On 14 July 2015, the PRA issued a letter sent by it to directors of insurers, providing an update relating to Solvency II implementation.  The updates include information relating to: (a) the internal model application process; (b) the publication by EIOPA of the second set of implementing technical standards; (c) the recognition of outwards reinsurance by firms; and (d) the PRA's upcoming Solvency II activity timetable up to the end of Q3 of 2015.  On 23 July 2015, the PRA issued a supervisory statement (SS30/15) setting out its expectations of firms on the treatment of sovereign debt in internal models under Solvency II and an updated supervisory statement (from its April 2015 version of SS22/15) on the application of EIOPA's first set of Solvency II guidelines. On 24 July 2015, the PRA updated its Solvency II webpage to announce that it considers it vital that the approval process for matching adjustment applications under Solvency II is consistent across firms.  For formal applications received before 1 July 2015, the PRA will make its final decisions in late October 2015.