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APPROVAL OF THE OMNIBUS II DIRECTIVE BY COUNCIL OF THE EU

 

On 14 April, one month after the European Parliament adopted the Omnibus II Directive (for more information see this article), Council of the European Union also gave the green light to the Solvency II rules through the Omnibus II approval. Next step is publication of the directive in the Official Journal of the EU to officially enter into force.

As stated in the Council's press release, the amendments introduced by Omnibus II fall broadly into following categories:

  • definition of the appropriate scope of technical standards;
  • enabling EIOPA and ESMA to settle disagreements;
  • enabling the existing rules to operate in the context of the new supervisory system;
  • transitional requirements and other amendments to the Solvency II Directive.


This does not mean that everything about Solvency II regime is clear now. Much more details relating to Level 2 and Level 3 texts, that are part of four-level legislative process, are expected to come in the near future. Level 2 will introduce Delegated and Implementing Acts as well as Regulatory and Implementing Technical Standards (those considered to be “Level 2.5” texts). Finally, non-legally binding Guidelines will be prepared by EIOPA as Level 3 texts to ensure consistent implementation and cooperation between member states.

   
 
   
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