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THE SINGLE SUPERVISORY MECHANISM (SSM)
Legal aspects of the first pillar of the European Banking Union
Κωδικός Προϊόντος:
15385
- Έκδοση: 2015
- Σχήμα: 17x24
- Βιβλιοδεσία: Εύκαμπτη
- Σελίδες: 432
- ISBN: 978-960-562-421-7
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Η μελέτη “The Single Supervisory Mechanism (SSM) – Legal aspects of the first pillar of the European Banking Union” παρουσιάζει αναλυτικά το θεσμικό και κανονιστικό πλαίσιο λειτουργίας του Ενιαίου Εποπτικού Μηχανισμού (ΕΕΜ ή Single Supervisory Mechanism – SSM), ο οποίος αποτελεί τον πρώτο πυλώνα της Ευρωπαϊκής Τραπεζικής Ένωσης και τέθηκε σε ισχύ την 4η Νοεμβρίου 2014. Είναι γραμμένη στην αγγλική γλώσσα και δομείται σε επτά ενότητες.
Το πλαίσιο λειτουργίας του ΕΕΜ εντάσσεται στο νέο Ευρωπαϊκό Τραπεζικό Δίκαιο, το οποίο έχει διαμορφωθεί σταδιακά (και συνεχίζει να διαμορφώνεται) από το 2008, προκειμένου να αντιμετωπιστούν συστηματικά και (κατά το δυνατόν) αποτελεσματικά τα προβλήματα που ανέκυψαν τόσο από την πρόσφατη (2007-2009) διεθνή χρηματοπιστωτική κρίση, όσο και από την τρέχουσα (και συνεχιζόμενη) δημοσιονομική κρίση και κρίση χρέους στη ζώνη του ευρώ. Εν όψει της δεύτερης αυτής κρίσης, κρίθηκε σκόπιμο, μεταξύ άλλων, να δημιουργηθούν για πρώτη φορά ενωσιακοί θεσμοί σε σχέση με το τραπεζικό «προστατευτικό δίχτυ», γεγονός που οδήγησε στην καθιέρωση της Ευρωπαϊκής Τραπεζικής Ένωσης. Στο πλαίσιο αυτό, με τον Κανονισμό του Συμβουλίου που διέπει τον ΕΕΜ (1024/2013) ανατέθηκαν «ειδικά καθήκοντα» μικρο-προληπτικής τραπεζικής εποπτείας στην Ευρωπαϊκή Κεντρική Τράπεζα, η οποία ανέλαβε πλέον και λειτουργία τραπεζικής εποπτικής αρχής.
Η μονογραφία φιλοδοξεί να αποτελέσει χρήσιμο εργαλείο στα χέρια νομικών και οικονομολόγων, οι οποίοι επιθυμούν να κατανοήσουν εις βάθος τη λειτουργία του πρώτου πυλώνα της Ευρωπαϊκής Τραπεζικής Ένωσης, και γενικότερα να είναι ενημερωμένοι για τις βασικές κατευθύνσεις της ευρωπαϊκής χρηματοπιστωτικής πολιτικής. Το έργο αυτό απευθύνεται, επίσης, σε φοιτητές της νομικής, οικονομικής και πολιτικής επιστήμης, αποτελώντας εργαλείο για εμβάθυνση στο Ευρωπαϊκό Τραπεζικό Δίκαιο.
Το έργο ολοκληρώνεται με συστηματική καταγραφή των σχετικών πρωτογενών πηγών και εκτενέστατη βιβλιογραφία, καθώς και αλφαβητικό ευρετήριο όρων προς διευκόλυνση του αναγνώστη.
