What changes on 15/05/2014

The text in force from 24/01/2014 compared with the text from 15/05/2014.

Read the act as of 15/05/2014 · other versions:

Part I

• inserted Article 1 - Subject matter and purpose
• inserted Article 2 - Definitions

Part II › Title 1 › Chapter 1

• inserted Article 3 - Joint supervisory teams
• inserted Article 4 - Establishment and composition of joint supervisory teams
• inserted Article 5 - Involvement of staff members from NCBs of participating Member States
• inserted Article 6 - JST coordinator and sub-coordinators

Part II › Title 1 › Chapter 2

• inserted Article 7 - Involvement of staff members from other NCAs in an NCA’s supervisory team

Part II › Title 2

• inserted Article 8 - Supervision on a consolidated basis
• inserted Article 9 - The ECB as chair of a college of supervisors
• inserted Article 10 - The ECB and NCAs as members of a college of supervisors

Part II › Title 3 › Chapter 1

• inserted Article 11 - Right of establishment of credit institutions within the SSM
• inserted Article 12 - Exercise of the freedom to provide services by credit institutions within the SSM

Part II › Title 3 › Chapter 2

• inserted Article 13 - Notification of the exercise of the right of establishment within the SSM by credit institutions established in non-participating Member States
• inserted Article 14 - Competent authority of the host Member State for branches
• inserted Article 15 - Notification of the exercise of the freedom to provide services within the SSM by credit institutions established in non-participating Member States
• inserted Article 16 - Competent authority of the host Member State for freedom to provide services

Part II › Title 3 › Chapter 3

• inserted Article 17 - Right of establishment and exercise of the freedom to provide services in relation to non-participating Member States

Part II › Title 4

• inserted Article 18 - Coordinator

Part III › Title 1

• inserted Article 19 - Overview
• inserted Article 20 - Duty to cooperate in good faith
• inserted Article 21 - General obligation to exchange information
• inserted Article 22 - Right of the ECB to instruct NCAs or NDAs to make use of their powers and to take action if the ECB has a supervisory task but no related power
• inserted Article 23 - Language regime between the ECB and NCAs
• inserted Article 24 - Language regime between the ECB and legal or natural persons, including supervised entities

Part III › Title 2 › Chapter 1

• inserted Article 25 - General principles
• inserted Article 26 - Parties
• inserted Article 27 - Representation of a party
• inserted Article 28 - General obligations of the ECB and parties to an ECB supervisory procedure
• inserted Article 29 - Evidence in ECB supervisory procedures
• inserted Article 30 - Witnesses and experts in ECB supervisory procedures
• inserted Article 31 - Right to be heard
• inserted Article 32 - Access to files in an ECB supervisory procedure

Part III › Title 2 › Chapter 2

• inserted Article 33 - Motivation of ECB supervisory decisions
• inserted Article 34 - Suspensory effect
• inserted Article 35 - Notification of ECB supervisory decisions

Part III › Title 3

• inserted Article 36 - Reporting of breaches
• inserted Article 37 - Appropriate protection for reports of breaches
• inserted Article 38 - Procedures for the follow-up of reports

Part IV › Title 1

• inserted Article 39 - Classifying a supervised entity on an individual basis as significant
• inserted Article 40 - Classifying supervised entities which are part of a group as significant
• inserted Article 41 - Specific provisions in respect of branches of credit institutions established in non-participating Member States
• inserted Article 42 - Specific provisions in respect of subsidiaries of credit institutions established in non-participating Member States and third countries

Part IV › Title 2 › Chapter 1

• inserted Article 43 - Review of the status of a supervised entity
• inserted Article 44 - Procedure to be applied in determining the significance of a supervised entity

Part IV › Title 2 › Chapter 2

• inserted Article 45 - Beginning of direct supervision by the ECB
• inserted Article 46 - End of direct supervision by the ECB
• inserted Article 47 - Reasons for ending direct supervision by the ECB
• inserted Article 48 - Pending procedures

Part IV › Title 2 › Chapter 3

• inserted Article 49 - Publication

Part IV › Title 3

• inserted Article 50 - Determining significance on the basis of size
• inserted Article 51 - Basis for determining whether or not a supervised entity is significant on the basis of size
• inserted Article 52 - Basis for determining significance on the basis of size in specific or exceptional circumstances
• inserted Article 53 - Groups of consolidated undertakings
• inserted Article 54 - Method of consolidation
• inserted Article 55 - Method for calculating total assets

