On 13 November 2013, the Council of the European Union (the Council) and the European Parliament (the Parliament) reached provisional agreement on the proposed Omnibus II Directive.Key areas addressed by that provisional agreement include long term guarantee measures, enhanced requirements for risk management, a supervisory review process, and public disclosure.On 27 November 2013, the Council announced that the Permanent Representatives Committee (COREPER) had approved the compromise reached. It is now hoped that Omnibus II will be considered and approved by the Parliament in February 2014. It was confirmed earlier this month that the Parliament's consideration is now scheduled for 24 to 27 February 2014, rather than 3 to 6 February 2014 as previously planned.