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Discussions between representatives of the parliament, the Council of the European Union and the commission will resume next month. But the failure to reach an agreement will fuel concerns about the ability of the parliament and council to vote on the Omnibus II Directive before the European elections next spring. Some will also fear that a compromise agreement on Omnibus II may not be possible at all.
Sources close to the negotiations said there was insufficient time yesterday to go through all the points under discussion. Another trilogue meeting is scheduled for the second week of November.
There was hope that a deal would be forged, after substantial progress was made by the council in August on the controversial package of measures for long-term guarantees business.
In October, the Commission proposed a quick-fix directive to push back the Solvency II implementation date to January 2016.
The European Parliament is set to vote on the final version of Omnibus II in February 2014.
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