S/C/N/686  
 
13 March 2013  
(13-1353)  Page: 1/2  
Council for Trade in Services  Original: English  
 
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE 
GENERAL AGREEMENT ON TRADE IN SERVICES 
 The following notification from the delegation  of the European Union, dated 12 March 2013, 
is being circulated to the Members of the Council for Trade in Services. 
 
 
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The following notification is made pursuant to GATS Article III:3 and relates to measures adopted 
by the European Union in 2012. Given that th ere is no common understanding among WTO 
Members on when a measure "significantly affects trade in services" within the meaning of GATS Article III:3 and that the European Union cannot make a positive determination on this issue, it is 
therefore notifying measures that may be relevant to trade in services without prejudice to the 
interpretation of the phrase "significantly affect trade in services" in Article III:3.
 
 
 
1  MEMBER NOTIFYING 
EU 
 
2  NOTIFICATION UNDER ARTICLE Article III, paragraph 3, of the General Agreement on Trade in Services 
 
3  DATE OF ENTRY INTO FORCE 
15/09/2012 
 
4  AGENCY RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE 
Member States of the EU 
 
5  DESCRIPTION OF THE MEASURE 
a. Directive 2012/23/EU of the European Parliament and of the Council of 12/09/2012 
amending Directive 2009/138/EC (Solvency II) as regards the date for its transposition and the date of its application, and th e date of repeal of certain Directives  
b. Brief summary of the content with a focus on potential effect on services trade 
The Directives postpones the entry into force of Directive 2009/138/EC of the European Parliament 
and of the Council of 25/11/2009 on the taking-u p and pursuit of the business of Insurance and 
Reinsurance (Solvency II, published in the Official Journal of the EU, L 335, 17.12.2009, p. 1.). 
Solvency II provides for a modern, risk-based system for the regulation and supervision of 
insurance and reinsurance undertakings of the Union. That system is essential in order to ensure a 
safe and solid insurance sector that can provide sustainable insurance products and support the 
real economy by encouraging long- term investments and additional stability. It sets 31 October 
2012 as the date for transposition and 1 November 2012 as the date of application.   On 19/01/2011, the Commission adopted a proposal (the ‘Omnibus II proposal’) to amend, inter 
alia, Directive 2009/138/EC in order to take into account the new supervisory architecture for S/C/N/686 
 
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  insurance, namely the setting-up of the European  Supervisory Authority (European Insurance and 
Occupational Pensions Authority). The Omnibus II proposal also included provisions to postpone the date for transposition and the date of applic ation of Directive 2009/138/EC, and the date of 
repeal of Solvency I. Given the complexity of the Omnibus II proposal, there was a risk that it 
would not have entered into force before the date for transposition and the date of application of 
Solvency II. Leaving those dates unchanged would have resulted in Solvency II having been implemented before the entry into force of the tran sitional rules and relevant adaptations provided 
for by the Omnibus II proposal. In order to avoi d overly burdensome legislative obligations for 
Member States of the EU under Solvency II and la ter under the new architecture envisaged by the 
Omnibus II proposal, it was therefore appropriat e to postpone the date for transposition of 
Directive 2009/138/EC. In order to allow for supervisors and insurance and reinsurance 
undertakings to prepare for the application of the new supervisory architecture, it was appropriate 
to provide for a later date of application of Solvency II. For reasons of legal certainty, the date of repeal of Solvency I was postponed accordingly.
 
 
6  MEMBERS SPECIFICALLY AFFECTED, IF ANY 
None 
 
7  TEXT AVAILABLE FROM  Enquiry point [ ] 
 WTO Secretariat [ ] 
 Other sources (address, fax and telephone of other body) [X];  
Official Journal of the EU L 249, 14/09/2012; http://eur-lex.europa.eu
 
 
 
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