On 24 May 2013, the Central Bank hosted an industry briefing at which it outlined its intended approach to implementation of the Guidelines to be issued by the European Insurance and Occupational Pensions Authority (EIOPA) on Solvency II. The Central Bank confirmed that it will introduce its own guidelines which will (a) mirror the EIOPA Guidelines and (b) apply to all undertakings subject to Solvency II. The Central Bank's guidelines will be aligned with the PRISM framework, with all high and medium-high impact firms being subject to the Central Bank's guidelines from 2014. A phasing-in period will be allowed for low and medium impact firms. However, the Central Bank highlighted that its approach could change depending upon (a) the outcome of the consultation on the EIOPA Guidelines and (b) Omnibus II developments.