Part IV › Title 4

• inserted Article 56 - National economic importance threshold
• inserted Article 57 - Criteria for determining significance on the basis of importance for the economy of the Union or any participating Member State
• inserted Article 58 - Determining significance on the basis of importance for the economy of any participating Member State at the request of an NCA

Part IV › Title 5

• inserted Article 59 - Criteria for determining significance on the basis of the significance of cross-border activities of a supervised group
• inserted Article 60 - Cross-border assets and liabilities

Part IV › Title 6

• inserted Article 61 - Request for or receipt of direct public financial assistance from the ESM
• inserted Article 62 - Obligation of NCAs to inform the ECB of a possible request for or receipt of public financial assistance by a less significant supervised entity
• inserted Article 63 - Beginning and end of direct supervision
• inserted Article 64 - Scope

Part IV › Title 7

• inserted Article 65 - Criteria for determining the three most significant credit institutions in a participating Member State
• inserted Article 66 - Review process

Part IV › Title 8

• inserted Article 67 - Criteria for an ECB decision pursuant to Article 6(5)(b) of the SSM Regulation
• inserted Article 68 - Procedure for preparing an ECB decision pursuant to Article 6(5)(b) of the SSM Regulation at the request of an NCA
• inserted Article 69 - Procedure for preparing ECB decisions pursuant to Article 6(5)(b) of the SSM Regulation on the ECB’s own initiative

Part IV › Title 9

• inserted Article 70 - Particular circumstances leading to the classification of a significant supervised entity as less significant
• inserted Article 71 - Assessment of the existence of particular circumstances
• inserted Article 72 - Review

Part V › Title 1

• inserted Article 73 - Notification of the ECB of an application for an authorisation to take up the business of a credit institution
• inserted Article 74 - NCAs’ assessment of applications
• inserted Article 75 - NCAs’ decisions rejecting an application
• inserted Article 76 - NCAs’ draft decisions on the authorisation to take up the business of a credit institution
• inserted Article 77 - ECB’s assessment of applications and hearing of applicants
• inserted Article 78 - ECB decisions on applications
• inserted Article 79 - Procedure for the lapsing of the authorisation

Part V › Title 2

• inserted Article 80 - NCAs’ proposal to withdraw an authorisation
• inserted Article 81 - ECB’s assessment of a draft withdrawal decision
• inserted Article 82 - Assessment on the ECB's own initiative and consultation of NCAs
• inserted Article 83 - ECB decision on the withdrawal of an authorisation
• inserted Article 84 - Procedure in case of potential resolution measures to be taken by national authorities

Part V › Title 3

• inserted Article 85 - Notification to NCAs of the acquisition of a qualifying holding
• inserted Article 86 - Assessment of potential acquisitions
• inserted Article 87 - ECB decision on acquisition

Part V › Title 4

• inserted Article 88 - Procedures for notification of decisions

Part VI › Title 1

• inserted Article 89 - Supervision of significant supervised entities
• inserted Article 90 - Role of the NCAs in assisting the ECB
• inserted Article 91 - Draft decisions to be prepared by NCAs for the ECB’s consideration
• inserted Article 92 - Exchange of information

Part VI › Title 2

• inserted Article 93 - Assessment of the suitability of members of the management bodies of significant supervised entities
• inserted Article 94 - On-going review of managers’ suitability

Part VI › Title 3

• inserted Article 95 - Requests, notifications or applications by significant supervised entities

Part VII › Title 1

• inserted Article 96 - Deterioration of the financial situation of a less significant supervised entity
• inserted Article 97 - NCAs’ notification to the ECB of material NCA supervisory procedures
• inserted Article 98 - Notification by NCAs to the ECB of material draft supervisory decisions

Part VII › Title 2

• inserted Article 99 - General obligation of NCAs to report to the ECB
• inserted Article 100 - Frequency and scope of reports to be submitted by NCAs to the ECB

Part VIII › Title 1

• inserted Article 101 - General provisions
• inserted Article 102 - Application of macro-prudential tools by the ECB

Part VIII › Title 2

• inserted Article 103 - List of NCAs and NDAs responsible for macro-prudential tools
• inserted Article 104 - Exchange of information and cooperation in respect of the use of macro-prudential tools by an NCA or an NDA
• inserted Article 105 - Exchange of information and cooperation in respect of the ECB’s use of macro-prudential tools

