SOLVENCY II – Omnibus II Directive & 2

nd

Quick Fix Directive

Solvency II

Solvency II Directive adopted

April 2009

Omnibus II Directive

Journal - entry into Official Solvency II /Omnibus II Application

May 2014 January 2016

The Solvency II Framework Directive was adopted by the European Parliament on 22 April 2009 and endorsed by the Council of Ministers on 5 May 2009. Following the adoption of the 2 nd Quick Fix Directive in late 2013, the date of transposition of the Solvency II Directive has been delayed to 31 March 2015 and the date from which the Solvency II regime will apply to 1 January 2016. For further information, please see the

Central Bank of Ireland’s dedicated Solvency II website.

Latest News

In January 2014, the European Insurance and Occupational Pensions Authority (EIOPA) published a timeline for the delivery of Solvency II Implementing Technical Standards (ITS) and Guidelines. These will form part of the regulatory and supervisory framework for the technical implementation of the Solvency II regime from the first day of application - 1 January 2016. The first set of ITS were published for period beginning 1 April 2015.

consultation

on 1 April 2014 and the consultation closed on 30 June 2014. EIOPA will send the ITS to the European Commission by 31 October 2015 for final endorsement. The ITS relates to the approval process that needs to be in place ahead of the approval EIOPA Consultation on Legal Entity Identifiers The EIOPA consultation on the use of legal entity identifiers [LEI] for all undertakings that fall within the scope of Solvency II closed on 29 August 2014. The proposal requires larger institutions (using the threshold of the Solvency II Directive) to use an LEI code when reporting information to national regulators from July 2015. The LEI Guidelines are expected to be adopted at EIOPA’s upcoming Board of Supervisors’ Meeting on 29 September 2014. In October 2013, EIOPA published a set of guidelines on preparing for Solvency II. The purpose of the preparatory Guidelines is to support both National Competent Authorities (NCAs) and undertakings in their preparation for the Solvency II requirements. In response to the EIOPA Guidelines the Central Bank of Ireland published its own package of

Guidelines on Preparing for Solvency II on 4 November 2013

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Omnibus II

The Omnibus II Directive was adopted in January 2011 in response to the changes to the architecture for the implementation of Solvency II introduced by the Lisbon Treaty and the new financial supervision measures introduced through the establishment of EIOPA. Omnibus II takes account of these changes and is a pre-requisite for the application of Solvency II.

Trilogue agreement was reached on the Omnibus II Directive in November 2013. The Parliament approved a vote on the trilogue agreement on Omnibus II for 11 March 2014. Following Council adoption, the Directive was published in the Official Journal on 23 May 2014.