15.12.2010 Official Journal of the European Union L331/1 (Legislative acts) REGULATIONS REGULATION (EU) No 1092/20 10 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN 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, Having regard to the opinion of the European Central Bank (1), Having regard to the opinion of the European Economic and Social Committee (2), Acting in accordance with the ordinary legislative procedure (3), Whereas: 1 Financial stability is a precondition for the real economy to provide jobs, credit and growth. The financial crisis has revealed important shortcomings in financial supervision, which has failed to anticipate adverse macro-prudential developments and to prevent the accumulation of exces- sive risks within the financial system. The European Parliament called repeatedly for the rein- forcement of a true level playing field for all actors at the level of the Union while pointing out significant failures in 0J € 270, 11.11.2009, p. 1. Opinion of 22 January 2010 (not yet published in the Official Jour- nal). Position of the European Parliament of 22 September 2010 (not yet published in the Official Journal) and decision of the Council of 17 November 2010. ) ) ©) 0) ®) ©) ( 0 9 the Union’s supervision of ever more integrated financial markets (in its resolutions of 13 April 2000 on the Com- mission communication on implementing the framework for financial markets: Action Plan (%), of 21 November 2002 on prudential supervision rules in the European Union (°), of 11 July 2007 on financial services policy (2005 to 2010) — White Paper (%), of 23 September 2008 with recommendations to the Commission on hedge funds and private equity () and of 9 October 2008 with recom- mendations to the Commission on Lamfalussy follow-up: future structure of supervision (8), and in its positions of 22 April 2009 on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (°) and of 23 April 2009 on the proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies (19)). In November 2008, the Commission mandated a High- Level Group chaired by Jacques de Larosiére to make rec- ommendations on how to strengthen European supervisory arrangements with a view to better protecting the citizen and rebuilding trust in the financial system. In its final report presented on 25 February 2009 (the ‘de Larosiere Report)), the High-Level Group recommended, inter alia, the establishment of a Union level body charged with overseeing risk in the financial system as a whole. 0] C 40, 7.2.2001, p. 453. 0] C 25 E, 29.1.2004, p. 394. 0] C 175 E, 10.7.2008, p. 392. 0] C 8 E, 14.1.2010, p. 26. 0] C 9 E, 15.1.2010, p. 48. 0] C 184 E, 8.7.2010, p. 214. 10) O] C 184 E, 8.7.2010, p. 292.