On 14 January 2014, the European Parliament published a press release announcing that informal political agreement in trialogue has been reached on the proposed MiFID II Directive and the proposed Markets in Financial Instruments Regulation (MiFIR) (MiFID II)The EU Commission issued a press release welcoming agreement in trilogue. We have not yet seen the revised text and while the press release gives a degree of detail   on MiFID II, many issues will not become clear until the text is released.