On the 2nd June the European Insurance and Occupational Pensions Authority (“EIOPA”) invited stakeholders to provide their comments on the first set of Guidelines and their Impact Assessment for Solvency II. These Guidelines are addressed to National Competent Authorities or Financial Institutions and seek to ensure that a consistent application of EU law and that effective supervisory practices are adopted by the various Member States.

Consultation papers have been issued in respect of these five areas:

• Consultation Paper on Pillar 1 GL, including Guidelines on Technical Provisions, Own Funds, the Standard Formula SCR and Group Solvency;

• Consultation Paper on Internal models GL;

• Consultation Paper on Pillar 2 GL, including ORSA and Governance;

• Consultation Paper on Supervisory Review Process (SRP) GL; and

• Consultation Paper on Equivalence GL.

A seperate consultation paper for the Impact Assessment of the Guidelines has also been made available. Following this consultation, EIOPA inends to adopt a final set of Guidelines which will be made available on its website.

The period for providing comments will end on 29 August 2014 and the consulation papers can be accessed by clicking here.