The European Insurance and Occupational Pensions Authority (EIOPA) opened its 2014 scorecard on 31 January 2014, when it
• Published its “Timeline for the delivery of Solvency II Implementing Technical Standards and Guidelines”; and
• Immediately scotched one of the latest rumours circulating in the London Market.
The rumour? That EIOPA would argue that, although Omnibus II requires it to publicly consult on the Implementing Technical Standards (ITS) it wants the Commission to adopt; and the Guidelines it wants to adopt on its own account; there’s really no need. EIOPA’s (private) pre-consultation on the Level 2 texts, and the reports and advices it has already published, will do just as well, instead.
The thing is, this isn’t as daft as it sounds, even if it’s wrong on this occasion.
EIOPA’s timetable includes:
Click here to view table.
This, or course, is only part of what Omnibus II requires EIOPA to do, and that’s only part of what EIOPA has to do before the end of 2015 … which at least partially explains the rumour. The rest seems to have been borne from experience more than anything else. Still. Not long now.