new financial supervision measures introduced inRegulation 1094/2010establishing the European Insurance and OccupationalPensions Authority.
These changes are implemented through the
currently in negotiations between Parliament and Council.
The Framework Directive isprinciples-based, and the detailed rules of the Solvency II regime will be contained in Implementing Measuresadopted by the Commission, and covering about 40 important areas inthe Framework Directive.
Technical standards and guidelinesTechnical standards:
concern purely technical matters (no strategic decisions or policychoices)
require the expertise of supervisory experts
are adopted by the Commission based on drafts submitted by theEuropean Insurance and Occupational Pensions Authority (EIOPA).
Regulatory Technical Standards (RTS)
These are standards for the consistent harmonisation of rules in EUlegislative acts.
Implementing Technical Standards (ITS)
These are standards for the uniform application of legally binding EUacts.