On 21 November 2013, the European Parliament adopted the European Commission’s proposal for Quick Fix Directive 2, with one significant amendment.
The Commission had proposed amending the Solvency II Framework Directive to require:
- The European Member States to transpose Solvency II into their local laws by 31 January 2015; and
- Firms to begin to comply with Solvency II from 1 January 2016.
The Parliament has changed the first of these dates from 31 January 2013 to 31 March 2013; and adopted the proposed Directive.
This extension is likely to be welcomed by Member States because it gives them more time to consider the Omnibus II amended version of the Solvency II Framework Directive, before they have to transpose it into their national laws. In some senses, this extra time will be provided by firms, because they are now likely to have a shorter period between the publication of the final rules and the date when compliance has to begin. C’est la vie.