Omnibus II (Directive)
The Commission wishes to introduce a number of amendments to the Prospectus and Solvency II Directive. The aim is to extend the powers of the EU supervisory authorities (ESMA and EIOPA) to develop technical standards, to substantiate their arbitration powers and to introduce transitional periods for the Solvency II Directive. In addition, the Commission’s power to adopt implementing measures, which are still based on the legal position of the Treaty of Nice, are to be adapted to the Lisbon Treaty.
The Directive provides clarity as to which decisions may be taken by the EU supervisory authorities ESMA and EIOPA and which decisions the Commission may take. The new powers conferred upon ESMA and EIOPA to develop technical standards are appropriate. The Commission’s powers regarding the Solvency II Directive go too far and weaken the EIOPA. A much better alternative would be to substantiate the Solvency II Directive within the ordinary legislative procedure.