Political Chess: debate over form of level 2 implementing measures hots up

The European Parliament is proposing changing many delegated acts into regulatory standards potentially moving considerable power to Eiopa - and prompting the commission to take legal advice. Thomas Whittaker examines the implications

red chess piece

The trilogue discussions between the European Commission, Council and European Parliament are now under way. Over the coming weeks the institutions will attempt to agree a final version of the Omnibus II Directive. One of the crucial technical issues to be decided is the process for developing Solvency II's level 2 implementing measures – the outcome of which will have implications for the balance of power between the commission and the European Insurance and Occupational Pensions Authority

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