Έκδοση: 2015
ISBN: 978-960-562-421-7
Σελίδες: 432
Συγγραφέας: Χ. Γκόρτσος

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).

  • Section A: The European Banking Union: a comprehensive overview of its legal framework1
  • 1. The political agenda1
  • 1.1 - The decisions of June 2012 and the European Commission’s initiatives1
  • 1.2 - The outline of the reform agenda: the main pillars of the EBU3
  • 2. The EBU in a historical perspective6
  • 2.1 - From the Treaty establishing the European Community to the TFEU6
  • 2.2 - The 2009 de Larosière Report and the establishment of the European System of Financial Supervision (ESFS)8
  • 2.2.1 - Introductory remarks8
  • 2.2.2 - The European System of Financial Supervision (ESFS)11
  • 2.2.2.1 - General overview11
  • 2.2.2.2 - The three ‘European Supervisory Authorities’ 11
  • 2.2.2.3 - The European Systemic Risk Board 14
  • 2.2.2.4 - The legal basis of the Regulations on the ESFS 14
  • 3. Legislative actions – the new institutional and regulatory framework15
  • 3.1 - Introductory remarks15
  • 3.2 - Authorisation, prudential supervision and prudential regulation of credit institutions15
  • 3.2.1 - The Single Supervisory Mechanism (SSM)15
  • 3.2.2 - The single rulebook16
  • 3.3 - Resolution of credit institutions19
  • 3.3.1 - The Single Resolution Mechanism and the Single Resolution Fund19
  • 3.3.1.1 - The legal acts19
  • 3.3.1.2 - The Single Resolution Mechanism (SRM)20
  • 3.3.1.3 - The Single Resolution Fund (SRF)21
  • 3.3.2 - The single rulebook22
  • 3.4 - Deposit guarantee schemes25
  • 3.4.1 - A Single Deposit Guarantee Scheme25
  • 3.4.2 - The single rulebook25
  • 4. The remaining elements for a complete European Banking Union29
  • 4.1 - Introductory remarks29
  • 4.2 - The provision of direct public financial assistance to credit institutions by the European Stability Mechanism29
  • 4.2.1 - From indirect to direct public financial assistance by the European Stability Mechanism29
  • 4.2.2 - The Direct Recapitalisation Instrument (DRI) 31
  • 4.3 - The role of the ECB as a lender of last resort32
  • 4.3.1 - The status quo32
  • 4.3.2 - A modest proposal35
  • 4.4 - Winding-up of credit institutions36
  • 5. Final remarks: European banking law in the era of the European Banking Union37
  • 5.1 - The sources of European banking law37
  • 5.2 - The legislative process ‘in a nutshell’38
  • 5.2.1 - The main law-making process38
  • 5.2.2 - ECB legal acts43
  • Section B: The legal framework of the Single Supervisory Mechanism47
  • 1. The SSM Regulation47
  • 1.1 - Scope47
  • 1.2 - General aspects 49
  • 1.3 - Legal basis53
  • 1.4 - Timetable of implementation55
  • 1.4.1 - The rule55
  • 1.4.2 - Exceptional provisions that have not been activated 57
  • 1.5 - Transitional arrangements and grandfathering clauses57
  • 1.5.1 - Transitional arrangements57
  • 1.5.1.1 - The individual provisions 57
  • 1.5.1.2 - In particular: the Comprehensive Assessment 59
  • 1.5.2 - Grandfathering clauses60
  • 1.5.2.1 - Actions by national competent authorities60
  • 1.5.2.2 - Continuity of existing cooperation arrangements60
  • 1.5.2.3 - Member States with a derogation whose currency becomes the euro61
  • 1.6 - Review by the Commission61
  • 2. The other legal acts64
  • 2.1 - Regulation (EU) No 1022/2013 amending the ‘EBA Regulation’64
  • 2.1.1 - Objective, tasks and powers of the EBA under its statutory Regulation64
  • 2.1.2 - Amendments introduced to the EBA Regulation66
  • 2.1.2.1 - Overview66
  • 2.1.2.2 - The relationship between the ECB and the EBA66
  • 2.1.2.3 - The EBA’s tasks and powers revisited67
  • 2.1.2.3.1 - Tasks67
  • 2.1.2.3.2 - Powers69
  • 2.1.2.4 - Amendments to the EBA’s governance70
  • 2.2 - Legal acts of the ECB71
