On 24 May 2013, the Central Bank hosted an industry briefing on its approach to implementing EIOPA's guidelines on Solvency II. The Central Bank confirmed that it will introduce its own set of guidelines later this year which will closely mirror the content and wording of EIOPA’ s guidelines. They will apply to all undertakings subject to the Solvency II Directive, with a small number of exceptions. In implementing EIOPA’s guidelines, the Central Bank confirmed that it will align with the PRISM framework. All high and medium high impact firms will be subject to the guidelines from 1 January 2014 with a phasing in period for low and medium low firms. The Central Bank confirmed that there is no conflict but there are some differences between EIOPA’s guidelines and current corporate governance requirements. Finally, the Central Bank stressed that its approach to implementing the guidelines may be subject to change based on the outcome of EIOPA’s consultation on the guidelines and any additional developments in relation to Solvency II.
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