One thing is the formal process, another the practical one. It's like nominating a new UK Prime Minister: nominally it's the Queen doing something, in practice it's parliamentarians agreeing on a name through some sort of meeting of leaders.

The formal process of EU approval for directives and regulations resulted in certain practical norms. Basically, representatives for the three main organs (EUParliament, EUCouncil - i.e. national ministers - and EUCommission) sooner or later have to sit down and bang together a compromise on texts put forward by one or more of them. This is where we are today, this is what's been reported - that step has been completed.

Now the text gets put through the formal process, and it should be guaranteed to pass (bar surprising developments or upsets, like a country switching government and hence reneging on their position or EUParliament being particularly angry about specific bits of the text).

In terms of speed of approval this can be as short as a week, for the urgent stuff, but this will probably take a bit more as lobbyists will now go in overdrive trying to delay the cut-off enforcement dates that the text will contain.

In terms of distance from enforcement, this sort of world-changing rule typically gets put into force on 1 January of some future year. I reckon 1 January 2023 looks good, but we'll have to see the actual text to know for sure.