  • 2.2.1 - The ECB ‘Framework Regulation’71
  • 2.2.1.1 The provisions of the SSM Regulation71
  • 2.2.1.2 - The provisions of the ECB Framework Regulation: an overview72
  • 2.2.2 - Other ECB legal acts77
  • 2.3 - Interinstitutional Agreement between the European Parliament and the ECB80
  • 2.4 - Memorandum of Understanding between the Council and the ECB81
  • Section C:The main elements of the Single Supervisory Mechanism87
  • 1. General overview87
  • 2. The structure of the SSM88
  • 2.1 - The two components of the SSM88
  • 2.2 - The ECB as the main actor88
  • 2.2.1 - The decisions taken88
  • 2.2.2 - The tasks conferred on the ECB as of 4 November 2014: an overview89
  • 2.3 - The national competent authorities92
  • 2.3.1 - Definition92
  • 2.3.2 - National central banks versus national administrative authorities 93
  • 3. The regulatory perimeter94
  • 3.1 - The perimeter in respect of different types of financial firms94
  • 3.1.1 - Types of financial firms included94
  • 3.1.2 - Types of financial firms excluded96
  • 3.2 - The perimeter in respect of Member States100
  • 3.3 - The perimeter in respect of credit institutions and other supervised entities101
  • 3.3.1 - Introductory remarks and general provisions101
  • 3.3.1.1 - From the Commission’s proposal to the SSM Regulation and the ECB Framework Regulation 101
  • 3.3.1.2 - General provisions relating to the classification of a supervised entity as significant or less significant104
  • (I) Classification on an individual basis104
  • (II) Classification on a group basis105
  • (III) Specific provisions in respect of branches of credit institutions incorporated in non-participating Member States105
  • (IV) Specific provisions in respect of subsidiaries of credit institutions incorporated in non-participating Member States and third countries106
  • 3.3.1.3 - Procedure for classifying supervised entities as significant supervised entities106
  • 3.3.1.3.1 - Classifying a supervised entity as significant-39
  • (I) Review of the status of a supervised entity106
  • (II) Applicable procedure for determining the significance of a supervised entity108
  • 3.3.1.3.2 - Beginning and end of direct supervision by the ECB-39
  • (I) Beginning of direct supervision by the ECB109
  • (II) End of direct supervision by the ECB109
  • (III) Reasons for ending direct supervision by the ECB110
  • (IV) Pending procedures111
  • 3.3.2 - Significant supervised entities113
  • 3.3.2.1 - Significance on the basis of the size criterion113
  • 3.3.2.2 - Significance on the basis of the economic importance criterion113
  • 3.3.2.3 - Significance on the basis of the cross-border activities criterion114
  • 3.3.2.4 - Significance on the basis of the direct public financial assistance criterion115
  • 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 117
  • 3.3.2.6 - The term ‘particular circumstances’117
  • 3.3.3 - Less significant supervised entities118
  • 4. The SSM as part of the European System of Financial Supervision (ESFS)119
  • 4.1 - The SSM as part of the European System of Financial Supervision (ESFS)119
  • 4.2 - The division of objectives and tasks among the ECB, the EBA and the ESRB122
  • 5. Creation of ‘Chinese walls’124
  • 5.1 - Introductory remarks124
  • 5.2 - General provisions125
  • 5.2.1 - The provisions of the SSM Regulation125
  • 5.2.1.1 - The rules 125
  • 5.2.1.2 - Compliance with the rules 127
  • 5.2.2 - The provisions of ECB Decision 2014/723/EU on the implementation of separation between the monetary and supervision functions128
  • 5.2.2.1 - Organisational separation128
  • 5.2.2.2 - Professional secrecy129
  • 5.2.2.3 - Access to information between policy functions and classification129
  • 5.2.2.4 - Exchange of confidential information131
