The European Parliament finally considered and adopted the Omnibus II Directive yesterday (11 March 2014).

Given the significance of the measures, and the amount of time it’s taken to get to this stage, some will have been disappointed by the 30 minute Parliamentary debate on these measures, and the brevity of the press statement published by the European Commission late yesterday afternoon. But none of this really matters: Omnibus II has (almost) arrived. Next stop: adoption by the European Council, and publication in the Official Journal. Omnibus II will come into force the day after it is published in the Journal and, when it does, it will automatically amend the Solvency II Directive, and allow EIOPA to begin the process that will eventually give us the Technical Standards and Guidelines that will complete the new regime.