REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCILof 4 July 2012on OTC derivatives, central counterparties and trade repositories
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THEEUROPEAN UNION,
Having regard to the Treaty on the Functioning of the EuropeanUnion, and in particular Article 114 thereof,Having regard to the proposal from the European Commission,After transmission of the draft legislative act to the nationalparliaments,Having regard to the opinion of the European Central Bank (
),Having regard to the opinion of the European Economic andSocial Committee (
),Acting in accordance with the ordinary legislative procedure (
At the request of the Commission, a report waspublished on 25 February 2009 by a High-Level Groupchaired by Jacques de Larosière and concluded that thesupervisory framework of the financial sector of theUnion needed to be strengthened to reduce the riskand severity of future financial crises and recommendedfar-reaching reforms to the structure of supervision of that sector, including the creation of a EuropeanSystem of Financial Supervisors, comprising threeEuropean supervisory authorities, one each for the banking, the insurance and occupational pensions andthe securities and markets sectors, and the creation of a European Systemic Risk Council.
The Commission Communication of 4 March 2009,entitled ‘Driving European Recovery’, proposed tostrengthen the Union’s regulatory framework forfinancial services. In its Communication of 3 July 2009entitled ‘Ensuring efficient, safe and sound derivativesmarkets’, the Commission assessed the role of derivativesin the financial crisis, and in its Communication of 20 October 2009 entitled ‘Ensuring efficient, safe andsound derivative markets: Future policy actions’, theCommission outlined the actions it intends to take toreduce the risks associated with derivatives.
On 23 September 2009, the Commission adoptedproposals for three regulations establishing theEuropean System of Financial Supervision, including thecreation of three European Supervisory Authorities(ESAs) to contribute to a consistent application of Union legislation and to the establishment of high-quality common regulatory and supervisory standardsand practices. The ESAs comprise the European Super
visory Authority (European Banking Authority) (EBA)established by Regulation (EU) No 1093/2010 of theEuropean Parliament and of the Council (
), theEuropean Supervisory Authority (European Insuranceand Occupational Pensions Authority) (EIOPA) estab
lished by Regulation (EU) No 1094/2010 of theEuropean Parliament and of the Council (
), and theEuropean Supervisory Authority (European Securitiesand Markets Authority) (ESMA) established by Regulation(EU) No 1095/2010 of the European Parliament and of the Council (
). The ESAs have a crucial role to play insafeguarding the stability of the financial sector. It istherefore essential to ensure continuously that the devel
opment of their work is a matter of high political priority and that they are adequately resourced.
27.7.2012 Official Journal of the European Union L 201/1
) OJ C 57, 23.2.2011, p. 1.(
) OJ C 54, 19.2.2011, p. 44.(
) Position of the European Parliament of 29 March 2012 (not yetpublished in the Official Journal) and decision of the Council of 4 July 2012.(
) OJ L 331, 15.12.2010, p. 12.(
) OJ L 331, 15.12.2010, p. 48.(
) OJ L 331, 15.12.2010, p. 84.