CEIOPS is mindful of the considerable amount of additional work that will be required in the course of 2010 as part of the transition to the new supervisory structure, which is expected to come into operation from the beginning of 2011.
CEIOPS is mindful of the considerable amount of additional work that will be required in the course of 2010 as part of the transition to the new supervisory structure, which is expected to come into operation from the beginning of 2011. This in turn will require a high degree of flexibility that can only be achieved through careful prioritisation of our work. As in previous years, CEIOPS has designed its 2010 Work Programme taking into account a number of inputs. The process is more fully described in CEIOPS’ Annual Report 2008.
In terms of external influences, there have been significant developments at the EU political level following the publication, in February 2009, of the report by the High Level Group chaired by Jacques de Larosière. The report put forward a set of far reaching proposals for the reform of European financial regulation and supervision, in a direct response to regulatory and supervisory failures unveiled by the recent financial crisis. The European Commission endorsed the proposals and then took them forward by setting out the basic architecture for a new European financial supervisory framework in its Communication of 27th May 2009. Draft implementing legislation, which will impact all Level 3 Committees of supervisors (CEIOPS. CEBS and CESR), was published on 23 September 2009.
As the financial crisis, together with the reform of financial supervision, have been at the top of both European and global political discussions5, further developments are expected as a result of political decisions to be taken before the end of 20096.
Separately, the European Commission is closely involved with framing CEIOPS tasks which help the Commission through technical advice, either when called for or on CEIOPS’ own initiative. In addition to the ongoing tasks linked to the Solvency II project, other significant pieces of advice requested by the Commission in 2009, and which will have a bearing in 2010, include Packaged Retail Investment Products (PRIPS), the planned review of the Insurance Mediation Directive, and Insurance Guarantee Schemes.
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