(b)

the following paragraphs are inserted: ‘1a. For the purposes of paragraph 1, points (d) and (e), macroeconomic and financial markets’ developments shall include at least the following: For the purposes of paragraph 1, point (e)(i), macroprudential concerns shall include, at least, plausible unfavourable future scenarios and risks related to the credit cycle and economic downturn, herding behaviour in investments or excessive exposure concentrations at the sectoral level. 1b. Member States shall ensure that the analysis required under paragraph 1, point (d), of this Article is commensurate with the nature of risks as well as the scale and complexity of the activities of undertakings. Member States shall ensure that small and non-complex undertakings and undertakings which have obtained prior supervisory approval, pursuant to Article 29d, are not obliged to conduct the analysis referred to in paragraph 1, point (e), of this Article.’ ; the level of interest rates and spreads; the level of financial market indices; inflation; interconnectedness with other financial market participants; climate change, pandemics, other mass-scale events and other catastrophes which may affect insurance and reinsurance undertakings.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.