2 September 2006. After its initial implementation, MiFID 1 was intended to be reviewed. After extensive discussion and debate, in April 2014, the European Parliament approved both MiFID 2, an updated version of MiFID 1, and its accompanying Regulation (EU) No 600/2014. The directive and regulation include fewer exemptions and expand the scope of MiFID 1 to cover a larger group of companies and financial products. Both MiFID 2 and Regulation (EU) No 600/2014 have been effective from 3 January 2018. Background and history MiFID 1 was intended to replace Directive 93/22/EEC, which was adopted in 1993. The law creates a single market for investment services and activities, which improves the competitiveness in EU markets. While the original law did succeed in lowering prices and expanding choices for investors, weaknesses in ISD's structure became apparent during the financial crisis in 2008. MiFID 1 was also intended to make changes to share trading, and it set guidelines for the use of related financial instruments. The law was introduced in order to reduce systemic risk and strengthen existing investor protections. During the approval process for MiFID 1, a proposal from the European Commission (EC) was read by the European Parliament (EP) in March 2004. In April 2006, the Commission published consultation responses it received in 2005. In June 2006, the Commission published a new draft. The EC and EP discussed any suggested amendments to approve Level One texts. A second reading of the legislature, by both EP and EC, followed. MiFID 1 was introduced under the Lamfalussy procedure, which was designed to accelerate the adoption of legislation based on a four-level approach recommended by the Committee of Wise Men. The Committee was chaired by Baron Alexandre Lamfalussy. There are three other "Lamfalussy Directives": the Prospectus Directive, the Market Abuse Directive, and the Transparency Directive. Level 1 MiFID 1, implemented through the standard co-decision procedure of the Council of the European Union and the European Parliament, sets out a detailed framework for the legislation. It also amends Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC and repeals Council Directive 93/22/EEC, Investment Services Directive (ISD) originally adopted in 1993. Level 2 Twenty articles of this directive specified technical implementation measures (Level 2). These measures were adopted by the European Commission, based on technical advice from the Committee of European Securities Regulators and negotiations in the European Securities Committee with oversight by the European Parliament.