ESA’s tough final Regulatory Standards on conglomerate capital are out.

This is complicated material. But … looking at Article 9 of this standard, the bar for recognition of supplementary capital looks high. Even though it applies after the entry into force of Regulation (EU) No 575/2013 (CRR) and only when both CRR and Solvency (2009/138/EC) apply.
The requirements are stacked up high!
Article 9 says basically this:  a solvency requirement means for banks:
  1. the requirements of CRR  and CRD to hold capital in excess of those requirements (the normal capital requirements),
  2. including a requirement arising from the (ICAAP, following Article 73 of the Directive),
  3. any requirement imposed by a competent authority pursuant to Article 104(1)(a) of that Directive (Second Pillar),
  4. the combined buffer requirement as defined in Article 128(6) of that Directive (Conservation, Cyclical, and SIB buffers),
  5. and measures adopted according to Articles 458 (macroprudentially inspired) or 459 (prudential requirements) of Regulation (EU) No 575/2013.
Anything left?

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