The text of the Solvency II Directive sets a challenging deadline for implementation – October 2012, and CEIOPS has been capable of delivering advice on all the relevant areas of the new regime, taking into account the Level 1 Directive text and incorporating appropriate lessons from the crisis.
The Annual Report 2009 touches upon a number of important issues, highlighting the principles of accountability, transparency and consultation that underpin all CEIOPS activity.
In the context of insurance supervision, advising on the implementing measures for Solvency II in due time was one of the most resource absorbing projects during 2009.
The text of the Solvency II Directive sets a challenging deadline for implementation – October 2012, and CEIOPS has been capable of delivering advice on all the relevant areas of the new regime, taking into account the Level 1 Directive text and incorporating appropriate lessons from the crisis.
On the occupational pensions side it is particularly important to recognise that, despite the huge diversity of products in the European Union pensions’ landscape, steps will need to be taken to build a more consistent and robust European approach to the security of pensions. CEIOPS has produced a number of surveys and reports increasing the overall level of knowledge and common understanding of the EU pensions’ arena. CEIOPS awaits the publication, by the European Commission, of a planned Green Paper on pensions during the course of 2010, which is expected to set a challenging agenda for the regulation of pensions in the years to come.
Finally, CEIOPS is also facing a significant change in the supervisory landscape for European financial services, with major reforms to both macro and micro-financial supervision.
Important new powers and responsibilities will be assigned to the new European Supervisory Authorities [European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA)]. CEIOPS supports and looks forward to the transformation and the accompanying challenges. The new approach will lead to more effective, co-ordinated and efficient regulation and supervision of financial markets in the EU, for the benefit of all European citizens.
© CEIOPS
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