The European Central Bank (ECB) has published a Consultation Paper on a draft Regulation establishing the framework for cooperation within the single supervisory mechanism (SSM) between itself, national competent authorities (NCAs) and national designated authorities. The ECB has also published questions and answers for its consultation on the draft Regulation.
The draft Regulation sets out the rules and procedures governing co-operation between the ECB and NCAs, to ensure the smooth functioning of the SSM when the ECB commences its supervisory role on 4 November 2014. In particular, it sets out rules that are relevant for defining the rights and obligations of supervised entities and third parties.
The Consultation Paper is in three parts. Parts 1 and 2 discuss the scope and rationale for a Regulation and its content. Part 3 contains the text of the draft Regulation.
The ECB expects comments on only part 3 of the Consultation Paper. The deadline for providing comments is 7 March 2014. The ECB plans to hold a public hearing on the Consultation Paper on 19 February 2014, at its premises in Frankfurt. The public hearing will also be broadcast live on the internet and be available via a webcast.
Following the consultation, the ECB will publish the comments received from respondents, together with an evaluation and summary of responses. The ECB’s supervisory board will then prepare the draft Regulation for submission to the ECB governing council for adoption. Once adopted, the Regulation will form part of EU law and prevail over national law for the aspects it regulates. As required under article 6(7) of the Regulation establishing the SSM, the final version of the Regulation will be published by 4 May 2014.
View Questions and answers for the public consultation on the draft ECB SSM framework regulation, 7 February 2014
