On 26 September 2012, the draft law containing various provisions adapting legislation to the law of the European Union in economic and financial matters was adopted on first reading by the Senate. It aims at implementing into French law Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 on the powers of the European Supervisory authorities called "Omnibus I" which aims to adapt financial sector directives (banking, insurance and financial markets) to the new European supervisory architecture adopted in late 2010. It strengthens the exchange of information between national supervisory authorities and the European authorities with a view to improving the effectiveness of the supervision of financial market participants. The project of law was transmitted to the National Assembly on 27 September 2012.