11 Solvency II and related developments  Solvency II will become operational on January 1, 2016; to ensure a smooth transition, many national prudential frameworks are  undergoing adjustment. Aegon continues to remain on track with its preparations. Aegon has allocated considerable resources to the development of its partial internal model. This model is currently in the  pre-application phase with Aegon´s College of Supervisors. Aegon aims to contribute to the resolution of any outstanding issues relating to Solvency II by active participation in discussions  with several industry bodies. In particular, it provides input to measures to address long-term guarantee issues. At the request of  their national supervisory authorities, a number of Aegon companies participated in the recent long-term guarantees assessment. In accordance with Solvency II requirements, Aegon has set up risk management processes and governance structures.  Aegon actively manages its business in a market-consistent and risk-sensitive manner. These processes and structures include  product pricing, asset and liability management, capital management, and business strategy setting. The company is also  optimizing its reporting process to be aligned with the requirements to be introduced by Solvency II. Aegon is on track with embedding Solvency II requirements into its existing business processes in a business-as-usual environment,  while keeping abreast of the latest national, EU and international policy and regulatory developments relevant to insurance groups. To ensure that Aegon is not disadvantaged competitively by the implementation of Solvency II, or related wider international  developments, Aegon contributes to discussions with European and International regulators and supervisors. For example, Aegon is  participating in the EU-US dialogue and global initiatives by the International Association of Insurance Supervisors (IAIS) to  establish a common framework for the supervision of internationally active insurance groups (ComFrame) and develop a basic  international capital standard.