- Exchange of letters between DG FISMA and ESMA on the delivery of CSDR Level 2 measures, June 2015
- Exchange of letters between DG FISMA and ESMA on the early legal review of ESMA’s draft technical standards, May 2015
Numerous acts of EU legislation in the area of financial services (“basic acts”) contain empowerments for so-called “Level 2” measures to be adopted by the Commission by means of Delegated Acts (DA), Implementing Acts (IA), or measures under the former comitology Regulatory Procedure with Scrutiny (RPS measures). These measures are endorsed in accordance with different procedures set out in the relevant basic act and may be subject to formal committee decisions or provide for certain control rights of the European Parliament and the Council.
Where the Level 2 measures concern purely technical matters and require the expertise of supervisory experts, it can be determined in the basic act that these measures are technical standards based on drafts developed by the European Supervisory Authorities (ESAs). A distinction can be made between Regulatory Technical Standards (RTS) which are adopted by the Commission by means of a Delegated Act and Implementing Technical Standards (ITS) which are adopted by means of an Implementing Act.
The following table provides an overview on existing empowerments in basic acts for Level 2 measures . The table will be regularly updated.