On January 7, the Council of the European Union published a press release announcing that its Permanent Representatives Committee has agreed on its position relating to the proposed Investment Firms Regulation (IFR) and the proposed Investment Firms Directive (IFD). The Council also has published its compromise proposals on the IFR and the IFD.

The IFR and the IFD will, for all but the largest investment firms, replace the existing prudential requirements for investment firms currently set out in the Capital Requirements Regulation and the fourth Capital Requirements Directive.

The European Parliament voted on its position in relation to the IFR and IFD in September 2018 (for more details, see the September 24, 2018 edition of Corporate & Financial Weekly Digest).

The Council and the Parliament will now begin trilogue negotiations.

The Council’s press release is available here.