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With this EIOPA enters the final regulatory phase of Solvency II, during which it will present its draft ITS and Guidelines to the public until the regulation becomes applicable on 1 January 2016.
The ITS define the processes for the approval of the Matching Adjustment, Ancillary Own Funds, Undertaking-Specific Parameters, Internal Models and Special Purpose Vehicles as well as the joint decision process on Group Internal Models.
Approval processes contain provisions that are addressed to undertakings and national supervisors. Their purpose is to ensure that (re)insurers present all the information that is necessary for supervisors to give a legally certain and prudentially sound approval of the above-mentioned Solvency II elements.
The ITS contribute to the preparation by undertakings and supervisory authorities for the approval processes: as of 1 April 2015, companies can start submitting their applications to supervisors.
EIOPA will send the ITS to the European Commission by 31 October 2015 for final endorsement, after which the ITS will be translated into all the EU official languages and will become legally binding.
The consultation will end on 30 June 2014.