  • 5.3 - In particular: the Mediation Panel132
  • 5.3.1 - The provisions of the SSM Regulation132
  • 5.3.2 - The provisions of the ECB Regulation (EU) No 673/2014133
  • 5.3.2.1 - Membership and internal organisation 133
  • 5.3.2.2 - Mediation133
  • 5.3.2.2.1 - Request for mediation133
  • 5.3.2.2.2 - The Case Committee135
  • 5.3.2.2.3 - Decision-making process 136
  • 5.3.2.3 - Confidentiality and professional secrecy136
  • Section D:The specific supervisory tasks conferred on the ECB - Cooperation arrangements137
  • 1. The specific supervisory tasks conferred on the ECB137
  • 1.1 - Introductory remarks137
  • 1.1.1 - Specific supervisory tasks in relation to credit institutions and other supervised entities incorporated in participating Member States137
  • 1.1.2 - Specific supervisory tasks concerning branches in participating Member States of credit institutions incorporated in non-participating Member States140
  • 1.2 - The specific tasks under Article 4, paragraph 1 of the SSM Regulation141
  • 1.2.1 - Presentation of the individual tasks141
  • 1.2.1.1 - Granting and withdrawal of authorisation141
  • 1.2.1.2 - Cross-border issues141
  • 1.2.1.3 - Acquisition and disposal of ‘qualifying holdings’142
  • 1.2.1.4 - Compliance with micro-prudential regulations143
  • 1.2.1.5 - Compliance with other micro-prudential requirements144
  • 1.2.1.6 - Conduct of supervisory reviews and imposition of ad hoc additional requirements145
  • 1.2.1.7 - Micro-prudential supervision of banking groups on a consolidated basis145
  • 1.2.1.8 - Supplementary supervision of financial conglomerates148
  • 1.2.1.9 - Supervisory tasks in relation to recovery plans and early intervention148
  • 1.2.2 - Adoption of Decisions for the purpose of carrying out the tasks referred to in Article 4 150
  • 1.3 - The specific tasks under Article 5 of the SSM Regulation152
  • 1.3.1 - General overview152
  • 1.3.1.1 - Macro-prudential policies ‘in a nutshell’152
  • (I) Content152
  • (II) Policy instruments153
  • 1.3.1.2 - Definition of macro-prudential tools154
  • 1.3.1.3 - General clause156
  • 1.3.2 - Use of macro-prudential tools by national authorities157
  • 1.3.2.1 - Substantive provisions157
  • 1.3.2.2 - Procedural provisions158
  • 1.3.3 - Use of macro-prudential tools by the ECB159
  • 1.3.3.1 - Substantive provisions159
  • 1.3.3.2 - Procedural provisions160
  • 1.3.4 - Adoption of Decisions for the purpose of carrying out the tasks referred to in Article 5160
  • 1.4 Regulatory powers163
  • 1.4.1 - The substantive framework163
  • 1.4.2 - Procedural provisions166
  • 1.4.3 - Accountability aspects167
  • 2. Cooperation within the SSM167
  • 2.1 - General principles and obligations applying to the operation of the SSM167
  • 2.1.1 - The main principles 167
  • 2.1.2 - General obligation to exchange information168
  • 2.1.3 - Other obligations imposed on the ECB and on national competent authorities169
  • 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 power170
  • 2.1.5 - Language regimes170
  • 2.1.5.1 - Language regime between the ECB and national competent authorities 170
  • 2.1.5.2 - Language regime between the ECB and legal or natural persons, including supervised entities170
  • 2.2 - Micro-prudential supervision of significant supervised entities171
  • 2.2.1 - General provisions171
  • 2.2.1.1 - Joint supervisory teams: composition and tasks171
  • 2.2.1.2 - JST coordinator and sub-coordinators173
  • 2.2.2 - Procedures for micro-prudential supervision174
  • 2.2.2.1 - Micro-prudential supervision of significant supervised entities and assistance by national competent authorities174
  • (I) General rule174
  • (II) Role of the national competent authorities in assisting the ECB174
