Policy is generally a plan, principled guide or course of action adopted and pursued by the state on a class of issues, in a manner consistent with national law. Policies are intended to influence and determine decisions, actions, and other matters.
Legislation, or statutory law, is a system of rules and guidelines which which has been enacted by a governing body and are enforced through social institutions. Prior to becoming law, it may be known as a bill. Legislation can have many purposes: to regulate, to authorize, to prescribe, to provide (funds), to sanction, to grant, to declare or to restrict.