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The French Presidency issued a compromise proposal deleting the issue of group support from the Solvency II draft Directive. At this point, an agreement in the Council on the Solvency II draft directive can only be reached if the issue of group supervision is dissociated from the remaining parts of the text, the Presidency notes.
Many Member States were not ready to accept the framework proposed by the Commission in its Solvency II amended proposal.
However, more work is needed to build sufficient consensus to establish a more efficient, integrated and sustainable system of supervision for groups and the Commission has already launched a reflexion in this respect.
A number of changes have been made with regard to the deletion of ‘group support’. These changes are listed in the attached accompanying document.