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The European Central Bank has published a draft Single Supervisory Mechanism (SSM) Framework Regulation, which sets out the Bank’s responsibilities as supervisor of Eurozone banks from November 2014.
Klaus Lackhoff, of counsel at Freshfields in Frankfurt, explains what we can expect from the European Central Bank (ECB) come November.
Consultation: Establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities LNB News 10/02/2014 73.
A draft of the ECB SSM Framework Regulation has been published for public consultation by the ECB. The draft Framework Regulation lays the basis for the work of the SSM when it takes over as supervisor of euro area banks in November 2014. The final version will be published by 4 May 2014. The consultation will run until 7 March 2014.
How will the proposals in the consultation impact on the City, given its scope is largely limited to the Eurozone?
There are several consequences of the SSM (established by Council Regulation (EU) No 1024/2013 of 15 October 2013) and the proposed Framework Regulation for the City and banks from non-participating member states to consider.
With regard to the right of establishment and to provide cross-border services, the ECB might be the relevant host country supervisor (e.g. for significant branches of UK banks in the Eurozone, the ECB is the host country supervisor).
Subsidiaries of UK banks in member states participating in the SSM will be subject to supervision by ECB if they are either significant on a stand-alone basis or on group level provided they form a group in participating member states. Significant are in particular banks or groups of banks if their total value of assets exceeds €30bn. If a UK bank has subsidiaries in different participating countries, they are not looked at in a combined manner if they form a group
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