Η μελέτη εκδίδεται από τη ΝΟΜΙΚΗ ΒΙΒΛΙΟΘΗΚΗ σε συνεργασία με τον Ευρωπαϊκό Οργανισμό Δημοσίου Δικαίου (EPLO).
| Professor Christos V. Gortsos - Curriculum Vitae | Σελ. VII |
| List of Tables | Σελ. IX |
| List of Abbreviations | Σελ. XI |
| Introduction | Σελ. XIII |
| Section A: The European Banking Union: a comprehensive overview of its legal framework | |
| 1. The political agenda | |
| 1.1 The decisions of June 2012 and the European Commissionʼs initiatives | Σελ. 1 |
| 1.2 The outline of the reform agenda: the main pillars of the EBU | Σελ. 3 |
| 2. The EBU in a historical perspective | |
| 2.1 From the Treaty establishing the European Community to the TFEU | Σελ. 6 |
| 2.2 The 2009 de Larosi?re Report and the establishment of the European System of Financial Supervision (ESFS) | |
| 2.2.1 Introductory remarks | Σελ. 8 |
| 2.2.2 The European System of Financial Supervision (ESFS) | |
| 2.2.2.1 General overview | Σελ. 11 |
| 2.2.2.2 The three ʽEuropean Supervisory Authoritiesʼ | Σελ. 11 |
| 2.2.2.3 The European Systemic Risk Board | Σελ. 14 |
| 2.2.2.4 The legal basis of the Regulations on the ESFS | Σελ. 14 |
| 3. Legislative actions - the new institutional and regulatory framework | |
| 3.1 Introductory remarks | Σελ. 15 |
| 3.2 Authorisation, prudential supervision and prudential regulation of credit institutions | |
| 3.2.1 The Single Supervisory Mechanism (SSM) | Σελ. 15 |
| 3.2.2 The single rulebook | Σελ. 16 |
| 3.3 Resolution of credit institutions | |
| 3.3.1 The Single Resolution Mechanism and the Single Resolution Fund | |
| 3.3.1.1 The legal acts | Σελ. 19 |
| 3.3.1.2 The Single Resolution Mechanism (SRM) | Σελ. 20 |
| 3.3.1.3 The Single Resolution Fund (SRF) | Σελ. 21 |
| 3.3.2 The single rulebook | Σελ. 22 |
| 3.4 Deposit guarantee schemes | |
| 3.4.1 A Single Deposit Guarantee Scheme | Σελ. 25 |
| 3.4.2 The single rulebook | Σελ. 25 |
| 4. The remaining elements for a complete European Banking Union | |
| 4.1 Introductory remarks | Σελ. 29 |
| 4.2 The provision of direct public financial assistance to credit institutions by the European Stability Mechanism | |
| 4.2.1 From indirect to direct public financial assistance by the European Stability Mechanism | Σελ. 29 |
| 4.2.2 The Direct Recapitalisation Instrument (DRI) | Σελ. 31 |
| 4.3 The role of the ECB as a lender of last resort | |
| 4.3.1 The status quo | Σελ. 32 |
| 4.3.2 A modest proposal | Σελ. 35 |
| 4.4 Winding-up of credit institutions | Σελ. 36 |
| 5. Final remarks: European banking law in the era of the European Banking Union | |
| 5.1 The sources of European banking law | Σελ. 37 |
| 5.2 The legislative process ʽin a nutshellʼ | |
| 5.2.1 The main law-making process | Σελ. 38 |
| 5.2.2 ECB legal acts | Σελ. 43 |
| Section B: The legal framework of the Single Supervisory Mechanism | |
| 1. The SSM Regulation | |
| 1.1 Scope | Σελ. 47 |
| 1.2 General aspects | Σελ. 49 |
| 1.3 Legal basis | Σελ. 53 |
| 1.4 Timetable of implementation | |
| 1.4.1 The rule | Σελ. 55 |
| 1.4.2 Exceptional provisions that have not been activated | Σελ. 57 |
| 1.5 Transitional arrangements and grandfathering clauses | |
| 1.5.1 Transitional arrangements | |
| 1.5.1.1 The individual provisions | Σελ. 57 |
| 1.5.1.2 In particular: the Comprehensive Assessment | Σελ. 59 |
| 1.5.2 Grandfathering clauses | |
| 1.5.2.1 Actions by national competent authorities | Σελ. 60 |
| 1.5.2.2 Continuity of existing cooperation arrangements | Σελ. 60 |
