HIGH LEVEL PERSPECTIVE ASSESSING CEIOPS PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES IN CONJUNC

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HIGH LEVEL PERSPECTIVE ASSESSING CEIOPS
PROGRESS SO FARAND IDENTIFYING FUTURE CHALLENGES
IN CONJUNCTION WITHTHE ASSESSMENT OF THE
LAMFALUSSY MODEL
MFAP

• Carlos Costa Pina Secretary of State for
  Treasury and Finance,
• PortugalCEIOPS Conference 2007Frankfurt am
  Main, 20 November 2007

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HIGH LEVEL PERSPECTIVE. ASSESSING CEIOPS
PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES
IN CONJUNCTION WITH THE ASSESSMENT OF THE
LAMFALUSSY MODEL
MFAP

• OVERVIEW
• Success and review of the Lamfalussy model
• Solvency II and Lamfalussy Levels 1 and 2
• CEIOPS and Level 3 Convergence
• Level 3 Committees Cooperation
• Perspectives on the Lamfalussy review

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1. SUCCESS AND REVIEW OF THE LAMFALUSSY
MODEL
MFAP

• CEIOPS and the Lamfalussy model
• Unprecedented network of cooperation and exchange
  of information
• Common regulatory and supervisory goals
• Essential contribution to EU law-making
• Technical advice and convergence

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1. SUCCESS AND REVIEW OF THE LAMFALUSSY
MODEL
MFAP

• The 2007 Lamfalussy review
• Assess the progress and identify the challenges
• Enhance the Lamfalussy framework
• Inter-Institutional Monitoring Group
• Portuguese Presidency of the EU

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2. SOLVENCY II AND LAMFALUSSY LEVELS 1 AND
2
MFAP

• Solvency II
• An opportunity for the Lamfalussy review
• Stage of reform in insurance and reinsurance law
• 1st prudential Directive under the Lamfalussy
  framework
• Specific challenges for CEIOPS

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2. SOLVENCY II AND LAMFALUSSY LEVELS 1 AND
2
MFAP

• Lamfalussy Levels 1 and 2
• Principles based approach
• Regulatory self restraint
• Separation of Level 1 and Level 2
• Parallel work on draft L1 Directive and sketched
  L2 legislation

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3. CEIOPS AND LEVEL 3 CONVERGENCE
MFAP

• CEIOPS technical advice
• Ex ante support to L1 and L2 legislation
• Ex post development of L3 standards, guidelines
  and recommendations

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3. CEIOPS AND LEVEL 3 CONVERGENCE
MFAP

• Cooperation protocols
• Exchange of information on EU law interpretation
  and supervisory practices
• Working relationship between supervisors
• Foster convergence

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4. LEVEL 3 COMMITTEES COOPERATION
MFAP

• 3L3 Cooperation
• Cross-sector issues
• Cross-sector consistency
• 3L3 joint work

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5. PERSPECTIVES ON THE LAMFALUSSY REVIEW
MFAP

• Perspectives
• Lamfalussy Achievement Challenge
• Implement L1 and L2 proposals
• Enhance L3 activities
• Cooperation with CESR and CEBS

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5. PERSPECTIVES ON THE LAMFALUSSY REVIEW
MFAP

• Perspectives
• Its all about better regulation
• Public consultation
• Impact assessment
• Consolidation

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HIGH LEVEL PERSPECTIVE. ASSESSING CEIOPS
PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES
IN CONJUNCTION WITH THE ASSESSMENT OF THE
LAMFALUSSY MODEL
MFAP

• Thank you for your attention.