This flap “FAQ” (Frequent Asked Questions and answers) is intended to give help by answering frequent asked questions. For convenience, these are presented in alphabetical order.
CESR
Q What does CESR mean?
A CESR means The Committee of European Securities Regulators i.e. the Competent Authorities or the Financial Supervisory Authority (FSA) for securities markets in each member state. It was established as result of the work done by the Lamfalussy group of Wise Men in 2001. CESR website
Comitology
Q What does Comitology mean?
A Comitology means the use of committees e.g. The European Commission’s use of ESC and CESR committees for advice.
For further information see COUNCIL DECISION of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission.
Deadlines and transposition of MiFID.
Q Where do I find the deadlines for MiFID implementation and for the reports to be published according to A65 in MiFID level 1?
A There is a special directive MiFID Amending directive 2004/39/EC regarding certain deadlines adopted on 2006-04-05.
A There is further information about the actual dates for the tranposition of legislation and implementation of the legislation under the flap Time lines on the pront page of this website.
EC (European Commission)
Q Does EC give any guidance to the MiFID legislation?
A Yes, EC provides a public website for frequently asked questions and answers related to MiFID
ESC
Q What does ESC mean?
A ESC means The European Securities Committee (ESC) representing the Member States and
functioning as a so-called ‘regulatory committee’ under the Comitology arrangements. It was established as result of the work done by the Lamfalussy group of Wise Men in 2001.
Lamfalussy Procedure
Q What does the Lamfalussy Procedure mean?
A The Lamfalussy Procedure is a new legislative and enforcement technique divided into four levels proposed in 2001 buy the Group of Wise Men led by Baron Alexandre Lamfalussy. Level 1 is about legislation on a high and principle based level under a co-decision of The Council and the EU Parliament. Level 2 is about implementing measures that elaborate the level 1 provisions and is delegated to the EC Commission to decide upon. Level 3 is about coordination of national transposition and implementation by means of cooperation between the competent authorities. Level 4 is about follow up and enforcement of the legislation in common.
For more information see COMMISSION STAFF WORKING DOCUMENT
THE APPLICATION OF THE LAMFALUSSY PROCESS TO EU SECURITIES
MARKETS LEGISLATION - A preliminary assessment by the Commission services
The following directives of the 2000-2005 Financial Service Action Plan (FSAP) follows the Lamfalussy Procedure
- the Market Abuse Directive (MAD). Level 1 was adopted on 3 December 2002
- the Prospectus Directive (PD). Level 1 was adopted on 15 July 2003
- the Markets in Financial Instruments Directive (MiFID). Level 1 was adopted on 27 April 2004
- the Transparency Directive (TD). Level 1 was adopted on 17 December 2004
Sunset Clause
Q What does Sunset Clause mean?
A All Lamfalussy framework Directives all contain ‘sunset clauses’ relating to the exercise of the Commission’s power to adopt implementing measures at Level 2, in line with the wishes of the Parliament. The Commission’s delegated powers expire four years after the entry into force of the Level 1 measure unless they are renewed though the co-decision procedure by the Council and the Parliament
