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 Article 53(1) 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 167, 13.6.2012, p. 2.],

Having regard to the opinion of the European Economic and Social Committee [OJ C 229, 31.7.2012, p. 64.],

Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 16 January 2013 (not yet published in the Official Journal) and decision of the Council of 13 May 2013.],

Whereas:

(1) Directive 2003/41/EC of the European Parliament and of the Council [OJ L 235, 23.9.2003, p. 10.] provides for regulation at Union level of institutions for occupational retirement provision (IORPs). Directive 2009/65/EC of the European Parliament and of the Council [OJ L 302, 17.11.2009, p. 32.] provides for regulation at Union level of undertakings for collective investment in transferable securities (UCITS). Similarly, Directive 2011/61/EU of the European Parliament and of the Council [OJ L 174, 1.7.2011, p. 1.] provides for regulation at Union level of managers of alternative investment funds (AIFMs). All three Directives establish prudential requirements as regards risk management by IORPs, by management and investment companies with regard to UCITS, and by AIFMs, respectively.