Under the European Union regulatory framework, primary legislation (e.g., directives such as the Markets in Financial Instruments Directive (MIFID II) and the Anti-Money Laundering Directive) ("Level 1 Measures") are typically passed by the European Parliament and Council and set out broad regulatory principles. The detailed implementing technical standards and granular rules arising from the Level 1 Measures are adopted and developed by the European Commission ("Level 2 Measures").
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