Both spot and derivative contracts relating to EU ETS allowances are covered by the new Markets in Financial Instruments Directive II (MIFID II) and Regulation (MIFIR). On 15 April 2014, the Parliament voted to adopt MiFIR in a first reading agreement, together with the MiFID II Directive. Council adopted the legislation on 13 May 2014. MiFID II and MiFIR are expected to enter into force in June 2014, but the new rules will apply 30 months after MiFID II enters into force (i.e. by early 2017).