Publication of Level 2 text paves the way for EIOPA to publicly consult on, and publish, the Level 3 guidelines and technical standards.
Because the Level 3 text is not legally binding and therefore does not have to be transposed into national law, some consultations can already begin. In practice, EIOPA has been working on the Level 3 text for a while and it has so far conducted two public consultations on the Level 3 text, on reporting and the ORSA.