On 22 September 2021, European Commission published the Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012 (COM(2021) 582 final / 2021/0296 (COD)) to amend the Regulation 1094/2010/EU.
The condensed text below shows the proposed amendments from the COM(2021) 582 final / 2021/0296 (COD) for affected provisions only.
- Article 4 Definitions
- Article 40 Composition
Article 4 Definitions
For the purposes of this Regulation the following definitions apply:
(1) "financial institutions" means undertakings, entities and natural and legal persons subject to any of the legislative acts referred to in Article 1(2). With regard to Directive 2005/60/EC, 'financial institutions' means only insurance undertakings and insuran
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