(17)Article 84(4) of Delegated Regulation (EU) 2015/35 provides that the ‘look-through’ approach should apply to related undertakings that mainly act as investment vehicles on behalf of the participating insurance or reinsurance undertaking. However, that wording may unduly exclude related undertakings that manage assets on behalf of several undertakings within the same insurance or reinsurance group. That creates a regulatory gap and risks inconsistent application of the ‘look-through’ principle. Article 84(4) of Delegated Regulation (EU) 2015/35 should therefore be amended to specify that the ‘look-through’ approach also applies where the related investment vehicle manages assets on behalf of multiple undertakings within the group, and not only on behalf of the participating undertaking itself.