Commission pleased with Omnibus II: Michel Barnier welcomed EP's vote to adopt the Omnibus II Directive, which amends the powers of the European Supervisory Authorities and will complete Solvency II. It means Solvency II can apply from 1 January 2016. Insurance Europe warned it was not all good news, as it says there are several fundamental problems with the current drafts of Solvency II Level 2 legislation. (Source: Commission Pleased with Omnibus II and Insurance Europe Warns on Solvency II

Commission adopts CRR RTS: The Commission has adopted the following regulatory technical standards (RTS) under the Capital Requirements Regulation (CRR) and submitted them to EP and the Council for scrutiny:

  • on close correspondence between the value of an institution’s covered bonds and the value of the institution’s assets;
  • on non-delta risk of options in the standardised market risk approach; 
  • specifying the information that competent authorities of home and host Member States supply to one another;
  • on assessing the materiality of extensions and changes of the Internal Ratings Based Approach and the Advanced Measurement Approach;
  • on the definition of market; and
  • on determining proxy spread and limited smaller portfolios for credit valuation adjustment risk.

It has also adopted, under the fourth Capital Requirements Directive (CRD4), RTS on further defining material exposures and thresholds for internal approaches to specific risk in the trading book. (Source:Register of Commission Documents and Delegated Regulation on Material Exposures and Specific Risk in the Trading Book)