Regardless of what the European Commission says, various market participants have been wondering if the regulator will be able to meet its own strict deadlines.

Market commentators have arrived at a consensus, that the existing timetable leaves regulators with little room to make mistakes, according to Post Online. The regulations are currently required to be adopted at the beginning of 2013 by regulators, and by the start of 2014 for market participants.

The regulatory regime is currently awaiting a vote by the Economic and Monetary Affairs Committee that is scheduled for March 21, the media outlet reports. If the outcome of the vote is what market experts are expecting, the Ombinus II directive will become effective over the summer, which would allow Solvency II to be implemented on schedule.

This best-case scenario could be prevented by politicians who are preoccupied with the Greek debt situation or who are reluctant to approve legislation that could potentially reduce economic growth, according to the media outlet.

Greek officials have been focused on working on securing another round of bailout funding to prevent the European nation from defaulting on its debt when its next round of payments becomes due in March.