The Council of the EU published an information note concerning the outcome of the European Parliament's first reading of the proposed MiFID II Directive. The text of the legislative resolution on the MiFID II Directive that was adopted is set out in an Annex to the note. On 23 April 2014, the Council of the EU published an information note concerning the outcome of the European Parliament's first reading of the proposed Markets in Financial Instruments Regulation (MiFIR). The text of the legislative resolution on MiFIR that was adopted is set out in an Annex to that note. On 15 April 2014, the Parliament voted to adopt MiFIR at first reading, together with the MiFID II Directive. The note states that the Parliament's first reading position reflects what had been previously agreed and that the Council should therefore be in a position to approve the Parliament's position. MiFID II and MiFIR can then be formally adopted in the wording corresponding to the Parliament's position.
On 24 April 2014, the European Commission requested ESMA to furnish technical advice on delegated acts and implementing acts relating to MiFID II and MiFIR. The request for advice lists the topics on which ESMA is invited to provide technical advice, including the definition of derivatives contracts, organisational requirements, conduct of business rules, best execution, client order handling rules, and position management powers. The request for advice contains a timeline that indicates that MiFID II and MiFIR are expected to enter into force during June 2014. ESMA is requested to provide its technical advice 6 months after entry into force of the MiFID II Directive and MiFIR (ie, December 2014). The delegated acts referred to in MiFID II and MiFIR should then be transposed by member states within 24 months of MiFID II entering into force, and should apply 30 months after MiFID II enters into force.