| 1.5.2.3 Member States with a derogation whose currency becomes the euro | Σελ. 61 |
| 1.6 Review by the Commission | Σελ. 61 |
| 2. The other legal acts | |
| 2.1 Regulation (EU) No 1022/2013 amending the ʽEBA Regulationʼ | |
| 2.1.1 Objective, tasks and powers of the EBA under its statutory Regulation | Σελ. 64 |
| 2.1.2 Amendments introduced to the EBA Regulation | |
| 2.1.2.1 Overview | Σελ. 66 |
| 2.1.2.2 The relationship between the ECB and the EBA | Σελ. 66 |
| 2.1.2.3 The EBAʼs tasks and powers revisited | |
| 2.1.2.3.1 Tasks | Σελ. 67 |
| 2.1.2.3.2 Powers | Σελ. 69 |
| 2.1.2.4 Amendments to the EBAʼs governance | Σελ. 70 |
| 2.2 Legal acts of the ECB | |
| 2.2.1 The ECB ʽFramework Regulationʼ | |
| 2.2.1.1 The provisions of the SSM Regulation | Σελ. 71 |
| 2.2.1.2 The provisions of the ECB Framework Regulation: an overview | Σελ. 72 |
| 2.2.2 Other ECB legal acts | Σελ. 77 |
| 2.3 Interinstitutional Agreement between the European Parliament and the ECB | Σελ. 80 |
| 2.4 Memorandum of Understanding between the Council and the ECB | Σελ. 81 |
| Section C: The main elements of the Single Supervisory Mechanism | |
| 1. General overview | Σελ. 87 |
| 2. The structure of the SSM | |
| 2.1 The two components of the SSM | |
| 2.2 The ECB as the main actor | Σελ. 88 |
| 2.2.1 The decisions taken | Σελ. 88 |
| 2.2.2 The tasks conferred on the ECB as of 4 November 2014: an overview | Σελ. 89 |
| 2.3 The national competent authorities | |
| 2.3.1 Definition | Σελ. 92 |
| 2.3.2 National central banks versus national administrative authorities | Σελ. 93 |
| 3. The regulatory perimeter | |
| 3.1 The perimeter in respect of different types of financial firms | |
| 3.1.1 Types of financial firms included | Σελ. 94 |
| 3.1.2 Types of financial firms excluded | Σελ. 96 |
| 3.2 The perimeter in respect of Member States | Σελ. 100 |
| 3.3 The perimeter in respect of credit institutions and other supervised entities | |
| 3.3.1 Introductory remarks and general provisions | |
| 3.3.1.1 From the Commissionʼs proposal to the SSM Regulation and the ECB Framework Regulation | Σελ. 101 |
| 3.3.1.2 General provisions relating to the classification of a supervised entity as significant or less significant | |
| (I) Classification on an individual basis | Σελ. 104 |
| (II) Classification on a group basis | Σελ. 105 |
| (III) Specific provisions in respect of branches of credit institutions incorporated in non-participating Member States | Σελ. 105 |
| (IV) Specific provisions in respect of subsidiaries of credit institutions incorporated in non-participating Member States and third countries | Σελ. 106 |
| 3.3.1.3 Procedure for classifying supervised entities as significant supervised entities | Σελ. 106 |
| 3.3.1.3.1 Classifying a supervised entity as significant | |
| (I) Review of the status of a supervised entity | Σελ. 106 |
| (II) Applicable procedure for determining the significance of a supervised entity | Σελ. 108 |
| 3.3.1.3.2 Beginning and end of direct supervision by the ECB | |
| (I) Beginning of direct supervision by the ECB | Σελ. 109 |
| (II) End of direct supervision by the ECB | Σελ. 109 |
| (III) Reasons for ending direct supervision by the ECB | Σελ. 110 |
| (IV) Pending procedures | Σελ. 111 |
| 3.3.2 Significant supervised entities | |
| 3.3.2.1 Significance on the basis of the size criterion | Σελ. 113 |
| 3.3.2.2 Significance on the basis of the economic importance criterion | Σελ. 113 |
| 3.3.2.3 Significance on the basis of the cross-border activities criterion | Σελ. 114 |
