Regulatory Technical Standards. In the EU, a multi-level legislative procedure (known as the Lamfalussy approach) often results in the drafting of secondary (or Level 2) legislation, which is brought into force through delegated Regulatory Technical Standards and Implementing Technical Standards. A requirement to prepare RTS and/or ITS is typically delegated in primary legislation. The applicable RTS/ITS is then drafted and adopted by the European Commission following advice from the ESAs, a period of market consultation and legislative review. Technical standards are “Regulatory” if the delegations are made under Article 290 of the TFEU, or “Implementing” if the delegations are made under Article 291 of the TFEU.

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