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,, p..],
Having regard to the opinion of the European Economic and Social Committee [OJ C,, p..],
Acting in accordance with the ordinary legislative procedure,
Whereas:
(1) The Union resolution framework for credit institutions and investment firms ('institutions') was established in the aftermath of the 2008-2009 global financial crisis and following the internationally endorsed Key Attributes of Effective Resolution Regimes for Financial Institutions [Financial Stability Board, Key Attributes of Effective Resolution Regimes for Financial Institutions, 15 October 2014.] of the Financial Stability Board. The Union resol
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