Introduction to the legislative processes for European Union directives and regulations on financial services matters

European Union legislation is of paramount importance to the financial services industries of the Member States of the EU as well as to others who participate in EU financial markets.

Indeed, the majority of regulation affecting banks, insurance companies, investment services firms and a wide range of other financial institutions, financial market activities and financial market infrastructure in the EU is now made at EU level. It is therefore important to understand the processes by which EU legislation is adopted.

Slaughter and May have prepared this introductory guide to assist those who wish to gain this knowledge, and as a reference source to those who wish to be reminded of the processes concerned. While focusing on financial services legislation, the guide serves as a useful, concise and up-to-date guide on EU legislative policy making in general.

See also the related url on the Lamfalussy process. This has its origins in the 'Committee of Wise Men on the Regulation of European Securities Markets' which was chaired by Baron Lamfalussy. It was convened by the Council of the EU on 17 July 2000 with a mandate to develop proposals for making the regulatory process for EU securities legislation more flexible, effective and transparent.

Slaughter and May: A view from Brussels: the Lamfalussy process at 13 - troublesome teenage years ahead? (Briefing, June 2014) https://www.slaughterandmay.com/media/2170902/a-view-from-brussels-the-lamfalussy-process-at-13-troublesome-teenage-years-ahead.pdf

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