On 29 October 2010, the European Commission issued a letter to the Committee of European Insurance and Occupational Supervisors (CEIOPS) regarding third country equivalence under Solvency II. In the letter, the European Commission confirmed that CEIOPS should proceed to carry out equivalence assessments in relation to Bermuda, Japan and Switzerland. The letter also acknowledges that equivalence assessments may be necessary for further third countries, but that this may not be practicable in the short tem, due to the resource and time intensive nature of the task. In the case of those further third countries, and, possibly, in the case of Bermuda, Japan and Switzerland (if equivalence cannot be confirmed), the European Commission proposes that a transitional regime for equivalence be put in place. The letter also re-confirms the European Commission's aim to publish decisions on equivalence by July 2012.