European Central Bank 16 April 2014, Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17)

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European Union · · · Cited by 535 · 16-04-2014

PART I. GENERAL PROVISIONS
Article 1. Subject matter and purpose
Article 2. Definitions
PART II. ORGANISATION OF THE SSM
TITLE 1. STRUCTURES FOR THE SUPERVISION OF SIGNIFICANT AND LESS SIGNIFICANT SUPERVISED ENTITIES
CHAPTER 1. Supervision of significant supervised entities
Article 3. Joint supervisory teams
Article 4. Establishment and composition of joint supervisory teams
Article 5. Involvement of staff members from NCBs of participating Member States
Article 6. JST coordinator and sub-coordinators
CHAPTER 2. Supervision of less significant supervised entities
Article 7. Involvement of staff members from other NCAs in an NCA’s supervisory team
TITLE 2. SUPERVISION ON A CONSOLIDATED BASIS AND PARTICIPATION OF THE ECB AND NCAS IN COLLEGES OF SUPERVISORS
Article 8. Supervision on a consolidated basis
Article 9. The ECB as chair of a college of supervisors
Article 10. The ECB and NCAs as members of a college of supervisors
TITLE 3. PROCEDURES FOR THE RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES
CHAPTER 1. Procedures for the right of establishment and freedom to provide services within the SSM
Article 11. Right of establishment of credit institutions within the SSM
Article 12. Exercise of the freedom to provide services by credit institutions within the SSM
CHAPTER 2. Procedures for the right of establishment and freedom of credit institutions established in non-participating Member States to provide services within the SSM
Article 13. Notification of the exercise of the right of establishment within the SSM by credit institutions established in non-participating Member States
Article 14. Competent authority of the host Member State for branches
Article 15. Notification of the exercise of the freedom to provide services within the SSM by credit institutions established in non-participating Member States
Article 16. Competent authority of the host Member State for freedom to provide services
CHAPTER 3. Procedures for the right of establishment and freedom to provide services in relation to non-participating Member States
Article 17. Right of establishment and exercise of the freedom to provide services in relation to non-participating Member States
TITLE 4. SUPPLEMENTARY SUPERVISION OF FINANCIAL CONGLOMERATES
Article 18. Coordinator
PART III. GENERAL PROVISIONS APPLYING TO THE OPERATION OF THE SSM
TITLE 1. PRINCIPLES AND OBLIGATIONS
Article 19. Overview
Article 20. Duty to cooperate in good faith
Article 21. General obligation to exchange information
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
Article 23. Language regime between the ECB and NCAs
Article 24. Language regime between the ECB and legal or natural persons, including supervised entities
TITLE 2. GENERAL PROVISIONS RELATING TO DUE PROCESS FOR ADOPTING ECB SUPERVISORY DECISIONS
CHAPTER 1. ECB supervisory procedures
Article 25. General principles
Article 26. Parties
Article 27. Representation of a party
Article 28. General obligations of the ECB and parties to an ECB supervisory procedure
Article 29. Evidence in ECB supervisory procedures
Article 30. Witnesses and experts in ECB supervisory procedures
Article 31. Right to be heard
Article 32. Access to files in an ECB supervisory procedure
CHAPTER 2. ECB supervisory decisions
Article 33. Motivation of ECB supervisory decisions
Article 34. Suspensory effect
Article 35. Notification of ECB supervisory decisions
TITLE 3. REPORTING OF BREACHES
Article 36. Reporting of breaches
Article 37. Appropriate protection for reports of breaches
Article 38. Procedures for the follow-up of reports
PART IV. DETERMINING THE STATUS OF A SUPERVISED ENTITY AS SIGNIFICANT OR LESS SIGNIFICANT
TITLE 1. GENERAL PROVISIONS RELATING TO THE CLASSIFICATION AS SIGNIFICANT OR LESS SIGNIFICANT
Article 39. Classifying a supervised entity on an individual basis as significant
Article 40. Classifying supervised entities which are part of a group as significant
