S.L. 403.20 Art. 3Phasing-in: First Stage.

As from 1st April 2015, for the purposes of the phasing-in under the Solvency II Directive:

(a) the competent authority shall have the power to decide on the approval of:

(i) ancillary own funds in accordance with Article 90 of the Solvency II Directive;

(ii) the classification of own funds items referred to in the third paragraph of Article 95 of the Solvency II Directive;

(iii) undertaking specific parameters in accordance with Article 104(7) of the Solvency II Directive;

*see regulation 1(3) of these Regulations, as originally promulgated. holding company in accordance with Article 226(2) of the Solvency II Directive;

(vi) a group internal model in accordance with Articles 230, 231 and 233(5) of the Solvency II Directive;

(vii) the use of the duration based equity-risk sub-module in accordance with Article 304 of the Solvency II Directive;

(viii) the use of the matching adjustment to the relevant risk-free interest rate term structure in accordance with Articles 77b and 77c of the Solvency II Directive;

(ix) the use of the transitional measure on the risk-free interest rates in accordance with Article 308c of the Solvency II Directive;

(x) the use of the transitional measure on technical provisions in accordance with Article 308d of the Solvency II Directive;

(b) the competent authority shall have the power to:

(i) determine the level and scope of group supervision in accordance with Title III, Chapter I, Sections 2 and 3 of the Solvency II Directive;

(ii) identify the group supervisor in accordance with Article 247 of the Solvency II Directive; and

(iii) establish a college of supervisors in accordance with Article 248 of the Solvency II Directive.