27.7.2012 Official Journal of the European Union L 201/1 (Legislative acts) | REGULATIONS REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (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: At the request of the Commission, a report was published on 25 February 2009 by a High-Level Group chaired by Jacques de Larosiére and concluded that the supervisory framework of the financial sector of the Union needed to be strengthened to reduce the risk and severity of future financial crises and recommended far-reaching reforms to the structure of supervision of that sector, including the creation of a European System of Financial Supervisors, comprising three European supervisory authorities, one each for the () 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 yet published in the Official Journal) and decision of the Council of 4 July 2012. banking, the insurance and occupational pensions and the 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 to strengthen the Union's regulatory framework for financial services. In its Communication of 3 July 2009 entitled ‘Ensuring efficient, safe and sound derivatives markets’, the Commission assessed the role of derivatives in the financial crisis, and in its Communication of 20 October 2009 entitled ‘Ensuring efficient, safe and sound derivative markets: Future policy actions’, the Commission outlined the actions it intends to take to reduce the risks associated with derivatives. On 23 September 2009, the Commission adopted proposals for three regulations establishing the European System of Financial Supervision, including the creation 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 standards and practices. The ESAs comprise the European Super- visory Authority (European Banking Authority) (EBA) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) estab- lished by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (°), and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (6). The ESAs have a crucial role to play in safeguarding the stability of the financial sector. It is therefore essential to ensure continuously that the devel- opment of their work is a matter of high political priority and that they are adequately resourced. 331, 15.12.2010, p. 12. oJ L 0] L 331, 15.12.2010, p. 48. oJ L 331, 15.12.2010, p. 84.