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The consultation paper is a first step towards an actual QIS exercise. Following the public consultation process – which ended on 31 July – EIOPA will now review all the responses provided by the industry before sending its summary to the European Commission. Once the summary has been received, the Commission will, in turn, have to approve EIOPA's methodology before the authority can launch the formal QIS on the holistic balance sheet approach. EIOPA's spokeswoman said: "The experts working on the Directive are not sure whether they will be in the position to publish the feedback at the end of September as it was originally planned".
Even if EIOPA manages to publish its conclusion at the end of September as originally planned, it might be difficult for the Commission to give the authority the go-ahead for the launch of the QIS in just two weeks.
IPE therefore understands that the formal launch of the QIS might not happen until November or December at the earliest, meaning the implementation of the draft revised IORP Directive could be postponed further.
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