On 31 October 2014, EIOPA published its first set of draft implementing technical standards (ITS) on supervisory approval processes under Solvency II. The ITS define the processes for the approval by national supervisors of (group) internal models, matching adjustments, ancillary own funds, undertaking specific parameters and special purpose vehicles. The ITS are addressed both to (re)insurers and national supervisors. EIOPA has submitted the ITS to the European Commission, which has three months to decide whether to endorse them. If endorsed, the ITS will become legally binding.  EIOPA has also published the final reports on its public consultations on the draft ITS, on its website.