| 3.3.2.4 Significance on the basis of the direct public financial assistance criterion | Σελ. 115 |
| 3.3.2.5 Significance on the basis of the supervised entity's status as one of the three most significant credit institutions in a participating Member State | Σελ. 117 |
| 3.3.2.6 The term ʽparticular circumstancesʼ | Σελ. 117 |
| 3.3.3 Less significant supervised entities | Σελ. 118 |
| 4. The SSM as part of the European System of Financial Supervision (ESFS) | |
| 4.1 The SSM as part of the European System of Financial Supervision (ESFS) | Σελ. 119 |
| 4.2 The division of objectives and tasks among the ECB, the EBA and the ESRB | Σελ. 122 |
| 5. Creation of ʽChinese wallsʼ | |
| 5.1 Introductory remarks | Σελ. 124 |
| 5.2 General provisions | Σελ. 125 |
| 5.2.1 The provisions of the SSM Regulation | |
| 5.2.1.1 The rules | Σελ. 125 |
| 5.2.1.2 Compliance with the rules | Σελ. 127 |
| 5.2.2 The provisions of ECB Decision 2014/723/EU on the implementation of separation between the monetary and supervision functions | |
| 5.2.2.1 Organisational separation | Σελ. 128 |
| 5.2.2.2 Professional secrecy | Σελ. 129 |
| 5.2.2.3 Access to information between policy functions and classification | Σελ. 129 |
| 5.2.2.4 Exchange of confidential information | Σελ. 131 |
| 5.3 In particular: the Mediation Panel | |
| 5.3.1 The provisions of the SSM Regulation | Σελ. 132 |
| 5.3.2 The provisions of the ECB Regulation (EU) No 673/2014 | |
| 5.3.2.1 Membership and internal organisation | Σελ. 133 |
| 5.3.2.2 Mediation | Σελ. 133 |
| 5.3.2.2.1 Request for mediation | Σελ. 133 |
| 5.3.2.2.2 The Case Committee | Σελ. 135 |
| 5.3.2.2.3 Decision-making process | Σελ. 136 |
| 5.3.2.3 Confidentiality and professional secrecy | Σελ. 136 |
| Section D: The specific supervisory tasks conferred on the ECB - Cooperation arrangements | |
| 1. The specific supervisory tasks conferred on the ECB | |
| 1.1 Introductory remarks | |
| 1.1.1 Specific supervisory tasks in relation to credit institutions and other supervised entities incorporated in participating Member States | Σελ. 137 |
| 1.1.2 Specific supervisory tasks concerning branches in participating Member States of credit institutions incorporated in non-participating Member States | Σελ. 140 |
| 1.2 The specific tasks under Article 4, paragraph 1 of the SSM Regulation | |
| 1.2.1 Presentation of the individual tasks | |
| 1.2.1.1 Granting and withdrawal of authorisation | Σελ. 141 |
| 1.2.1.2 Cross-border issues | Σελ. 141 |
| 1.2.1.3 Acquisition and disposal of ʽqualifying holdingsʼ | Σελ. 142 |
| 1.2.1.4 Compliance with micro-prudential regulations | Σελ. 143 |
| 1.2.1.5 Compliance with other micro-prudential requirements | Σελ. 144 |
| 1.2.1.6 Conduct of supervisory reviews and imposition of ad hoc additional requirements | Σελ. 145 |
| 1.2.1.7 Micro-prudential supervision of banking groups on a consolidated basis | Σελ. 145 |
| 1.2.1.8 Supplementary supervision of financial conglomerates | Σελ. 148 |
| 1.2.1.9 Supervisory tasks in relation to recovery plans and early intervention | Σελ. 148 |
| 1.2.2 Adoption of Decisions for the purpose of carrying out the tasks referred to in Article 4 | Σελ. 150 |
| 1.3 The specific tasks under Article 5 of the SSM Regulation | |
| 1.3.1 General overview | |
| 1.3.1.1 Macro-prudential policies ʽin a nutshellʼ | |
| (I) Content | Σελ. 152 |
| (II) Policy instruments | Σελ. 153 |
| 1.3.1.2 Definition of macro-prudential tools | Σελ. 154 |
| 1.3.1.3 General clause | Σελ. 156 |
