Month: October 2016

ECB Opinion on proposed changes to the European Venture Capital & Social Entrepreneurship Funds Regulations

The European Central Bank’s formal Opinion on the proposed changes to the European Venture Capital and Social Entrepreneurship Regulations has been published in the Official Journal. The ECB:

Amending the European Venture Capital & Social Entrepreneurship Funds Regulations to increase investments in SMEs – Part III

The European institutions have been working on a Regulation that will amend the European Venture Capital Funds Regulation (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EuSEF Regulation), to make it easier for qualifying Alternative Investment Funds to invest in small and medium entreprises. The backstory, original draft text, and […]

Solvency II: the PRA on monitoring model drift & standard formula reporting for internal model firms

The UK’s Prudential Regulation Authority has published a brief Supervisory Statement, “SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model“. The PRA has long been concerned that internal model quality and output-reliability will gradually fall, if (re)insurers aren’t encouraged to maintain their […]

Solvency II: infrastructure investments & ELTIFs Implementing Regulation published in the Official Journal

On 2 April 2016, Solvency II was amended (by Commission Delegated Regulation 2016/467) to: Include a new asset class: qualifying infrastructure investments; Bring the treatment of investments in European Long-Term Investment Funds (ELTIFs) into line with the treatment of investments in European Venture Capital Funds, and European Social Entrepreneurship Funds (EuVECAs […]

The #AIFMD for non-EU Fund Managers: a brief update on the 3rd-country passport

Steven Maijoor, chair of the European Securities & Markets Authority (ESMA), has given a brief “update and next steps” report to the Economic and Monetary Affairs Committee of the European Parliament, about ESMA’s work on the AIFMD 3rd-country passport. After reviewing the relevant history, which is summarised in our earlier blogs (here, […]

Solvency II: EIOPA on regulatory certainty, and legislative review

Like most modern European Directives, Solvency II includes a structured review process to give the legislature an opportunity to (a) check the regime’s working properly; and (b) make adjustments, if it’s not. The Solvency Capital Requirement (SCR) is due for review by 2018, and the rest of Solvency II is due […]

#IDD: EIOPA plans a series of InsurTech roundtables for 2017

When Gabriel Berndardino, the chair of the European Insurance & Occupational Pensions Authority (EIOPA) delivered the key note speech at yesterday’s  6th EIOPA Annual Conference in Frankfurt, he told delegates that, whilst there’s always been change, “the change coming from the digital era is different:  … it is not incremental; […]