On 23 October 2019, the Council of the EU published the texts it adopted at first reading for the:

• the Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European Banking Authority Regulation (the Investment Firms Regulation (IFR)); and
• the Directive on the prudential supervision of investment firms and amending the Capital Requirements Directive and revised Markets in Financial Instruments Directive (the Investment Firms Directive).

The legislation comes into force on the twentieth day following its publication in the Official Journal of the EU. However, most of the provisions contained in the IFR will apply 18 months after it enters into force.