Seventh Presidency compromise text for the Omnibus II Directive

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By William Coatesworth, John McKenzie, Neil Cantle | 26 September 2011

This latest version of the draft text makes few changes since the previous Presidency compromise text, published in July 2011, and does not appear to incorporate any of the proposed changes set out in the European Parliament’s draft report on Omnibus II, also released in July 2011.

This short summary provides an overview of proposed changes and a brief analysis of what we expect these proposals to mean for companies—and Solvency II in general.

This analysis has been prepared primarily from the perspective of the UK, reflecting the application of Solvency 1 in the UK and the issues influencing Solvency 2. These may or may not be relevant in other jurisdictions dependant upon how they have implemented the legislation.