| 1.3.2 Use of macro-prudential tools by national authorities | |
| 1.3.2.1 Substantive provisions | Σελ. 157 |
| 1.3.2.2 Procedural provisions | Σελ. 158 |
| 1.3.3 Use of macro-prudential tools by the ECB | |
| 1.3.3.1 Substantive provisions | Σελ. 159 |
| 1.3.3.2 Procedural provisions | Σελ. 160 |
| 1.3.4 Adoption of Decisions for the purpose of carrying out the tasks referred to in Article 5 | Σελ. 160 |
| 1.4 Regulatory powers | |
| 1.4.1 The substantive framework | Σελ. 163 |
| 1.4.2 Procedural provisions | Σελ. 166 |
| 1.4.3 Accountability aspects | Σελ. 167 |
| 2. Cooperation within the SSM | |
| 2.1 General principles and obligations applying to the operation of the SSM | |
| 2.1.1 The main principles | Σελ. 167 |
| 2.1.2 General obligation to exchange information | Σελ. 168 |
| 2.1.3 Other obligations imposed on the ECB and on national competent authorities | Σελ. 169 |
| 2.1.4 Right of the ECB to instruct competent or designated national authorities to make use of their powers and to take action if the ECB has a supervisory task but no related power | Σελ. 170 |
| 2.1.5 Language regimes | |
| 2.1.5.1 Language regime between the ECB and national competent authorities | Σελ. 170 |
| 2.1.5.2 Language regime between the ECB and legal or natural persons, including supervised entities | Σελ. 170 |
| 2.2 Micro-prudential supervision of significant supervised entities | |
| 2.2.1 General provisions | |
| 2.2.1.1 Joint supervisory teams: composition and tasks | Σελ. 171 |
| 2.2.1.2 JST coordinator and sub-coordinators | Σελ. 173 |
| 2.2.2 Procedures for micro-prudential supervision | |
| 2.2.2.1 Micro-prudential supervision of significant supervised entities and assistance by national competent authorities | |
| (I) General rule | Σελ. 174 |
| (II) Role of the national competent authorities in assisting the ECB | Σελ. 174 |
| (III) Exchange of information | Σελ. 175 |
| 2.2.2.2 Compliance with fit and proper requirements for managers | Σελ. 175 |
| 2.2.2.3 Other procedures | Σελ. 177 |
| 2.3 Micro-prudential supervision of less significant supervised entities | |
| 2.3.1 The provisions of the SSM Regulation | |
| 2.3.1.1 Powers and responsibilities of the ECB | |
| (I) General provisions | Σελ. 178 |
| (II) In particular: direct supervision of less significant supervised entities by the ECB | Σελ. 179 |
| 2.3.1.2 Responsibilities of national competent authorities | Σελ. 180 |
| 2.3.2 The provisions of the ECB Framework Regulation | |
| 2.3.2.1 General rule | Σελ. 181 |
| 2.3.2.2 Procedures for micro-prudential supervision | Σελ. 181 |
| 2.3.2.2.1 Notification to the ECB of material national competent authoritiesʼ supervisory procedures and material draft supervisory Decisions | Σελ. 181 |
| (I) Deterioration of the financial situation of a less significant supervised entity | Σελ. 181 |
| (II) Notification to the ECB of ʽmaterial supervisory proceduresʼ | Σελ. 181 |
| (III) Notification to the ECB of ʽmaterial draft supervisory Decisionsʼ | Σελ. 182 |
| 2.3.2.2.2 Ex-post reporting by national competent authorities to the ECB | Σελ. 183 |
| 3. ʽClose cooperationʼ between the ECB and the competent authorities of Member States with a derogation | |
| 3.1 General considerations | Σελ. 183 |
| 3.2 The procedure for and the effects of the establishment of a close cooperation | |
| 3.2.1 The procedure | Σελ. 185 |
| 3.2.2 The effects | Σελ. 186 |
| 3.3 Suspension or termination of a ʽclose cooperationʼ procedure | |
