A linked story was reported in parallel by Risk magazine (again, subscription only), highlighting that the June version of Omnibus II contained a dramatic shift in the area of illiquidity premium. You will see the section itself near the very back of the June Omnibus II text.
The language used by Risk.net is not helpful (we are after all talking about a transitional measure, yet they and their RBS talking head note it "effectively means the full impact of the directive will not be felt until 2019").
They note more importantly that the revised transitional will allow a lock-in of yields at the 2012 year end which can be used as the basis of the transitional for the 7 year duration (if beneficial I guess).
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.
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