As the discussions on the new regulatory code are reaching an advanced stage in Brussels, a number of aspects of those proposals are under high scrutiny. The most important debates continue on those parts of the proposed legislation dealing with business models that involve co-investment and business models that are based on a wholesale only model of operation. Already today, co-investment is most developed and most active in the French market but can be seen elsewhere in different forms. The wholesale only business model is present in France but originates in Sweden and can now be seen rolling out at scale in Italy, Ireland and other countries of Europe. This workshop will seek to address a number of critical issues relating to each area.