The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority.
Read MoreThe Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published the full report on its fourth Quantative Impact Study (QIS4) on the proposed Solvency II regime (the Report).
Read MoreThe Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has confirmed that it is reviewing the Solvency II supervisory framework project in light of the recent turmoil in financial markets.
Read MoreThe Economic and Monetary Affairs Committee of the European Parliament recently approved changes to the text of the Solvency II Directive. The changes included amendments to the group supervision regime so as to ensure that local supervisors of subsidiaries in a group have a greater role in the overall supervision of that group.
Read MoreCEIOPS has presented its preliminary findings from QIS4 to the European Parliament’s Economic and Monetary Affairs Committee. CEIOPS confirmed that the target participation rates in QIS4 had been exceeded, with 34% of individual EEA insurers and 65% of cross-border groups taking part in the study.
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