Commission proposals to ease look-through rules ‘require clarification’

Exception in draft Level 2 text could exclude active funds


European Commission proposals to ease Solvency II's strict look-through rules for investments in collective funds are unclear, and could be detrimental to insurers' investment plans, legal experts and asset managers are warning.

The unofficial draft Level 2 text states that insurers investing in collective funds can calculate their regulatory capital on the basis of the fund's target asset allocation, if certain conditions are met.

But experts fear the conditions attached to the exemption are

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