The document outlines the objectives and developments of the Network Functions Virtualization (NFV) Industry Specification Group (ISG) as it begins its second phase, focusing on interoperability and implementation. It highlights recent publications, including architectural frameworks and white papers supported by network operators, and sets the stage for future work in various working groups addressing reliability, security, and testing in NFV. Overall, it emphasizes the impact of NFV on telecommunications network design and the necessity for collaboration between standardization bodies and open-source initiatives.