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 336, 26.9.2014, p. 5.],
Having regard to the opinion of the European Economic and Social Committee [OJ C 451, 16.12.2014, p. 59.],
Having regard to the opinion of the Committee of Regions [OJ C 271, 19.8.2014, p. 87.]
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 29 October 2015 (not yet published in the Official Journal) and decision of the Council of 16 November 2015.],
Whereas:
(1) The global financial crisis that emerged in 2007-2008 has revealed excessive speculative activities, important regulatory gaps, ineffective supervision, opaque markets and overly compl
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