Final report on guidelines on exclusion of undertakings from the scope of group supervision

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      <subfield code="a">New guidelines on exclusions in group supervision, as well as revised guidelines on the treatment of related undertakings, together with an updated Opinion for the supervisory assessment of internal models with dynamic volatility adjustments. These documents are part of the recent review of the Solvency II regime and seek to simplify the rules without affecting the quality of supervision.
The new guidelines on exclusions in group supervision define the conditions under which a supervisor may exclude certain entities from the consolidated scope, emphasising that such decisions can only be taken in exceptional circumstances and must be duly justified, in order to ensure consistent practices across the European Economic Area. The revised guidelines on related undertakings update the original 2015 text to reflect changes in the definition of holdings in financial and credit institutions and in the rules on the deduction of own funds. Following the review, the total number of guidelines has been reduced by 33%</subfield>
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