(Ordinary legislative procedure: first reading)

The European Parliament,

–  having regard to the Commission proposal to Parliament and the Council (COM(2010)0726),

–  having regard to Article 294(2) and Article 194(2) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C7-0407/2010),

–  having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

–  having regard to the opinion of the European Economic and Social Committee of 16 March 2011(1),

–  after consulting the Committee of the Regions,

–  having regard to the undertaking given by the Council representative by letter of 29 June 2011 to approve Parliament's position, in accordance with Article 294(4) of the Treaty on the Functioning of the European Union,

–  having regard to Rule 55 of its Rules of Procedure,

–  having regard to the report of the Committee on Industry, Research and Energy and the opinions of the Committee on Economic and Monetary Affairs and the Committee on the Internal Market and Consumer Protection (A7-0273/2011),

1.  Adopts its position at first reading hereinafter set out;

2.  Approves the joint statement by Parliament, the Council and the Commission annexed to this resolution;

3.  Calls on the Commission to refer the matter to Parliament again if it intends to amend its proposal substantially or replace it with another text;

4.  Instructs its President to forward its position to the Council, the Commission and the national parliaments.

(1) OJ C 132, 3.5.2011, p. 108.

(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) No 1227/2011).

European Parliament/Council/Commission

Joint Declaration on Penalties

The Commission will further pursue its work on reinforcing sanctioning regimes in the financial sector and intends to make proposals on how to reinforce national sanctioning regimes in a consistent manner in the context of upcoming legislative initiatives in the financial services sector. The penalties to be adopted under this Regulation will reflect the final decisions taken by the legislator on the Commission proposals referred to above.