Brussels, 19/01/2011 (Agence Europe) - On Wednesday 19 January, the European Commission adopted a draft proposal to adjust European legislation on the financial services that came into force at the beginning of the year, of the new EU financial services supervision system. This includes the creation of three new EU supervisory authorities (one for banking, one for insurance and pensions, and one for securities, see EUROPE 10285).
The draft directive gives details of the powers of the three new ESAs, like the process by means of which the ESAs will settle disputes between national supervisors in areas like the supervision of credit rating agencies registered in the EU. The draft directive also lays down areas where the ESAs will be able to decide on technical standards. The directive includes amendment of the Solvability II Directive (2009/138/EC), postponing until January 2013 the entry into force of new EU solvability rules for insurance companies, and allows the Commission to unveil implementing measures expected for this summer. The Commission is considering unveiling transition measures on reporting to supervisors, classification of capital and how solvability capital is to be calculated under the Solvability II directive. (M.B./transl.fl)