (c).
2.Notwithstanding paragraph 1, where a group is exposed to significant liquidity risk that is not captured at the level of individual insurance or reinsurance undertakings, or where there are significant intragroup transactions which may result in the calculation of the first subparagraph not being adequate, the group supervisor may require that the participating undertaking shall recalculate, on the basis of the consolidated data referred to in Article 335, the amount of equities that may be treated as long-term equity investments at group level for the purposes of paragraph 1, point (a), of this Article, instead of assuming that equities that are classified as long-term equity investments by an insurance or reinsurance undertaking may automatically qualify as long-term equity investments at group level.