L 176/338 Official Journal of the European Union 27.6.2013 DIRECTIVES DIRECTIVE 2013/36/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (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 53(1) 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 ('), Acting in accordance with the ordinary legislative procedure, Annexes to Directives 2006/48/EC and 2006/49/EC should be integrated into the enacting terms of this Directive and of that Regulation. This Directive should, inter alia, contain the provisions governing the authorisation of the business, the acquisition of qualifying holdings, the exercise of the freedom of establishment and of the freedom to provide services, the powers of supervisory authorities of home and host Member States in this regard and the provisions governing the initial capital and the super- visory review of credit institutions and investment firms. The main objective and subject-matter of this Directive is to coordinate national provisions concerning access to the activity of credit institutions and investment firms, the modalities for their governance, and their supervisory framework. Directives 2006/48/EC and 2006/49/EC also contained prudential requirements for credit institutions and investment firms. Those requirements should be provided for in Regulation (EU) No 575/2013, which establishes uniform and directly applicable prudential requirements for credit institutions and investment firms, since such requirements are closely related to the functioning of financial markets in respect of a number Whereas: of assets held by credit institutions and investment firms. This Directive should therefore be read together with Regulation (EU) No 575/2013 and should, together with that Regulation, form the legal framework (1) Directive 2006/48/EC of the European Parliament and of governing banking activities, the supervisory framework 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 the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (}) have been significantly amended on several occasions. Many provisions of Directives 2006/48/EC and 2006/49/EC are applicable to both credit institutions and investment firms. For the sake of clarity and in order to ensure a coherent application of those provisions, they should be merged into new legislative acts that are applicable to both credit institutions and investment firms, namely this Directive and Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 (%). For greater accessibility, the provisions of the and the prudential rules for credit institutions and investment firms. The general prudential requirements laid down in Regu- lation (EU) No 575/2013 are supplemented by individual arrangements to be decided by the competent authorities as a result of their ongoing supervisory review of each individual credit institution and investment firm. The range of such supervisory arrangements should, inter alia, be set out in this Directive and the competent auth- orities should be able to exercise their judgment as to which arrangements should be imposed. With regard to such individual arrangements concerning liquidity, the competent authorities should, inter alia, take into account the principles set out in the Committee of European Banking Supervisors’ Guidelines on Liquidity Cost Benefit Allocation of 27 October 2010. 1) OJ C 105, 11.4.2012, p. 1. () O () OJ L 177, 30.6.2006, p. 1. () O] L 177, 30.6.2006, p. 201. (*) See page 1 of this Official Journal.