Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2019 - onwards
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Article 303 Amendments to Directive 2003/41/EC

Repealed from 13 January 2019

Directive 2003/41/EC shall be amended as follows:

1. Article 17(2) is replaced by the following:

'2. For the purposes of calculating the minimum amount of additional assets, the rules laid down in Articles 17a to 17d shall apply.'.

2. The following articles are inserted:

'Article 17a Available solvency margin

1. Each Member State shall require of every institution referred to in Article 17(1) which is located in its territory an adequate available solvency margin in respect of its entire business at all times which is at least equal to the requirements in this Directive.

2. The available solvency margin shall consist of the assets of the institution free of any foreseeable liabilities, less any intangible items, including:

(a) the paid-up share capital or, in the case of an institution taking the form of a mutual undertaking, the effective initial fund plus any accounts of the members of the mutual undertaking which fulfil the following criteria:

(i) the memorandum and articles of