Banking Supervision Within the Eurozone: The Single Supervisory Mechanism
On 4 November 2014, the European Central Bank became the prudential
regulator for all Eurozone banks under the Single Supervisory
Mechanism. The SSM does not introduce another layer of substantive
regulation but significantly changes the way in which prudential
supervision is applied in practice within the Eurozone. The intent is to
provide for more consistent and harmonized supervisory practices and
standards within the Eurozone, which is an inherently difficult goal to
achieve given local country complexities and the continuing need to rely
on on-the-ground national regulators. The ECB will nonetheless have a
powerful role in the supervisory landscape and will doubtless try to
shape and steer supervisory culture going forward.
Introduction -
On 30 September 2014, the European Central Bank (“ECB”) published its Guide to Banking Supervision,1 which sets out practical guidance for banks falling within its new supervisory remit. The Guide builds on the ECB regulation published on 25 April 2014, which established a framework for cooperation within the Single Supervisory Mechanism (“SSM”) between the ECB and national regulators (the “Framework Regulation”).2 This note sets out key changes affecting Eurozone banks, including subsidiaries of international banking groups within the Eurozone.
Please see full memo below for more information.
Introduction -
On 30 September 2014, the European Central Bank (“ECB”) published its Guide to Banking Supervision,1 which sets out practical guidance for banks falling within its new supervisory remit. The Guide builds on the ECB regulation published on 25 April 2014, which established a framework for cooperation within the Single Supervisory Mechanism (“SSM”) between the ECB and national regulators (the “Framework Regulation”).2 This note sets out key changes affecting Eurozone banks, including subsidiaries of international banking groups within the Eurozone.
Please see full memo below for more information.
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