On 12 February 2015, the Prudential Regulation Authority (PRA) in the UK issued a letter sent to the directors of insurers, providing an update on matters relating to Solvency II. The updates relate to Solvency II-related approvals, including for the matching adjustment and internal models, to  the entry into force of the CDR and to the PRA's upcoming Solvency II activity timetable.  On 10 February 2015, the PRA published an update regarding its approach to the balance sheet, technical provisions and own funds review under Solvency II.  This clarifies aspects of the PRA's reporting approach on these points proposed in October 2014; including further detail in relation to the format of reports required. On 19 February 2015, the PRA launched a consultation (CP5/15) on its expectations of firms under EIOPA's first set of Solvency II Guidelines.  Comments are invited by 19 March 2015.  On 20 February 2015, the PRA released an updated supervisory statement (SS2/14) on the recognition of deferred tax under Solvency II.  On 20 February 2015, the PRA also published a letter to (re)insurers, regarding the treatment of equity release mortgage assets (ERMs) in calculating the matching adjustment under Solvency II.