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Budget Cuts Could Impact EIOPA and the Delivery of Solvency II

25 March 2015
Mayer Brown Newsletter

In February 2015, Carlos Montalvo, the head of the European body charged with developing Solvency II, warned that recent budget cuts would have an impact on how Solvency II would be implemented in 2016. EIOPA's 2015 budget was reduced by 7.6% compared to 2014, equivalent to a reduction of €1.7 million.

In a press release, EIOPA stated that as a result of the budget cuts, EIOPA would look to relocate human resources and rationalize funds. The press release also stated that Solvency II will remain EIOPA's highest priority in 2015. However, the budget cut will affect the implementation of Solvency II with the training program for supervisors being reduced by 20% and the production of the IT supervisory toolkit related to XBRL reporting being cancelled. In addition, a number of work streams, including those in the areas of financial stability and consumer protection will be “deprioritized.”

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