Current EU legislation and regulations
The resources below are organised on the basis of whether they are "level 1", "level 2" or "level 3" materials. These terms relate to the fast track procedure for producing European banking, securities and insurance legislation in use since 2001, which is known as the Lamfalussy process. MiFID was produced using this procedure and it is currently being used for MiFID2.
- Level 1 (framework legislation)
- Level 2 (implementing measures/delegated acts/technical standards)
- Level 3 (guidance and recommendations)
The Lamfalussy process causes EU legislation to be produced in two stages, using two separate legislative procedures. Level 1 refers to overarching framework legislation produced using the standard co decision procedure. Level 2 refers to secondary legislation containing additional matters of detail, which is produced separately by the European Commission in consultation with one of three expert groups (ESMA, the EBA or EIOPA). In the case of MiFID, the relevant expert group is ESMA. The distinction is very similar to the distinction in the UK between Acts of Parliament and Statutory Instruments. Level 3 refers to guidance designed to ensure that EU legislation is implemented in EU Member States as consistently as possible.
For materials relating to MiFID2, see the separate MiFID2 section.
For materials (such as old consultation papers and draft documentation) relating to the production of the legislation which is currently in force, see the EU section in the Archive.
Level 1 (framework legislation)
Level 2 (implementing legislation/delegated acts/technical standards)
Level 3 (guidance and recommendations)
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
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