27.6.2013 Official Journal of the European Union L 176/1 (Legislative acts) | REGULATIONS REGULATION (EU) No 575/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Text with EEA relevance) 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 (!), Having regard to the opinion of the European Economic and Social Committee (2), Acting in accordance with the ordinary legislative procedure, Whereas: The G-20 Declaration of 2 April 2009 on Strengthening of the Financial System called for internationally consistent efforts that are aimed at strengthening trans- parency, accountability and regulation by improving the quantity and quality of capital in the banking system once the economic recovery is assured. That declaration also called for introduction of a supplementary non-risk based measure to contain the build-up of leverage in the banking system, and the development of a framework for stronger liquidity buffers. In response to the mandate C 105, 11.4.2012, p. 1. ORY) ORY) —= C 68, 6.3.2012, p. 39. given by the G-20, in September 2009 the Group of Central Bank Governors and Heads of Supervision (GHOS), agreed on a number of measures to strengthen the regulation of the banking sector. Those measures were endorsed by the G-20 leaders at their Pittsburgh Summit of 24-25 September 2009 and were set out in detail in December 2009. In July and September 2010, GHOS issued two further announcements on design and calibration of those new measures, and in December 2010, the Basel Committee on Banking Supervision (BCBS) published the final measures, that are referred to as the Basel III framework. The High Level Group on Financial Supervision in the EU chaired by Jacques de Larosiere (the "de Larosiere group") invited the Union to develop a more harmonised set of financial regulations. In the context of the future European  supervisory architecture, the European Council of 18 and 19 June 2009 also stressed the need to establish a 'European Single Rule Book' applicable to all credit institutions and investment firms in the internal market. As stated in the de Larosiére group’s report of 25 February 2009 (the "de Larosiere report"), "a Member State should be able to adopt more stringent national regulatory measures considered to be domes- tically appropriate for safeguarding financial stability as long as the principles of the internal market and agreed minimum core standards are respected”. Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (}) and Directive 2006/49/EC of the European Parliament and of () O] L 177, 30.6.2006, p. 1.