| 3.3.1 Suspension or termination based on an ECB initiative | Σελ. 188 |
| 3.3.2 Suspension or termination following an initiative of a non-euro area participating Member State | Σελ. 188 |
| 3.3.3 Suspension or termination under the provisions of Article 7, paragraph 7 | Σελ. 189 |
| 3.3.4 Termination under the provisions of Article 7, paragraph 8 | Σελ. 190 |
| 3.3.5 Procedural aspects | Σελ. 191 |
| 3.3.6 Effects of a termination Decision | Σελ. 192 |
| 4. Cooperation outside the SSM and the ESFS | |
| 4.1 Cooperation with competent authorities of non-participating Member States | Σελ. 193 |
| 4.2 Cooperation with national resolution authorities | Σελ. 196 |
| 4.3 Cooperation with public financial assistance facilities | Σελ. 198 |
| 5. International cooperation | Σελ. 198 |
| Section E: The investigatory and specific supervisory powers of the ECB | |
| 1. General overview | Σελ. 201 |
| 2. The general principles | |
| 2.1 Powers of the ECB | Σελ. 202 |
| 2.2 Exercise of the ECB powers | Σελ. 203 |
| 3. Investigatory powers | |
| 3.1 Requests for the provision of information | |
| 3.1.1 Addressees of requests - specifically designated persons | Σελ. 204 |
| 3.1.2 Provisions on the requests themselves | Σελ. 205 |
| 3.1.3 Professional secrecy | Σελ. 206 |
| 3.2 Conduct of investigations | Σελ. 207 |
| 3.3 In particular: conduct of on-site inspections | |
| 3.3.1 The provisions of the SSM Regulation | |
| 3.3.1.1 General provisions | Σελ. 208 |
| 3.3.1.2 Specific assistance obligations | Σελ. 209 |
| 3.3.1.3 Authorisation required by a judicial authority | Σελ. 209 |
| 3.3.2 The provisions of the ECB Framework Regulation | |
| 3.3.2.1 ECB decision to conduct an on-site inspection | Σελ. 210 |
| 3.3.2.2 Establishment and composition of on-site inspection teams | Σελ. 211 |
| 3.3.2.3 Procedure and notification of an on-site inspection | Σελ. 211 |
| 3.3.2.4 Conduct of the on-site inspections | Σελ. 212 |
| 4. Specific supervisory powers | |
| 4.1 Authorisation of credit institutions | |
| 4.1.1 Granting of an authorisation | |
| 4.1.1.1 Introductory remarks | Σελ. 212 |
| 4.1.1.2 Actions by the national competent authorities | Σελ. 213 |
| 4.1.1.3 Actions by the ECB | Σελ. 214 |
| 4.1.1.4 Lapsing of the authorisation | Σελ. 216 |
| 4.1.2 Withdrawal of an authorisation | |
| 4.1.2.1 Introductory remarks | Σελ. 216 |
| 4.1.2.2 Assessment on the ECBʼs own initiative | Σελ. 217 |
| 4.1.2.3 National competent authoritiesʼ proposal to withdraw an authorisation | Σελ. 217 |
| 4.1.2.4 ECB decision on the withdrawal of an authorisation | Σελ. 218 |
| 4.1.2.5 Procedure for potential resolution measures to be taken by national authorities | Σελ. 218 |
| 4.2 Assessment of acquisitions of qualifying holdings in credit institutions | |
| 4.2.1 Introductory remarks | Σελ. 220 |
| 4.2.2 Substantive provisions | Σελ. 220 |
| 4.3 Supervisory powers under Article 16 of the SSM Regulation | Σελ. 222 |
| 4.4 Powers of host authorities and cooperation on consolidated supervision | Σελ. 224 |
| 4.5 Administrative penalties | |
| 4.5.1 An overview of the legal framework | Σελ. 225 |
| 4.5.2 Breach of regulatory requirements under EU banking law | |
| 4.5.2.1 Penalties imposed by the ECB under Article 18, paragraph 1 of the SSM Regulation | |
| 4.5.2.1.1 The conditions for the imposition of penalties | Σελ. 227 |
| 4.5.2.1.2 The penalties | Σελ. 228 |
| 4.5.2.1.3 Procedural rules | Σελ. 229 |
| 4.5.2.2 Cooperation between the ECB and national competent authorities | |
