Omnibus II set to push back Solvency II implementation even further

Solvency II has seen a raft of compromises that move it away from its original economic basis, and now the latest version of Omnibus II appears to suggest the directive may not come into full force until several years after its putative 2013 implementation deadline. Aaron Woolner reports

Viktor Orbán

Hungary’s presidency of the European Union has been dogged by controversy over its domestic actions. A restrictive media law imposed by the government in February led to suggestions of state censorship of the press and, a few months later, prime minister Viktor Orbán’s decision to ram a revised constitution through the Hungarian parliament led The Venice Commission – the constitutional law advisory body to the Council of Europe – to declare the “principle of democracy itself is at risk”.

But