Omnibus II trialogue update Three more trialogues on the Omnibus II Directive are planned for June – two technical trialogues (12 & 18 June) and a final political trialogue on 20 June. The Danish Presidency has reiterated its commitment to reach an agreement during its term. A spokesperson told Solvency II Wire, “All parties have the best intentions to complete the trialogue discussions by the end of June. The Danish Presidency has made it one of its priorities to complete the Omnibus II process during its current term and we are working hard towards this goal.” However, he noted that as discussions were ongoing it was not possible to confirm the completion time. While he was unable to comment the progress of specific issues such as long-term guarantees, equivalence or reporting requirements, the spokesperson said it has been agreed from the start that any agreements made during the negotiations will be subject to final overall agreement of the entire text. “Nothing is agreed until everything is agreed,” he said. A source close to the discussions said good progress was being made and expressed cautious optimism that it was possible to reach an agreement by the end of the month. It is understood that moving the package of measures on long-term guarantees (Matching Adjustment, Counter Cyclical Premium and Extrapolation) to the Level 1 text, as proposed by the Parliament in March, is still being discussed. One possibility is of introducing a slimmed-down version of the measures. However the source confirmed that the package has to be treated as a whole and it was not possible to move only part of it to Level 1 – a factor which has made the negotiations difficult. The pattern of the negotiation throughout the process has been to get a general agreement at a political level on specific issues first and then draft the details in the technical trialogues. The draft is then subject to final political approval.