MiFID is a major part of the European Union’s Financial Services Action Plan (FSAP), which is designed to create a single market in financial services. MiFID comprises two levels of European legislation. ‘Level 1’, the Directive itself, was adopted in April 2004. In several areas, however, it makes provision for its requirements to be supplemented by ‘technical implementing measures’, so-called ‘Level 2’ legislation. The Commission’s proposed Level 2 measures, developed on the basis of advice provided by the Committee of European Securities Regulators (CESR) earlier this year, are the subject of continuing negotiation at European level in the European Securities Committee.
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