  • (III) Exchange of information175
  • 2.2.2.2 - Compliance with fit and proper requirements for managers 175
  • 2.2.2.3 - Other procedures 177
  • 2.3 - Micro-prudential supervision of less significant supervised entities178
  • 2.3.1 - The provisions of the SSM Regulation178
  • 2.3.1.1 - Powers and responsibilities of the ECB178
  • (I) General provisions178
  • (II) In particular: direct supervision of less significant supervised entities by the ECB179
  • 2.3.1.2 - Responsibilities of national competent authorities180
  • 2.3.2 - The provisions of the ECB Framework Regulation181
  • 2.3.2.1 - General rule181
  • 2.3.2.2 - Procedures for micro-prudential supervision181
  • 2.3.2.2.1 - Notification to the ECB of material national competent authorities’ supervisory procedures and material draft supervisory Decisions 181
  • (I) Deterioration of the financial situation of a less significant supervised entity181
  • (II) Notification to the ECB of ‘material supervisory procedures’181
  • (III) Notification to the ECB of ‘material draft supervisory Decisions’182
  • 2.3.2.2.2 - Ex-post reporting by national competent authorities to the ECB 183
  • 3. ‘Close cooperation’ between the ECB and the competent authorities of Member States with a derogation183
  • 3.1 - General considerations183
  • 3.2 - The procedure for and the effects of the establishment of a close cooperation185
  • 3.2.1 - The procedure185
  • 3.2.2 - The effects186
  • 3.3 - Suspension or termination of a ‘close cooperation’ procedure188
  • 3.3.1 - Suspension or termination based on an ECB initiative188
  • 3.3.2 - Suspension or termination following an initiative of a non-euro area participating Member State188
  • 3.3.3 - Suspension or termination under the provisions of Article 7, paragraph 7189
  • 3.3.4 - Termination under the provisions of Article 7, paragraph 8190
  • 3.3.5 - Procedural aspects191
  • 3.3.6 - Effects of a termination Decision192
  • 4. Cooperation outside the SSM and the ESFS193
  • 4.1 - Cooperation with competent authorities of non-participating Member States193
  • 4.2 Cooperation with national resolution authorities196
  • 4.3 - Cooperation with public financial assistance facilities198
  • 5. International cooperation 198
  • Section E:The investigatory and specific supervisory powers of the ECB201
  • 1. General overview201
  • 2. The general principles202
  • 2.1 - Powers of the ECB202
  • 2.2 - Exercise of the ECB powers203
  • 3. Investigatory powers204
  • 3.1 - Requests for the provision of information204
  • 3.1.1 - Addressees of requests - specifically designated persons 204
  • 3.1.2 - Provisions on the requests themselves205
  • 3.1.3 - Professional secrecy206
  • 3.2 - Conduct of investigations207
  • 3.3 - In particular: conduct of on-site inspections208
  • 3.3.1 - The provisions of the SSM Regulation208
  • 3.3.1.1 - General provisions208
  • 3.3.1.2 - Specific assistance obligations209
  • 3.3.1.3 - Authorisation required by a judicial authority209
  • 3.3.2 - The provisions of the ECB Framework Regulation210
  • 3.3.2.1 - ECB decision to conduct an on-site inspection210
  • 3.3.2.2 - Establishment and composition of on-site inspection teams211
  • 3.3.2.3 - Procedure and notification of an on-site inspection211
  • 3.3.2.4 - Conduct of the on-site inspections212
  • 4. Specific supervisory powers212
  • 4.1 - Authorisation of credit institutions212
  • 4.1.1 - Granting of an authorisation212
  • 4.1.1.1 - Introductory remarks212
  • 4.1.1.2 - Actions by the national competent authorities213
  • 4.1.1.3 - Actions by the ECB214
  • 4.1.1.4 - Lapsing of the authorisation216
  • 4.1.2 - Withdrawal of an authorisation216
  • 4.1.2.1 - Introductory remarks216
  • 4.1.2.2 - Assessment on the ECB’s own initiative217
