On 19 February 2014, the Council of the EU announced that the Permanent Committee of Representatives (COREPER) approved the final compromise texts on the proposed MiFID II Directive and the proposed Markets in Financial Instruments Regulation (MiFIR) (the MiFID II legislative proposals which will replace and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID)).

The MiFID II proposals now need to be formally approved by the EU Parliament and adopted by the EU Council.