Agreement closer on 2014 implementation date for Solvency II

Transitional provisions must still be agreed

Agreement on a one-year delay in the implementation of Solvency II moved closer after the European Council agreed a position on the Omnibus II directive.

A 'qualified majority of delegations' within the European Council were now in favour of a delay to the implementation date of Solvency II, the Council said in a paper accompanying a new draft of the Omnibus II directive.

The announcement means that both the Council and the Parliament advocate the full implementation of Solvency II in 2014, with

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