| 4.5.2.2.1 The provisions of Article 18, paragraph 5 of the SSM Regulation | Σελ. 230 |
| 4.5.2.2.2 The provisions of Articles 134 and 135 of the ECB Framework Regulation | Σελ. 231 |
| (I) Significant supervised entities | Σελ. 231 |
| (II) Reporting in respect of less significant supervised entities | Σελ. 232 |
| 4.5.3 Breach of ECB legal acts | |
| 4.5.3.1 Substantive rules | Σελ. 232 |
| 4.5.3.2 Procedural rules | |
| 4.5.3.2.1 General overview | Σελ. 232 |
| 4.5.3.2.2 The provisions of Council Regulation (EC) No 2532/98 | Σελ. 233 |
| 4.5.3.2.3 The provisions of Article 129 of the ECB Framework Regulation | Σελ. 234 |
| 4.5.4 Common provisions | |
| 4.5.4.1 Time-limits | |
| 4.5.4.1.1 Limitation periods for the imposition of administrative penalties | Σελ. 235 |
| 4.5.4.1.2 Limitation periods for the enforcement of administrative penalties | Σελ. 235 |
| 4.5.4.2 Publication of Decisions imposing administrative penalties | Σελ. 236 |
| 4.5.4.3 Exchange of information with the EBA | Σελ. 237 |
| 4.5.4.4 Criminal offences | Σελ. 237 |
| 4.5.4.5 Proceeds from penalties | Σελ. 237 |
| Section F: Organisational principles | |
| 1. General overview | Σελ. 239 |
| 2. The new governance structure | |
| 2.1 The Supervisory Board | |
| 2.1.1 Introductory remarks | Σελ. 240 |
| 2.1.2 Composition | |
| 2.1.2.1 General provisions | Σελ. 241 |
| 2.1.2.2 In particular: appointment and removal of the Chair and the Vice-Chair | |
| 2.1.2.2.1 Appointment and selection procedures | Σελ. 243 |
| (I) The provisions of the SSM Regulation | Σελ. 243 |
| (II) The provisions of Section II of the EP-ECB Interinstitutional Agreement | Σελ. 244 |
| (III) The provisions of Section II of the Council-ECB Memorandum of Understanding (MoU) | Σελ. 245 |
| 2.1.2.2.2 Removal | Σελ. 246 |
| 2.1.2.3 In particular: appointment and removal of the four representatives of the ECB | Σελ. 247 |
| 2.1.3 Supporting structures: the Steering Committee and the Secretariat | |
| 2.1.3.1 The Steering Committee | Σελ. 248 |
| 2.1.3.2 The Secretariat | Σελ. 249 |
| 2.1.4 Provisions on decision-making | Σελ. 249 |
| 2.1.5 Duties | |
| 2.1.5.1 General provisions | Σελ. 250 |
| 2.1.5.2 Provisions pertaining to non-euro area participating Member States | Σελ. 251 |
| 2.1.6 The Code of Conduct for the members of the Supervisory Board | Σελ. 252 |
| 2.2 Internal structure of the ECB with regard to its supervisory tasks and new composition of Eurosystem/ESCB Committees | Σελ. 254 |
| 2.3 The Administrative Board of Review | |
| 2.3.1 General aspects | Σελ. 255 |
| 2.3.2 Composition and related issues | Σελ. 256 |
| 2.3.3 Request for the review of a Decision | Σελ. 258 |
| 2.3.4 Review | Σελ. 260 |
| 2.3.5 Decision-making process | |
| 2.3.5.1 Opinion on the review by the Administrative Board | Σελ. 261 |
| 2.3.5.2 Preparation of a new draft Decision by the Supervisory Board | Σελ. 261 |
| 2.3.5.3 Notification | Σελ. 262 |
| 3. Aspects of independence | |
| 3.1 Introductory remarks | Σελ. 262 |
| 3.2 Institutional independence | |
| 3.2.1 The main provisions of the SSM Regulation | Σελ. 264 |
| 3.2.2 The provisions of the Code of Conduct for the members of the Supervisory Board | Σελ. 264 |
| 3.3 Financial independence | |
| 3.3.1 Budget | Σελ. 265 |
| 3.3.2 Financial resources - supervisory fees | |
| 3.3.2.1 Scope of application | Σελ. 266 |
| 3.3.2.2 Level of fees | Σελ. 267 |
| 3.3.2.3 Other provisions | Σελ. 267 |
| 3.3.2.4 ECB Regulation (EU) No 1163/2014 on supervisory fees | Σελ. 268 |
