The Presidency of the Council of the EU published a compromise proposal on the proposed MiFID II Directive and a compromise proposal on the proposed Markets in Financial Instruments Regulation (otherwise known as MiFIR), both dated 3 December 2012. 

The MiFID II Directive and MiFIR will replace and recast the Markets in Financial Instruments Directive (Directive 2004/39/EEC) (commonly known as “MiFID”). The MiFID II Directive will amend the specific requirements regarding the provision of investment services and amend the scope of exemptions from the current MiFID directive, as well as alter the organisational and conduct of business requirements for investment firms. MiFIR will, amongst other things, set out the requirements in relation to the disclosure of trade transparency data to the public and transaction data to competent authorities, as well as attempting to remove barriers to non-discriminatory access to clearing facilities. MiFIR will also provide for the mandatory trading of derivatives on organised venues.