April 02, 2019

EIOPA published a consultation linked to corrections and amendments of the implementing technical standards (ITS) on reporting and disclosures related to Solvency II. Comments are requested by May 14, 2019. In addition to the impact assessment and comments template, EIOPA published the draft amendment to the Commission Implementing Regulation (EU) 2015/2450, which lays down implementing technical standards on templates for the submission of information to the supervisory authorities. EIOPA also published the draft amendment to the Commission Implementing Regulation (EU) 2015/2452, which lays down implementing technical standards on the procedures, formats, and templates of the solvency and financial condition report or SFCR.

The draft amendments address the "Delegated Regulation (EU)…/… (C(2019) 1900)," adopted by EC on March 08, 2019, which amends the Delegated Regulation (EU) 2015/35 that supplements the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance. The draft amendments also address the Commission Delegated Regulation 2018/1221, which amends Regulation (EU) 2015/35 regarding the calculation of regulatory capital requirements for securitizations as well as simple, transparent, and standardized securitizations (STS) held by insurance and reinsurance undertakings. The supervisory reporting templates need to be adapted to reflect these changes

Some of the proposals under consultation are based on the amendments to the Delegated Regulation (EU) 2015/35 adopted by EC on March 08, 2019 and are currently under the scrutiny period of the European Parliament and the Council. The proposed amendments have been kept to the minimum and do not reflect a detailed review of the requirements, which will be part of the 2020 Reporting and Disclosure Review. The proposals aim to align the reporting and disclosures with the amendments to the Delegated Regulation (EU) 2015/35.

In addition, the closed list of the nominated External Credit Assessment Institutions (ECAIs) has been amended to reflect the changes introduced in 2018 by ESMA, including new registrations and withdrawn registrations. Furthermore, one correction is part of the consultation addressing an error in the instructions of the template "S.25.02 - Solvency Capital Requirement," for groups using the standard formula and the partial internal model.

EIOPA will consider the responses it receives to this consultation and then finalize the draft amendments and corrections to the implementing technical standards on reporting and disclosure. The draft amendments and corrections to the implementing technical standards on reporting and disclosures will then be submitted to EC for endorsement. All corrections and amendments and the update of the taxonomy validations will be incorporated in the XBRL taxonomy version 2.4.0. The public working draft should be published by June 03, 2019 for consultation and the final version published by July 15, 2019, in line with the Governance of Taxonomy Releases.

 

Related Links

Comment Due Date: May 14, 2019

Keywords: Europe, EU, Insurance, Securities, Reinsurance, Solvency II, Reporting, SCR, Capital Requirements, Disclosures, STS Securitization, SFCR, Securitization Framework, EIOPA

Related Articles
News

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

FASB published a summary of the tentative decisions taken at its Board meeting in July 2019.

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476