  • 4.1.2.3 - National competent authorities’ proposal to withdraw an authorisation217
  • 4.1.2.4 - ECB decision on the withdrawal of an authorisation218
  • 4.1.2.5 - Procedure for potential resolution measures to be taken by national authorities218
  • 4.2 - Assessment of acquisitions of qualifying holdings in credit institutions220
  • 4.2.1 - Introductory remarks220
  • 4.2.2 - Substantive provisions220
  • 4.3 - Supervisory powers under Article 16 of the SSM Regulation222
  • 4.4 - Powers of host authorities and cooperation on consolidated supervision224
  • 4.5 - Administrative penalties225
  • 4.5.1 - An overview of the legal framework225
  • 4.5.2 - Breach of regulatory requirements under EU banking law227
  • 4.5.2.1 - Penalties imposed by the ECB under Article 18, paragraph 1 of the SSM Regulation227
  • 4.5.2.1.1 - The conditions for the imposition of penalties 227
  • 4.5.2.1.2 - The penalties228
  • 4.5.2.1.3 - Procedural rules229
  • 4.5.2.2 - Cooperation between the ECB and national competent authorities230
  • 4.5.2.2.1 - The provisions of Article 18, paragraph 5 of the SSM Regulation230
  • 4.5.2.2.2 - The provisions of Articles 134 and 135 of the ECB Framework Regulation231
  • (I) Significant supervised entities231
  • (II) Reporting in respect of less significant supervised entities232
  • 4.5.3 - Breach of ECB legal acts232
  • 4.5.3.1 - Substantive rules232
  • 4.5.3.2 Procedural rules232
  • 4.5.3.2.1 General overview232
  • 4.5.3.2.2 - The provisions of Council Regulation (EC) No 2532/98233
  • 4.5.3.2.3 - The provisions of Article 129 of the ECB Framework Regulation234
  • 4.5.4 - Common provisions235
  • 4.5.4.1 - Time-limits235
  • 4.5.4.1.1 - Limitation periods for the imposition of administrative penalties235
  • 4.5.4.1.2 - Limitation periods for the enforcement of administrative penalties 235
  • 4.5.4.2 - Publication of Decisions imposing administrative penalties236
  • 4.5.4.3 - Exchange of information with the EBA237
  • 4.5.4.4 - Criminal offences237
  • 4.5.4.5 - Proceeds from penalties 237
  • Section F:Organisational principles239
  • 1. General overview239
  • 2. The new governance structure240
  • 2.1 - The Supervisory Board240
  • 2.1.1 - Introductory remarks240
  • 2.1.2 - Composition241
  • 2.1.2.1 - General provisions 241
  • 2.1.2.2 - In particular: appointment and removal of the Chair and the Vice-Chair243
  • 2.1.2.2.1 - Appointment and selection procedures243
  • (I) The provisions of the SSM Regulation243
  • (II) The provisions of Section II of the EP-ECB Interinstitutional Agreement244
  • (III) The provisions of Section II of the Council-ECB Memorandum of Understanding (MoU)245
  • 2.1.2.2.2 - Removal 246
  • 2.1.2.3 - In particular: appointment and removal of the four representatives of the ECB 247
  • 2.1.3 - Supporting structures: the Steering Committee and the Secretariat248
  • 2.1.3.1 - The Steering Committee248
  • 2.1.3.2 - The Secretariat249
  • 2.1.4 - Provisions on decision-making249
  • 2.1.5 - Duties250
  • 2.1.5.1 - General provisions250
  • 2.1.5.2 - Provisions pertaining to non-euro area participating Member States251
  • 2.1.6 - The Code of Conduct for the members of the Supervisory Board252
  • 2.2 - Internal structure of the ECB with regard to its supervisory tasks and new composition of Eurosystem/ESCB Committees254
  • 2.3 - The Administrative Board of Review255
  • 2.3.1 - General aspects255
  • 2.3.2 - Composition and related issues 256
  • 2.3.3 - Request for the review of a Decision258
  • 2.3.4 - Review260
  • 2.3.5 - Decision-making process261
  • 2.3.5.1 - Opinion on the review by the Administrative Board261
  • 2.3.5.2 - Preparation of a new draft Decision by the Supervisory Board261
  • 2.3.5.3 - Notification262
