On 19 January 2011, the European Commission published a proposal for a Directive (the "Omnibus II Directive") to effect changes in the areas of insurance and securities regulation. This follows on from the launch, on 1 January 2011, of the new structure of European Supervisory Authorities, i.e. (1) the European Banking Authority; (2) EIOPA; and (3) the European Securities and Markets Authority. Omnibus II will amend existing financial services directives in order for those authorities to be able to work effectively and exercise their powers. Omnibus II may also introduce a small number of amendments to the Solvency II Directive, such as setting specific tasks for EIOPA to harmonise the use of ratings for Solvency II capital requirements. It may also extend the implementation date of Solvency II by 2 months, to achieve alignment with the financial year-end of the majority of insurance and reinsurance undertakings. The proposed Omnibus II Directive is due to be sent to the Council of the European Union and the European Parliament for consideration.