Part IX › Title 1

• inserted Article 106 - Procedure for the establishment of a close cooperation
• inserted Article 107 - Principles to be applied when a close cooperation has been established
• inserted Article 108 - Legal instruments related to supervision in connection with close cooperation

Part IX › Title 2

• inserted Article 109 - Language regime under the regime of close cooperation
• inserted Article 110 - Assessment of significance of credit institutions under the regime of close cooperation
• inserted Article 111 - Common procedures under the regime of close cooperation
• inserted Article 112 - Macro-prudential tools under the regime of close cooperation
• inserted Article 113 - Administrative penalties under the regime of close cooperation
• inserted Article 114 - Investigatory powers pursuant to Articles 10 to 13 of the SSM Regulation under the regime of close cooperation

Part IX › Title 3

• inserted Article 115 - Supervision of significant supervised entities in a participating Member State in close cooperation
• inserted Article 116 - Decisions in respect of significant supervised entities and significant supervised groups

Part IX › Title 4

• inserted Article 117 - Supervision of less significant supervised entities and less significant supervised groups

Part IX › Title 5

• inserted Article 118 - Procedure in case of disagreement with the Supervisory Board’s draft decision pursuant to Article 7(8) of the SSM Regulation
• inserted Article 119 - Procedure in case of disagreement with an objection of the Governing Council to a Supervisory Board’s draft decision pursuant to Article 7(7) of the SSM Regulation

Part X › Title 1

• inserted Article 120 - Definition of administrative penalties
• inserted Article 121 - Relationship to Regulation (EC) No 2532/98
• inserted Article 122 - ECB powers to impose administrative penalties under Article 18(7) of the SSM Regulation

Part X › Title 2

• inserted Article 123 - Establishment of an independent investigating unit
• inserted Article 124 - Referral of alleged breaches to the investigating unit
• inserted Article 125 - Powers of the investigating unit
• inserted Article 126 - Procedural rights
• inserted Article 127 - Examination of the file by the Supervisory Board
• inserted Article 128 - Definition of total annual turnover for the purpose of determining the upper limit for administrative pecuniary penalties

Part X › Title 3

• inserted Article 129 - Procedural rules applicable to periodic penalty payments

Part X › Title 4

• inserted Article 130 - Limitation periods for imposing administrative penalties
• inserted Article 131 - Limitation periods for the enforcement of administrative penalties

Part X › Title 5

• inserted Article 132 - Publication of decisions regarding administrative penalties
• inserted Article 133 - Informing the EBA

Part X › Title 6

• inserted Article 134 - Significant supervised entities
• inserted Article 135 - Reporting in respect of less significant supervised entities

Part X › Title 7

• inserted Article 136 - Evidence of facts potentially giving rise to a criminal offence

Part X › Title 8

• inserted Article 137 - Proceeds from penalties

Part XI › Title 1

• inserted Article 138 - Cooperation between the ECB and NCAs as regards the powers referred to in Articles 10 to 13 of the SSM Regulation

Part XI › Title 2

• inserted Article 139 - Ad-hoc requests for information under Article 10 of the SSM Regulation

Part XI › Title 3

• inserted Article 140 - Tasks related to supervisory reporting to competent authorities
• inserted Article 141 - Requests for information at recurring intervals under Article 10 of the SSM Regulation

Part XI › Title 4

• inserted Article 142 - Launch of a general investigation under Article 11 of the SSM Regulation

Part XI › Title 5

• inserted Article 143 - ECB decision to conduct an on-site inspection under Article 12 of the SSM Regulation
• inserted Article 144 - Establishment and composition of on-site inspection teams
• inserted Article 145 - Procedure and notification of an on-site inspection
• inserted Article 146 - Conduct of the on-site inspections

Outside any heading

• inserted Recital 1
• inserted Recital 2
• inserted Recital 3
• inserted Recital 4
• inserted Recital 5
• inserted Recital 6
• inserted Recital 7
• inserted Recital 8
• inserted Recital 9
• inserted Recital 10
• inserted Recital 11
• inserted Preamble

Part XII

• inserted Article 147 - Start of direct supervision by the ECB when the ECB assumes its tasks for the first time
• inserted Article 148 - Defining the format of the report on supervisory history and risk profile to be provided by NCAs to the ECB
• inserted Article 149 - Continuity of existing procedures
• inserted Article 150 - Supervisory decisions taken by NCAs
• inserted Article 151 - Member States whose currency becomes the euro
• inserted Article 152 - Continuity of existing arrangements
• inserted Article 153 - Final provisions