Two points are noteworthy here. First, the Commission said that it does not intend to open the text for consultation again. The proposal has been consulted on semi-publicly in November 2010 and has undergone a number of non-public consultations with key stakeholders.
Second, the duration of the objection period itself is currently under discussion in the trialogues (as part of the deliberation on the Level 1 text). The Commission wants to allow for two months, with an additional month if needed. But the Council and Parliament want three months with an option for another three months – this was the case for Omnibus I, a similar directive for banking and asset management.
It is therefore theoretically possible that the Level 2 text will only be officially published six months after the publication of the Level 1 text. However, because it is possible to accept or reject the text before the end of the objection period, and given the level of informal discussions, this timescale could be considerably shorter.