THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 50, 53, 62, and 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank [OJ C 159, 28.5.2011, p. 10.],
Having regard to the opinion of the European Economic and Social Committee [OJ C 218, 23.7.2011, p. 82.],
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 11 March 2014 (not yet published in the Official Journal) and Decision of the Council of 14 April 2014.],
Whereas:
(1) The financial crisis in 2007 and 2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally based supervisory models have lagged behind financial globalisation and the
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