Article 41. Specific provisions in respect of branches of credit institutions established in non-participating Member States
Article 42. Specific provisions in respect of subsidiaries of credit institutions established in non-participating Member States and third countries
TITLE 2. PROCEDURE FOR CLASSIFYING SUPERVISED ENTITIES AS SIGNIFICANT SUPERVISED ENTITIES
CHAPTER 1. Classifying a supervised entity as significant
Article 43. Review of the status of a supervised entity
Article 44. Procedure to be applied in determining the significance of a supervised entity
CHAPTER 2. Beginning and end of direct supervision by the ECB
Article 45. Beginning of direct supervision by the ECB
Article 46. End of direct supervision by the ECB
Article 47. Reasons for ending direct supervision by the ECB
Article 48. Pending procedures
CHAPTER 3. List of supervised entities
Article 49. Publication
TITLE 3. DETERMINING SIGNIFICANCE ON THE BASIS OF SIZE
Article 50. Determining significance on the basis of size
Article 51. Basis for determining whether or not a supervised entity is significant on the basis of size
Article 52. Basis for determining significance on the basis of size in specific or exceptional circumstances
Article 53. Groups of consolidated undertakings
Article 54. Method of consolidation
Article 55. Method for calculating total assets
TITLE 4. DETERMINING SIGNIFICANCE ON THE BASIS OF IMPORTANCE FOR THE ECONOMY OF THE UNION OR ANY PARTICIPATING MEMBER STATE
Article 56. National economic importance threshold
Article 57. Criteria for determining significance on the basis of importance for the economy of the Union or any participating Member State
Article 58. Determining significance on the basis of importance for the economy of any participating Member State at the request of an NCA
TITLE 5. DETERMINING SIGNIFICANCE ON THE BASIS OF THE SIGNIFICANCE OF CROSS-BORDER ACTIVITIES
Article 59. Criteria for determining significance on the basis of the significance of cross-border activities of a supervised group
Article 60. Cross-border assets and liabilities
TITLE 6. DETERMINING SIGNIFICANCE ON THE BASIS OF A REQUEST FOR OR THE RECEIPT OF PUBLIC FINANCIAL ASSISTANCE FROM THE ESM
Article 61. Request for or receipt of direct public financial assistance from the ESM
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
Article 63. Beginning and end of direct supervision
Article 64. Scope
TITLE 7. DETERMINING SIGNIFICANCE ON THE BASIS THAT THE SUPERVISED ENTITY IS ONE OF THE THREE MOST SIGNIFICANT CREDIT INSTITUTIONS IN A PARTICIPATING MEMBER STATE
Article 65. Criteria for determining the three most significant credit institutions in a participating Member State
Article 66. Review process
TITLE 8. ECB DECISION TO DIRECTLY SUPERVISE LESS SIGNIFICANT SUPERVISED ENTITIES PURSUANT TO ARTICLE 6(5)(B) OF THE SSM REGULATION
Article 67. Criteria for an ECB decision pursuant to Article 6(5)(b) of the SSM Regulation
Article 68. Procedure for preparing an ECB decision pursuant to Article 6(5)(b) of the SSM Regulation at the request of an NCA
Article 69. Procedure for preparing ECB decisions pursuant to Article 6(5)(b) of the SSM Regulation on the ECB’s own initiative
TITLE 9. PARTICULAR CIRCUMSTANCES THAT MAY JUSTIFY THE CLASSIFICATION OF A SUPERVISED ENTITY AS LESS SIGNIFICANT ALTHOUGH THE CRITERIA FOR CLASSIFICATION AS SIGNIFICANT ARE FULFILLED
Article 70. Particular circumstances leading to the classification of a significant supervised entity as less significant
Article 71. Assessment of the existence of particular circumstances
Article 72. Review
PART V. COMMON PROCEDURES
TITLE 1. COOPERATION WITH REGARD TO AN APPLICATION FOR AN AUTHORISATION TO TAKE UP THE BUSINESS OF A CREDIT INSTITUTION
Article 73. Notification of the ECB of an application for an authorisation to take up the business of a credit institution
Article 74. NCAs’ assessment of applications
Article 75. NCAs’ decisions rejecting an application
Article 76. NCAs’ draft decisions on the authorisation to take up the business of a credit institution
Article 77. ECB’s assessment of applications and hearing of applicants
