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07 november 2013 Toezicht

Toezicht

The Single Supervisory Mechanism (SSM) will create a single supervisor for the prudential supervision of credit institutions under the Capital Requirements Directive. The SSM is one of the elements of the so-called Banking Union.

The SSM Regulation and the EBA Amending Regulation were published on October 29th 2013 in the Official Journal of the European Union. This means that the SSM Regulation will enter into force on Sunday, 4rd November (5th day following the day of publication) and the EBA Amending Regulation has entered into force on October 30th.

With entry into force of the SSM Regulation, the ECB officially obtained powers to, inter alia, conduct its Comprehensive Assessment. The ECB cannot take binding decisions until operational start of its supervision a year after entry into force of the Regulation, i.e., 4 November 2014.

EBA Amending Regulation contains, inter alia, changes of voting modalities for the Board of Supervisors (including double simple majority and double qualified majority for SSM- and non-SSM Members) and the mandate to develop a Single Supervisory Handbook setting supervisory best practices.

Both Regulations as published in Official Journal of Union are to be found on the right hand side.