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EIOPA Solvency II Roadmap and 2.7 Public Working Draft One

EIOPA has recently released the roadmap taxonomy planning for Solvency II along with the first working public draft of taxonomy 2.7. As expected, based on EIOPA workshop in January, the release dates for the next two taxonomies are communicated - taxonomy 2.7 the purpose of which is to integrate PEPP information into the Solvency II quantitative reporting templates and taxonomy 2.8 which is going to include the changes from Consultation on supervisory reporting and public disclosure that took place in 2019.

Iva Velinova
March 16, 2022

For Taxonomy 2.7 the table shows that EIOPA have planned two public working draft releases, one in the end of February and one in June, before the final version at the end of July. For taxonomy 2.8 there are three public working drafts planned, the first of which is due in April this year. In addition, there will also be a fourth one, deemed to be “final version without value assertions”.

The last update of EIOPA, with regards to technical stages states that the Taxonomy 2.7, used for reporting between 31.12.2022 and 31.12.2023, will only have limited updates the purpose of which is to collect information on the PEPP reporting and fix, if necessary, any issues discovered during the current reporting with Taxonomy 2.6. That diverges a bit from EIOPA usual approach of releasing a public working draft in the beginning of June and a final version on 15th July, however, the first public working draft being released so early can probably be attributed to the release of the taxonomy 2.8 planned for April, and EIOPA trying to follow the chronological order of releases. The reason for publishing the initial public working draft of taxonomy 2.8 more than a year earlier than usual is, of course, the many anticipated changes based on the consultation, varying from introducing new templates, discontinuing old ones, amendment of tables, reporting thresholds and validation checks.

* PWD stays for Public Working Draft

Taxonomy 2.7 Public Working Draft 1

The purpose of the changes in taxonomy 2.7 is to integrate PEPP information into the Solvency II quantitative reporting templates. However, EIOPA has not yet published the full technical implementation of the templates – rather it has given an indication of the changes of the QRTs in the artefact Annotated templates as well as their potential mapping to the datapoint model.  

In addition, it has also published the drafts of the implementation technical standards (ITS) for the new fields that are added to the templates for annual regular reporting (ars), annual regular reporting with ECB add-on (aes) and annual third country branches reporting (arb). The following templates has been amended - S.01.01 – Content of submission, S.01.02 – Basic Info, S.06.02 – List of assets and the entirely new template – S.52.01 – PEPP and PEPP saver information has been added.

In S.01.01, only one new field has been added to reflects the newly added template S.52.01.

In S.01.02, a new field has been added to, at the bottom of the existing table.

Furthermore, a second small table, has been added, to give more details for PEPP:

In S.06.02 and in S.08.01, the following two columns are added, in the first table, “Information on position held”:

Furthermore, in the second table of S.06.02, “Information on assets”, the following column is added:

The new template added S.52.01 is named “PEPP and PEPP saver information” and consists of two tables. The first table consists of summary information of the costs of a basic PEPP and of an alternative investment option. The amounts reported relates to one-off and recurring costs. The second table in the template is reported per country, in which the product is commercialized, and by sub-accounts opened.  

The full Draft ITS for all templates, including S.52.01 can be found here.

The annotated templates can be found here.

More details about EIOPA Roadmap can be found on here.