On 27 November 2003 a political agreement has been reached in the Council on the compromise proposal for the Takeover bids Directive. On 16 December, the Parliament gave its approval and the proposal has still to receive the formal voting of the Council under the Irish Presidency in March 2004. Member States are required to transpose it into national law by 2006. The Directive regulates how a company or an investor that already has control in a listed company or seeks to obtain control can acquire securities in that company and applies to both voluntary and mandatory bids.