| 4. Accountability of the ECB vis-?-vis EU institutions and national parliaments | |
| 4.1 Accountability vis-?-vis EU institutions | |
| 4.1.1 Introductory remarks | Σελ. 269 |
| 4.1.2 The specific provisions | |
| 4.1.2.1 Annual Report | Σελ. 271 |
| 4.1.2.2 Hearings and confidential oral discussions | Σελ. 272 |
| 4.1.2.3 Responding to questions | Σελ. 274 |
| 4.1.2.4 Access to information | Σελ. 274 |
| 4.1.2.5 Safeguarding ECB classified information and documents | Σελ. 275 |
| 4.1.2.6 Investigations | Σελ. 275 |
| 4.1.2.7 Requirement on the Court of Auditors | Σελ. 277 |
| 4.2 Accountability vis-?-vis national parliaments | Σελ. 277 |
| 5. Due process for adopting supervisory Decisions | |
| 5.1 The framework | Σελ. 278 |
| 5.2 ECB supervisory procedures | |
| 5.2.1 General rules | Σελ. 279 |
| 5.2.2 The right to be heard | Σελ. 280 |
| 5.2.3 The right of access to the ECBʼs files | Σελ. 281 |
| 5.3 ECB supervisory Decisions | Σελ. 282 |
| 6. Other organisational principles | |
| 6.1 Reporting of breaches | |
| 6.1.1 Introductory remarks | Σελ. 283 |
| 6.1.2 Entitled persons | Σελ. 283 |
| 6.1.3 Procedures for the receipt and follow-up of reports | Σελ. 284 |
| 6.1.4 Appropriate protection for reports | Σελ. 285 |
| 6.2 Professional secrecy of the members of the Supervisory Board and of the ECB staff - exchange of information | |
| 6.2.1 Professional secrecy | Σελ. 285 |
| 6.2.2 Exchange of information | Σελ. 287 |
| 6.3 ECB human resources - exchange and secondment of staff | |
| 6.3.1 Overview | Σελ. 288 |
| 6.3.2 The general provisions of the SSM Regulation | Σελ. 288 |
| 6.3.3 In particular: establishment of formal procedures | |
| 6.3.3.1 The provisions of the SSM Regulation | Σελ. 289 |
| 6.3.3.2 The provisions of the Code of Conduct for the members of the Supervisory Board | Σελ. 290 |
| 6.3.3.3 The provisions of the revised Ethics Framework | Σελ. 292 |
| Section G: Concluding remarks and assessments | |
| 1. The new EU regulatory and supervisory framework: a general overview | |
| 1.1 The main elements of the new regulatory and supervisory framework | |
| 1.1.1 Regulatory responses to the recent (2007-2009) international financial crisis | Σελ. 293 |
| 1.1.2 Regulatory responses to the current fiscal crisis in the euro area | Σελ. 296 |
| 1.2 The threat of over-regulation | Σελ. 297 |
| 1.3 Resilience of the new framework | Σελ. 298 |
| 1.4 A brief cost-benefit analysis | |
| 1.4.1 The benefits | Σελ. 301 |
| 1.4.2 The costs | Σελ. 304 |
| 1.5 An assessment | Σελ. 304 |
| 2. In particular: an evaluation of the SSM framework | |
| 2.1 General considerations | Σελ. 307 |
| 2.2 A brief cost-benefit analysis | |
| 2.2.1 The benefits | Σελ. 310 |
| 2.2.2 The (potential) risks and costs | Σελ. 312 |
| 3. A final assessment | Σελ. 314 |
| Primary sources | |
| A. International Law | |
| 1. Basel Committee on Banking Supervision | Σελ. 323 |
| 2. Financial Stability Board | Σελ. 324 |
| B. EU Law | |
| 1. Treaties | Σελ. 324 |
| 2. Regulations | |
| 2.1 Regulations of the Council | Σελ. 325 |
| 2.2 Regulations of the European Parliament and of the Council | Σελ. 326 |
| 3. Directives of European Parliament and of the Council | Σελ. 327 |
| 4. Directives of the Council | Σελ. 330 |
| 5. Legal acts of the ECB | |
| 5.1 Regulations | Σελ. 330 |
| 5.2 Decisions | Σελ. 331 |
| 5.3 Other | Σελ. 332 |
| 6. Other (in chronological order) | Σελ. 333 |
| Secondary sources | Σελ. 337 |
| Appendix | Σελ. 387 |
| Index | Σελ. 391 |