Jurisdiction(s):
European Union

From EU policy to national financial services legislation: institutions, the Lamfalussy process, comitology and supervisory bodies

Published by a LexisNexis EU Law expert

Practice notes

Starting the process of translating policy to legislation

At European level, the creation and application of rules by supranational institutions is directed by the Lamfalussy process. It was crafted by the 'Committee of Wise Men' on the Regulation of European Securities Markets (the Lamfalussy Committee) and set out in its final report of 15 February 2001. The four-level Lamfalussy framework is presented in diagrammatic form in Appendix 1, while Levels 1 and 2 receive fuller treatment in Appendices 2 and 3. It is, nevertheless, vital to keep in view who constitutes the component parts of each of the supranational bodies in question. Understanding their roles and membership remains a constant consideration throughout.

European Parliament

The European Parliament is the European Union's directly elected parliamentary body. Its members (MEPs) are chosen by the citizens of every member state. Together with the Council of the European Union (the Council) and the European Commission (the Commission), it performs the EU's legislative role.

Council of the European Union

Where the European Parliament reflects the individual citizens of the EU, the Council of the European Union speaks for the executive authorities of each member state. Council participants are national ministers from member states. The Council...

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Web page updated on 21/05/2026

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