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20 January 2012

ICMA AMIC Solvency II Working Group submits response to EIOPA Consultation Paper


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ワーキング・グループは、ソルベンシー2要件は資産運用業界の活動範囲がグローバルであることを考慮すべきであるとし、EIOPAに対して欧州における他のあらゆる法律や規制要件と一緒に国際的な収斂を考慮するよう求めるとしている。


The Solvency II Directive aims at harmonising and strengthening regulation in the European insurance field. The Directive is planned to come into force in 2014. Insurance companies have already studied Pillars 1 and 2, looking respectively at the quantitative requirements and the supervisory review. The recently announced new deadline will now allow insurance companies to work more specifically on Pillar 3, which focuses on reporting and public disclosure.

Under the impetus of some AMIC members, a specific Working Group dedicated to Solvency II and its impact on services delivered by asset managers to their clients has been established.

  • One part of the project is to agree on some general principles at industry level regarding acceptable disclosure policies in terms of frequency and the timeline of reporting after the month and quarter end.
  • The other relates to simplifying the “look through” into underlying fund holdings. 

Here the idea is to explore the possibility of considering a set of Solvency II compliant risk numbers, whilst taking into consideration the reporting burden for a fund with very large portfolio holdings. Given the lack of clarity in the reporting requirements, an asset management industry approach would help coordinate efforts with other industry groups affected by the changes in Solvency II.

The first meeting was organised on 19 October to gauge how much appetite there was amongst top asset managers to creating a Working Group, and whether there was a real desire from the asset management industry to cooperate on a project that will span across the next two years. The reception was positive and other meetings have been organised to make progress on the project.

Full response



© ICMA


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