On 25 July 2014, the PRA published an update note on implementation by UK firms of the Solvency II directive (2009/138/EC). The PRA notes that firms have to make a number of assumptions in preparing for compliance with Solvency II. Areas of regulatory uncertainty remain as work continues on finalising the Solvency II Delegated Acts and EIOPA's Implementing Technical Standards and guidelines. The note is intended to give firms clarity where possible. In particular, guidance is provided in the following areas: availability of group own funds, operation of limits at group level, deferred tax, the matching adjustment and pension schemes. In August 2014, the PRA will consult on the transposition of Solvency II into the PRA Rulebook. In addition, the PRA plans to publish a supervisory statement on the matching adjustment towards the end of 2014.