Article 78. ECB decisions on applications
Article 79. Procedure for the lapsing of the authorisation
TITLE 2. COOPERATION WITH REGARD TO THE WITHDRAWAL OF AN AUTHORISATION
Article 80. NCAs’ proposal to withdraw an authorisation
Article 81. ECB’s assessment of a draft withdrawal decision
Article 82. Assessment on the ECB's own initiative and consultation of NCAs
Article 83. ECB decision on the withdrawal of an authorisation
Article 84. Procedure in case of potential resolution measures to be taken by national authorities
TITLE 3. COOPERATION WITH REGARD TO THE ACQUISITION OF QUALIFYING HOLDINGS
Article 85. Notification to NCAs of the acquisition of a qualifying holding
Article 86. Assessment of potential acquisitions
Article 87. ECB decision on acquisition
TITLE 4. NOTIFICATION OF DECISIONS ON COMMON PROCEDURES
Article 88. Procedures for notification of decisions
PART VI. PROCEDURES FOR THE SUPERVISION OF SIGNIFICANT SUPERVISED ENTITIES
TITLE 1. SUPERVISION OF SIGNIFICANT SUPERVISED ENTITIES AND ASSISTANCE BY NCAS
Article 89. Supervision of significant supervised entities
Article 90. Role of the NCAs in assisting the ECB
Article 91. Draft decisions to be prepared by NCAs for the ECB’s consideration
Article 92. Exchange of information
TITLE 2. COMPLIANCE WITH FIT AND PROPER REQUIREMENTS FOR PERSONS RESPONSIBLE FOR MANAGING CREDIT INSTITUTIONS
Article 93. Assessment of the suitability of members of the management bodies of significant supervised entities
Article 94. On-going review of managers’ suitability
TITLE 3. OTHER PROCEDURES TO BE APPLIED BY SIGNIFICANT SUPERVISED ENTITIES
Article 95. Requests, notifications or applications by significant supervised entities
PART VII. PROCEDURES FOR THE SUPERVISION OF LESS SIGNIFICANT SUPERVISED ENTITIES
TITLE 1. NCAS’ NOTIFICATION TO THE ECB OF MATERIAL NCA SUPERVISORY PROCEDURES AND MATERIAL DRAFT SUPERVISORY DECISIONS
Article 96. Deterioration of the financial situation of a less significant supervised entity
Article 97. NCAs’ notification to the ECB of material NCA supervisory procedures
Article 98. Notification by NCAs to the ECB of material draft supervisory decisions
TITLE 2. EX-POST REPORTING BY NCAS TO THE ECB REGARDING LESS SIGNIFICANT SUPERVISED ENTITIES
Article 99. General obligation of NCAs to report to the ECB
Article 100. Frequency and scope of reports to be submitted by NCAs to the ECB
PART VIII. COOPERATION BETWEEN THE ECB, NCAs AND NDAs WITH REGARD TO MACRO-PRUDENTIAL TASKS AND TOOLS
TITLE 1. DEFINITION OF MACRO-PRUDENTIAL TOOLS
Article 101. General provisions
Article 102. Application of macro-prudential tools by the ECB
TITLE 2. PROCEDURAL PROVISIONS FOR THE USE OF MACRO-PRUDENTIAL TOOLS
Article 103. List of NCAs and NDAs responsible for macro-prudential tools
Article 104. Exchange of information and cooperation in respect of the use of macro-prudential tools by an NCA or an NDA
Article 105. Exchange of information and cooperation in respect of the ECB’s use of macro-prudential tools
PART IX. PROCEDURES FOR CLOSE COOPERATION
TITLE 1. GENERAL PRINCIPLES AND COMMON PROVISIONS
Article 106. Procedure for the establishment of a close cooperation
Article 107. Principles to be applied when a close cooperation has been established
Article 108. Legal instruments related to supervision in connection with close cooperation
TITLE 2. CLOSE COOPERATION IN RELATION TO PARTS III, IV, V, VIII, X AND XI
Article 109. Language regime under the regime of close cooperation
Article 110. Assessment of significance of credit institutions under the regime of close cooperation
Article 111. Common procedures under the regime of close cooperation
Article 112. Macro-prudential tools under the regime of close cooperation
Article 113. Administrative penalties under the regime of close cooperation
Article 114. Investigatory powers pursuant to Articles 10 to 13 of the SSM Regulation under the regime of close cooperation
TITLE 3. CLOSE COOPERATION IN RESPECT OF SIGNIFICANT SUPERVISED ENTITIES
Article 115. Supervision of significant supervised entities in a participating Member State in close cooperation
