On 5 March 2015, Insurance Europe issued a press release indicating concern in relation to the second set of Solvency II ITS and guidelines published for consultation by EIOPA in December 2014. Key points highlighted include the very short timeframe available to implement the extensive reporting requirements (due to late finalisation of the reporting package); and the consequent desirability of allowing for certain simplifications and gaps in reporting during the first year of implementation.  Additionally, while Insurance Europe recognises the need for guidelines, it believes that there is scope for, amongst other matters, eliminating certain of the guidelines.