Regulatory Alerts2018-11-14
Added · Updated
Decision of the European Systemic Risk Board on a coordination framework for consultation on extension of the Solvency II recovery period
The European Systemic Risk Board establishes a common procedural framework for supervisory authorities to consult with the ESRB regarding the extension of the recovery period under Article 138(4) of the Solvency II Directive. The decision mandates that requesting authorities provide specific economic data, financial projections, and market impact assessments to support such extensions. It defines a strict timeline for the ESRB assessment team, Steering Committee, and General Board to review requests and issue responses within specified working day limits. The framework also outlines confidentiality requirements and the composition of the expert assessment team involved in the evaluation process.
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