Article 116. Decisions in respect of significant supervised entities and significant supervised groups
TITLE 4. CLOSE COOPERATION IN RESPECT OF LESS SIGNIFICANT SUPERVISED ENTITIES AND LESS SIGNIFICANT SUPERVISED GROUPS
Article 117. Supervision of less significant supervised entities and less significant supervised groups
TITLE 5. PROCEDURE IN CASE OF DISAGREEMENT OF A PARTICIPATING MEMBER STATE IN CLOSE COOPERATION
Article 118. Procedure in case of disagreement with the Supervisory Board’s draft decision pursuant to Article 7(8) of the SSM Regulation
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. ADMINISTRATIVE PENALTIES
TITLE 1. DEFINITIONS AND RELATIONSHIP TO COUNCIL REGULATION (EC) NO 2532/98 (17)
Article 120. Definition of administrative penalties
Article 121. Relationship to Regulation (EC) No 2532/98
Article 122. ECB powers to impose administrative penalties under Article 18(7) of the SSM Regulation
TITLE 2. PROCEDURAL RULES FOR THE IMPOSITION OF ADMINISTRATIVE PENALTIES, OTHER THAN PERIODIC PENALTY PAYMENTS, ON SUPERVISED ENTITIES IN EURO AREA MEMBER STATES
Article 123. Establishment of an independent investigating unit
Article 124. Referral of alleged breaches to the investigating unit
Article 125. Powers of the investigating unit
Article 126. Procedural rights
Article 127. Examination of the file by the Supervisory Board
Article 128. Definition of total annual turnover for the purpose of determining the upper limit for administrative pecuniary penalties
TITLE 3. PERIODIC PENALTY PAYMENTS
Article 129. Procedural rules applicable to periodic penalty payments
TITLE 4. TIME LIMITS
Article 130. Limitation periods for imposing administrative penalties
Article 131. Limitation periods for the enforcement of administrative penalties
TITLE 5. PUBLICATION OF DECISIONS AND EXCHANGE OF INFORMATION
Article 132. Publication of decisions regarding administrative penalties
Article 133. Informing the EBA
TITLE 6. COOPERATION BETWEEN THE ECB AND NCAs IN EURO AREA MEMBER STATES UNDER ARTICLE 18(5) OF THE SSM REGULATION
Article 134. Significant supervised entities
Article 135. Reporting in respect of less significant supervised entities
TITLE 7. CRIMINAL OFFENCES
Article 136. Evidence of facts potentially giving rise to a criminal offence
TITLE 8. PROCEEDS FROM PENALTIES
Article 137. Proceeds from penalties
PART XI. ACCESS TO INFORMATION, REPORTING, INVESTIGATIONS AND ON-SITE INSPECTIONS
TITLE 1. GENERAL PRINCIPLES
Article 138. Cooperation between the ECB and NCAs as regards the powers referred to in Articles 10 to 13 of the SSM Regulation
TITLE 2. COOPERATION IN RESPECT OF REQUESTS FOR INFORMATION
Article 139. Ad-hoc requests for information under Article 10 of the SSM Regulation
TITLE 3. REPORTING
Article 140. Tasks related to supervisory reporting to competent authorities
Article 141. Requests for information at recurring intervals under Article 10 of the SSM Regulation
TITLE 4. COOPERATION WITH REGARD TO GENERAL INVESTIGATIONS
Article 142. Launch of a general investigation under Article 11 of the SSM Regulation
TITLE 5. ON-SITE INSPECTIONS
Article 143. ECB decision to conduct an on-site inspection under Article 12 of the SSM Regulation
Article 144. Establishment and composition of on-site inspection teams
Article 145. Procedure and notification of an on-site inspection
Article 146. Conduct of the on-site inspections
PART XII. TRANSITIONAL AND FINAL PROVISIONS
Article 147. Start of direct supervision by the ECB when the ECB assumes its tasks for the first time
Article 148. Defining the format of the report on supervisory history and risk profile to be provided by NCAs to the ECB
Article 149. Continuity of existing procedures
Article 150. Supervisory decisions taken by NCAs
Article 151. Member States whose currency becomes the euro
Article 152. Continuity of existing arrangements
Article 153. Final provisions

14.5.2014

Official Journal of the European Union

L 141/1

REGULATION (EU) No 468/2014 OF THE EUROPEAN CENTRAL BANK

of 16 April 2014

establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation)

(ECB/2014/17)

THE

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