Lamfalussy Procedure meaning

Purpose of MiFID level 3 measures The Markets in Financial Instruments Directive (2004/39/EC) (MiFID) was introduced in 2004 as a level 1, or framework, instrument within the Lamfalussy process, and was required to be implemented into the national laws of European Union (EU) Member States by 1 November 2007, although some Member States failed to meet that deadline. It superseded the Investment Services Directive (ISD), adopted in 1993. Its purpose was to strengthen the competitiveness of EU financial markets by establishing a single market for investment services and activities. Under the Lamfalussy approach, level 1 denotes high-level framework legislation produced via the standard co-decision procedure. Level 2 refers to secondary legislation adopted by the European Commission in the form of delegated acts or implementing acts. For further details about the level 1 and level 2 measures under MiFID, see Practice Note: EU MiFID II and MiFIR—essentials...

Purpose of this Practice Note This Practice Note offers a primer on EU financial services law by way of: concise guidance links within the Practice Note to sources predominantly hosted on the EU’s website, and commentary and analysis delivered by the EU law module Most links point to introductory resources, though they can often be pursued for more advanced discussion, if required. Some readers may prefer to consult our An introduction to EU law before exploring EU financial services law... Introduction The EU consists of 27 European countries which, at least in principle, operate as a single market. That market has been widened to the European Economic Area (EEA) with three additional European countries. The single market features a highly developed financial services industry, overseen by a regulatory framework that EU institutions consider a benchmark for the rest of the world. The EU’s constitutional foundation now rests on two treaties: the Treaty on European Union (TEU) and the Treaty...