Newsletter Nov 2006: Draft law by mid-2007

The Commission aims to produce a draft framework directive, or law, on Solvency II by the middle of 2007. Europe’s top financial regulator, internal markets commissioner Charlie McCreevy, confirmed in October that he wants the new regime to be in force by the end of the decade. The framework directive will lay down general principles, leaving the Commission to develop the technical details under the so-called Lamfalussy system for streamlining the development of EU financial regulation.