Actions listed in the original action plan of September 2015

 

Support infrastructure investment

Adjust Solvency II calibrations for insurers' investment in infrastructure including infrastructure corporates and European Long Term Investment Funds (ELTIF)

Progress to date
Next steps

Review of the Capital Requirements Regulation (CRR), changes on infrastructure calibrations

Progress to date
Next steps
  • Agreement by the co-legislators on the CRR/CRD review

Ensure consistency of EU financial services rulebook

Call for evidence on the cumulative impact of the financial reform

Progress to date
Next steps
  • Follow-up to the Communication

Support sustainable investment

Support sustainable finance

Progress to date
Next steps

Expand opportunities for institutional investors and fund managers

Assessment of the prudential treatment of private equity and privately placed debt in Solvency II

Progress to date
  • The European Commission services are analysing how insurers invest in private equity and privately placed debt, and how these investments are offered to them
Next steps

Consultation on the main barriers to the cross-border distribution of investment funds

Progress to date
  • Survey amongst national competent authorities via ESMA on regulatory fees, marketing requirements, administrative arrangements and the notification process completed
  • Public consultation completed
  • Expert group on national barriers to the free movement of capital discussed barriers to cross-border marketing of funds under AIFMD and the transparency of regulatory fees
Next steps

Actions as set out in the mid-term review of June 2017

Long-term investment

Assessment of the drivers of equity investments by insurance companies and pension funds (new action)

PROGRESS TO DATE

Amend the prudential treatment of private equity and privately placed corporate debt in Solvency II (follow-up action)

Report on whether the accounting treatment of equity instruments in IFRS 9 is sufficiently conducive to long term financing (new action)


Infrastructure investments

Measures to review the calibration of risk charges for infrastructure corporates (follow-up action)

Progress to date

Sustainable investment

Decide on the concrete follow-up to recommendations by the High Level Expert Group on Sustainable Finance (priority action)

PROGRESS TO DATE