3.4.2014 Official Journal of the European Union L 100/1 I (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) No 342/2014 of 21 January 2014 supplementing Directive 2002/87/EC of the European Parliament and of the Council and Regu- lation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the application of the calculation methods of capital adequacy requirements for financial conglomerates (Text with EEA relevance) THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (') and in particular Article 49(6) thereof, Having regard to Directive 2002/87EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglom- erate and amending Council Directives 73/239/EEC, 79/267[EEC, 92[49[EEC, 9296 EEC, 93/6/EEC and 93/22[EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council () and in particular to Article 21a(3) thereof, Whereas: (1)  For financial conglomerates which include significant banking or investment business and insurance business, multiple use of elements eligible for the calculation of own funds at the level of the financial conglomerate that is to say, multiple gearing as well as any inappropriate intra-group creation of own funds should be eliminated in order to accurately reflect the availability of conglomerates’ own funds to absorb losses and to ensure supplemen- tary capital adequacy at the level of the financial conglomerate. (2) It is important to ensure that own funds in excess of sectoral solvency requirements are only included at conglomerate level if there are no impediments to the transfer of assets or repayment of liabilities across different conglomerate entities, including across sectors. (3) A financial conglomerate should only include own funds that exceed sectoral solvency requirements in the calcu- lation of its own funds if those funds are transferable across entities within the financial conglomerate. (4)  Appropriate rules should take into account that sector-specific own funds requirements are designed to cover risks relating to that sector, and are not intended to cover risks outside that sector. () OJL176,27.6.2013,p. 1. () OJL35,11.2.2003,p. 1.