FSA launched a consultation on the transposition of Solvency II

09 November 2011

Solvency II is mainly maximum harmonising, and the FSA has limited scope for discretion in its transposition and implementation. However, the FSA is obliged to undertake a cost benefit analysis and consultation on the changes to the FSA Handbook that will be required as a consequence of Solvency II.

The FSA believes there is sufficient certainty now on the nature of the amendments which will be made by the Omnibus II Directive to consult on the new rules transposing the Directive.

However, due to ongoing policy discussions in the European Union (EU), the FSA intends to publish a second consultation paper (CP2) once agreement has been reached on the Omnibus II Directive and level 2 legislation.

Full consultation paper

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