THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,
Having regard to the proposal from the Commission [OJ C 213 E, 31.7.2001, p. 227.],
Having regard to the opinion of the Economic and Social Committee [OJ C 36, 8.2.2002, p. 1.],
After consulting the Committee of the Regions,
Having regard to the opinion of the European Central Bank [OJ C 271, 26.9.2001, p. 10.],
Acting in accordance with the procedure laid down in Article 251 of the Treaty [Opinion of the European Parliament of 14 March 2002 (not yet published in the Official Journal), Council Common Position of 12 September 2002 (OJ C 253 E, 22.10.2002, p. 1) and Decision of the European Parliament of 20 November 2002 (not yet published in the Official Journal).],
(1) The current Community legislation provides for a comprehensive set of rules on the prudential supervision of credit institutions, insurance und
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