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On 2 December EIOPA launched public consultation on the second set of draft Implementing Technical Standards (Level 2.5) and Guidelines for Solvency II (Level 3).

As stated in the official press release, with this consultation EIOPA enters the final regulatory phase of Solvency II. Public consultation will end on 2 March 2015 and in the following months after this date we may expect final completion of all Solvency II related legislative documents.

A brief summary regarding set 2 of ITS and Guidelines provides cover note EIOPA published together with consultation papers. It is a great source of information for the purposes of first introduction with (set 2) ITS and Guidelines.

ITS are legally binding (as they are part of implementing measures) regulatory tools drafted by EIOPA (and adopted by Commission). ITS are technical and they do not imply strategic decisions or policy choices. Through ITS Commission defines forms, templates and procedures for specific areas under Solvency II regulation. Guidelines, on the other hand, are non-binding documents drafted by EIOPA and addressed to regulators and (re)insurers. Guidelines should ensure the common, uniform and consistent application of Union law; national regulators shall make every effort to comply with them (however it is not obligatory).

For all the relevant documentation (i.e. cover note, initial consultation papers, annexes and templates for comments) refer here. You can also download (no registration needed) latest issue of our monthly Solvency II Newsletter where you will find list of individual ITS and Guidelines (as issued by EIOPA under “Set 2”) together with a short information about their content.

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Martin Janeček
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