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 consultation is open until 7 March, 2014.
The draft Framework Regulation describes the rules and procedures governing the following aspects:
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assessment of a bank’s significance to determine whether it falls under the ECB’s direct or indirect supervision;
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the ECB’s oversight of the whole system;
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cooperation between the ECB and the NCAs with a view to ensuring a smooth functioning of the SSM;
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language regime for the various processes within the SSM;
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general principles for the conduct of supervisory procedures by the ECB;
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procedures relating to the SSM’s micro-prudential and macro-prudential tasks;
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arrangements for close cooperation with countries whose currency is not the euro;
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administrative penalties for breaches of the relevant law.
A consultation document, comprising the draft Framework Regulation and an explanatory report, and a Questions and Answers document have been published on the ECB’s website.
The consultation opens today for a four-week period until 7 March, 2014. The ECB will also hold a public hearing on the consultation document on 19 February 2014 at its premises in Frankfurt am Main.
As required under the Regulation establishing the SSM, the final version of the ECB SSM Framework Regulation will be published by 4 May, 2014.
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