VII Banking law By Anne-Claire rouaud, Professor at the Faculty of Law in Reims http://ec.europa.eu/finance/topics/index_en.htm A. The acquis A great many directives and regulations have been adopted in the field of banking law. The directives were adopted on the basis of Articles 53 or 114 of the TFEU; the regulations on the basis of Article 114. Article 53 (1) (ex Article 47 TEC): In order to make it easier for persons to take up and pursue activities as self-employed persons, the European Parliament and the Council shall, acting in accordance with the ordinary legislative procedure, issue directives for the mutual recognition of diplomas, certificates and other evidence of formal qualifications and for the coordination of the provisions laid down by law, regulation or administrative action in Member States concerning the taking-up and pursuit of activities as self-employed persons. Article 114 (1) (ex Article 95 TEC): The European Parliament and the Council shall, acting in accordance with the ordinary legislative procedure and after consulting the Economic and Social Committee, adopt the measures for the approximation of the provisions laid down by law, regulation or administrative action in Member States which have as their object the establishment and functioning of the internal market. A distinction can be made between texts relating to the status of establishments in the banking sector and those relating to the activity of such establishments. 315http://ec.europa.eu/finance/topics/index_en.htm