Martin Etheridge gave an update on Solvency II. He explained how the EU policy process is being delayed by the delay to Omnibus II and how the Commission cannot propose its delegated acts until formal adoption of Omnibus II. FSA is still working towards implementation for the beginning of 2013, but this timetable may slip and FSA cannot currently say when it will next consult. He said current debates on policy in Europe focus on long-term guaranteed liabilities and equivalence of non-EEA jurisdictions. (Source: FSA Updates on Solvency II)