A financial institution can in my view be important for the financial system even if it does not pose direct threats to it. I believe most insurers and pension funds fall into this category.
They are unlikely to trigger financial instability but it is crucial that they maintain their important role in financial markets, an in particular as a source of long term funding in fixed income markets. 2. Changes in international accounting standards and in regulatory front  It is important to know that current regulatory standards and requirements differ between EU countries.