I couldn't help feel when I read this in the FT that the inexorable wait for EIOPA's Omnibus II powers to get final clearance is actually an event worth waiting for, when contrasted with the Basel implementation experience for EU territories.
To hear a man of Mr Barnier's authority struggling to convince that the draft EC legislation doesn't play favourites, when evidently the bancassurers will hold the whip hand is very sad, particularly when coupled with the fact that there is no pan-European regulator which will police consistent application in any case.
The Tier 1 capital argument is of course the same debate that the insurance industry (indeed probably the same countries!) are having via the CEA et al with EIOPA - I suspect there will be a more equitable application of the final rules on instrument types and the transition length knowing that EIOPA will carry a pretty big stick...
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
No comments:
Post a Comment