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 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 161, 7.6.2012, p. 3.],
Having regard to the opinion of the European Economic and Social Committee [OJ C 181, 21.6.2012, p. 64.],
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 10 September 2013 (not yet published in the Official Journal) and decision of the Council of 14 April 2014.],
Whereas:
(1) A genuine internal market for financial services is crucial for economic growth and job creation in the Union.
(2) An integrated, efficient and transparent financial market requires market integrity. The smooth functioning of securities markets and public confidence in mark
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