EC: Revised rules for markets in financial instruments (MiFID/MiFIR) - a) Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Recast) (MiFID) b) Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories (MiFIR)

This is a “general approach” document (dated 15 April 2013). It notes that as at 13 April 2013, there was not yet a qualified majority supporting an overall compromise in particular because of the key outstanding issue of access to trading venues and central counterparties (CCP) (MiFIR, Articles 28-30. It goes on to suggest that the Permanent Representatives Committee of the Council agree on Articles 28-30 in MiFIR and invites the Working Party on Financial to finalise the text, and submit the general approach for agreement by COREPER in the very near future.