  • 3. Aspects of independence262
  • 3.1 - Introductory remarks262
  • 3.2 - Institutional independence264
  • 3.2.1 - The main provisions of the SSM Regulation264
  • 3.2.2 - The provisions of the Code of Conduct for the members of the Supervisory Board 264
  • 3.3 - Financial independence265
  • 3.3.1 - Budget265
  • 3.3.2 - Financial resources - supervisory fees266
  • 3.3.2.1 - Scope of application 266
  • 3.3.2.2 - Level of fees267
  • 3.3.2.3 - Other provisions267
  • 3.3.2.4 - ECB Regulation (EU) No 1163/2014 on supervisory fees268
  • 4. Accountability of the ECB vis-à-vis EU institutions and national parliaments269
  • 4.1 - Accountability vis-à-vis EU institutions269
  • 4.1.1 - Introductory remarks269
  • 4.1.2 - The specific provisions271
  • 4.1.2.1 - Annual Report271
  • 4.1.2.2 - Hearings and confidential oral discussions 272
  • 4.1.2.3 - Responding to questions274
  • 4.1.2.4 - Access to information 274
  • 4.1.2.5 - Safeguarding ECB classified information and documents 275
  • 4.1.2.6 - Investigations 275
  • 4.1.2.7 - Requirement on the Court of Auditors277
  • 4.2 - Accountability vis-à-vis national parliaments277
  • 5. Due process for adopting supervisory Decisions278
  • 5.1 - The framework278
  • 5.2 - ECB supervisory procedures279
  • 5.2.1 - General rules279
  • 5.2.2 - The right to be heard 280
  • 5.2.3 - The right of access to the ECB’s files 281
  • 5.3 - ECB supervisory Decisions 282
  • 6. Other organisational principles283
  • 6.1 - Reporting of breaches283
  • 6.1.1 - Introductory remarks283
  • 6.1.2 - Entitled persons283
  • 6.1.3 - Procedures for the receipt and follow-up of reports284
  • 6.1.4 - Appropriate protection for reports285
  • 6.2 - Professional secrecy of the members of the Supervisory Board and of the ECB staff - exchange of information285
  • 6.2.1 - Professional secrecy285
  • 6.2.2 - Exchange of information287
  • 6.3 - ECB human resources - exchange and secondment of staff288
  • 6.3.1 - Overview288
  • 6.3.2 - The general provisions of the SSM Regulation288
  • 6.3.3 - In particular: establishment of formal procedures289
  • 6.3.3.1 - The provisions of the SSM Regulation289
  • 6.3.3.2 - The provisions of the Code of Conduct for the members of the Supervisory Board290
  • 6.3.3.3 - The provisions of the revised Ethics Framework 292
  • Section G:Concluding remarks and assessments293
  • 1. The new EU regulatory and supervisory framework: a general overview293
  • 1.1 - The main elements of the new regulatory and supervisory framework293
  • 1.1.1 - Regulatory responses to the recent (2007-2009) international financial crisis293
  • 1.1.2 - Regulatory responses to the current fiscal crisis in the euro area296
  • 1.2 - The threat of over-regulation297
  • 1.3 - Resilience of the new framework 298
  • 1.4 - A brief cost-benefit analysis301
  • 1.4.1 - The benefits301
  • 1.4.2 - The costs304
  • 1.5 - An assessment304
  • 2. In particular: an evaluation of the SSM framework307
  • 2.1 - General considerations307
  • 2.2 - A brief cost-benefit analysis310
  • 2.2.1 - The benefits310
  • 2.2.2 - The (potential) risks and costs312
  • 3. A final assessment314
  • Primary sources323
  • A. International Law323
  • 1. Basel Committee on Banking Supervision323
  • 2. Financial Stability Board324
  • B. EU Law324
  • 1. Treaties324
  • 2. Regulations325
  • 2.1 Regulations of the Council325
  • 2.2 Regulations of the European Parliament and of the Council326
  • 3. Directives of European Parliament and of the Council327
  • 4. Directives of the Council330
  • 5. Legal acts of the ECB330
  • 5.1 Regulations330
  • 5.2 Decisions331
  • 5.3 Other 332
  • 6. Other (in chronological order) 333
  • Secondary sources 337
  • Appendix 387
  • Index 391