FEE commented on amendments to the proposal for a Directive of the EP and the Council amending Directives 2003/71/EC and 2009/138/EC

25 October 2011

FEE published its comment letter on amendments to the proposal for a Directive of the European Parliament and of the Council, amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the EIOPA and the ESMA – Omnibus II.

FEE understands that assurance on solvency reports is currently being considered in a number of Member States including Germany, France, the United Kingdom and the Netherlands. While such developments would be welcomed, should they materialise at national level, they may ultimately impair the level playing field. FEE believes that it would be preferable to have harmonisation at EU level, as explained in the FEE Briefing Paper.

Therefore, FEE strongly believes that the above-mentioned amendments should be considered, as they offer a flexible solution for EIOPA to organise appropriate cooperation between supervisors and external auditors, and provide stakeholders with better quality information which should contribute to the public interest.

Full paper

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