Omnibus II: from technical debate to political games

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The development of Solvency II is in a crucial phase. The three key European law-making institutions – the European Parliament, European Council and European Commission – are engaged in the so-called ‘trilogue' negotiations to agree the final text of the Omnibus II Directive. Once Omnibus II has been adopted (not now expected until the last quarter of the year) the level 1 framework of Solvency II – the bones of the regime – will be set and the work to add the fl