The Council today set out its position on two proposals aimed at establishing a single supervisory mechanism (SSM) for the oversight of credit institutions. (The first proposal confers supervisory tasks to the ECB.)
Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EC) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) as regards its interaction with Council Regulation (EU) No…/… conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions - General approach.
The EBA would retain its competence for further developing the single rulebook and ensuring convergence and consistency in supervisory practice.
The proposals foresee changes to the EBA regulation, in particular as regards voting modalities, to ensure equitable and effective decision-making within the single market. The amendments would ensure that the countries participating in the SSM would not unduly dominate the EBA's board of supervisors.
Proposal EBA
(Proposal ECB)
© European Council
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