In an interview with IPE, a spokeswoman for EIOPA said it was "improbable" the consultation paper would be ready this month, before adding that the European authority was currently working on the document and might finalise it before 15 June. "The consultation paper – which details what particular points EIOPA is going to assess in the QIS to implement the holistic balance sheet approach, and which participants will get involved in the QIS process – is now under preparation.
"The team is seeking to launch it within the next couple of weeks. That's why I am hoping the final version of the public consultation paper will be ready by 15 June."
Once ready, the paper will be sent to all interested parties, including academics, industry representatives and supervisory authorities across all European Member States, according to EIOPA's spokeswoman.
"Some Member States that are not part of the European Union and act as observers, such as Liechtenstein and Norway, might also give their input on the methodology used by EIOPA to implement the holistic balance sheet proposal, if necessary", she added. EIOPA will then review all the responses to the consultation paper provided by the industry and forward them to the European Commission.
Many pension representatives decried the "short" timeline both EIOPA and the Commission had allowed themselves to implement the revised Directive.
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