The following Financial Services guidance note Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP provides comprehensive and up to date legal information covering:
At the European level, the development and enforcement of rules by supra-national bodies is governed by the Lamfalussy process, which was designed by the 'Committee of Wise Men' on the Regulation of European Securities Markets (the Lamfalussy Committee) and described in its final report published on 15 February 2001. The four level Lamfalussy process is explained in diagrammatical form in Appendix 1, and Levels 1 and 2 are examined in more detail in Appendices 2 and 3. However, it is always important to bear in mind who makes up the constituent parts of each of the supra-national bodies.
The European Parliament is the directly elected parliamentary institution of the European Union. Its members (MEPs) are elected by the citizens of each of the member states. Together with the Council of the European Union (the Council) and the European Commission (the Commission), it exercises the legislative function of the EU. At the present time, there are 754 MEPs.
While the European Parliament represents the individual citizens of the EU, the Council of the European Union represents the executive bodies of each the member states. Council members are national ministers from member states. The Council will have a different membership depending on its remit.
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