Although prefaced by the usual caveat that “the views contained in this speech are my own and do not represent the views of the CFTC”, Commissioner Brian Quintenz delivered the keynote address yesterday at the FIA Annual Meeting, eviscerating the EU’s plans to revise EMIR in respect of CCP oversight. The short speech is well-worth reading in full, […]

The European System of Central Banks (ESCB) is finalising plans for its Analytical Credit Dataset (AnaCredit), a centralised database of credit exposures on a loan-by-loan basis. The intention is to enable the work of the SSM by providing a holistic, accurate and timely view of Eurozone credit exposures, facilitating both micro- and macro-supervision. National credit […]

The ECB today officially assumes its responsibilities as Single Supervisor in the Banking Union.  The new central bank now has responsibility for: Direct supervision of the most significant banks (120) – those banks with assets >=  €30 bn.  or representing 20% or more of their home country GDP. The ECB will act as the home\host […]

On 4 September 2014, ECB published the final list of significant credit institutions that it will directly supervise from 4 November 2014. The 120 significant credit institutions represent almost 85% of total banking assets in the euro area. Almost all of them have been designated as significant due to their size or due to total […]

The draft list of significant credit institutions was published by the ECB on 27 June 2014. It contains all notified supervised entities within eurozone member states, for the purpose of the single supervisory mechanism (SSM). The list is expressly subject to changes before the final list is published by 4 September 2014. For more details […]

The Rules of Procedure for the Supervisory Board of the ECB were published in the Official Journal of the EU, 21 June 2014. This makes the legislation, which entered into force 1 April 2014, binding with retroactive effect. The Single Supervisory Mechanism Regulation (Regulation 1024/2013) tasks the ECB with the supervision of credit institutions; the […]

On 25 April 2014, the European Central Bank (ECB) published a press release and framework regulation detailing the way in which it will coordinate with national competent authorities (NCAs) in administering its obligations under the Single Supervisory Mechanism (SSM). The SSM Regulation bestows supervisory powers over “significant” Eurozone banks on the ECB.  The assessment of […]

On 12 February 2014, the European Central Bank (ECB) published a speech by Mario Draghi, ECB President, on financial integration and EU banking union. Mr Draghi conceded that there were improvements that could be made to elements of the Council’s proposal on the Single Resolution Mechanism (SRM) which, if implemented, would help break the nexus […]

On 9 January 2014, the European Central Bank (ECB) published a press release announcing the appointment of four Directors General who will head the single supervisory mechanism (SSM) starting early 2014: Stefan Walter and Ramón Quintana will be tasked with the direct supervision of significant banks as Directorates General Micro-Prudential Supervision I and II respectively; […]