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Jens-Hinrich Binder, Christos V. Gortsos

The European Banking Union

Reihe: Kooperationswerke Beck - Hart – Nomos

Band 2015

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RULES OF PROCEDURE OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 253-256

„… RULES OF PROCEDURE OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK THE SUPERVISORY BOARD OF …” „… European Central Bank. CHAPTER I SUPERVISORY BOARD Supervisory Board meetings 2.1. The Supervisory Board …” „… shall decide on the dates of its meetings on a proposal from the Chair. The Supervisory Board shall, in …”

CODE OF CONDUCT FOR THE MEMBER STATES OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 257-262

„… CODE OF CONDUCT FOR THE MEMBER STATES OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK (2015/C …” „… 93/02) THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK, Having regard to Decision ECB/2004/2 of 19 …” „… the Supervisory Board of the European Central Bank (hereinafter the ‘members of the Supervisory Board …”

DECISION OF THE EUROPEAN CENTRAL BANK of 22 January 2014 S. 189-196

„… conferred on the ECB by Regulation (EU) No 1024/2013 shall report to the Supervisory Board and, where …” „… appropriate, to the Governing Council. In accordance with its own procedures, the Supervisory Board shall …” „… SUPERVISORY TASKS Article 13 a Supervisory Board Pursuant to Article 26(1) of Regulation (EU) (No) 1024/2013 …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 September 2014 S. 221-226

„… an objection of the Governing Council to a draft decision by the Supervisory Board. It will include …” „… Governing Council and the Supervisory Board. Its decisions are to be made by a simple majority, with each …” „… Board in respect of the ECB's internal structure and staff encompasses supervisory tasks. The Executive …”

COUNCIL REGULATION (EU) No 1024/2013 S. 77-108

„… disagreement with a draft decision of the Supervisory Board, should be used in duly justified, exceptional …” „… participating Member State should also be able to invite the Chair or a representative of the Supervisory Board …” „… should provide for the Supervisory Board to reconsider its former draft decision as appropriate. (65) The …”

The two main pillars of the European Banking Union: the legal framework in a ‘nutshell’ S. 17-68

„… authorities of participating Member States and on the basis of a proposal from the Supervisory Board, the ECB …” „… Supervisory Board and the Chair and Vice-Chairs of the competent committee of the European Parliament, and on …” „… objection of the Governing Council to a draft Decision by the Supervisory Board.37 The Mediation Panel is …”

REGULATION (EU) No 673/2014 OF THE EUROPEAN CENTRAL BANK S. 177-180

„… States regarding an objection by the Governing Council to a draft decision of the Supervisory Board set …” „… a draft decision of the Supervisory Board pursuant to Article 7(7) of Regulation (EU) No 1024/2013 …” „… . (4) Since the Vice-Chair of the Supervisory Board is both a Governing Council and a Supervisory Board …”

INTERINSTITUTIONAL AGREEMENT BETWEEN THE EUROPEAN PARLIAMENT AND THE EUROPEAN CENTRAL BANK ON THE PRACTICAL MODALITIES OF THE EXERCISE OF DEMOCRATIC ACCOUNTABILITY AND OVERSIGHT OVER THE EXERCISE OF THE TASKS CONFERRED ON THE ECB WITHIN THE FRAMEWORK OF THE SINGLE SUPERVISORY MECHANISM S. 241-248

„… Chair of the Supervisory Board of the ECB is to hold confidential oral discussions behind closed doors …” „… Regulation provide that the members of the Supervisory Board, the steering committee, staff of the ECB and …” „… on it by Regulation (EU) No 1024/2013. The Chair of the Supervisory Board shall present the Annual …”

RECOMMENDATION FOR A COUNCIL REGULATION AMENDING REGULATION (EC) NO 2532/98 CONCERNING THE POWERS OF THE EUROPEAN CENTRAL BANK TO IMPOSE SANCTION S. 263-272

„… procedure involving the Supervisory Board and the Governing Council of the ECB, in line with Article 26 of …” „… Supervisory Board has been established pursuant to Article 26, which, inter alia, is responsible for preparing …” „… separation and the establishment of the Supervisory Board and the Administrative Board of Review, two …”

REGULATION (EU) No 1022/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 115-124

„… ) one representative nominated by the Supervisory Board of the European Central Bank, who shall be …” „… financial institutions, as provided in Article 44(4), the representative nominated by the Supervisory Board …” „… representative nominated by its Supervisory Board, shall not attend any discussions within the Board of …”

REGULATION (EU) No 468/2014 OF THE EUROPEAN CENTRAL BANK S. 125-172

„… ) of Regulation (EU) No 1024/2013, Having regard to the proposal from the Supervisory Board and in …” „… consultation with the NCAs and on the basis of a proposal from the Supervisory Board, adopt and make public a …” „… the Supervisory Board of the European Central Bank, in particular with regard to decision-making …”

COUNCIL REGULATION (EU) No 2015/159 S. 109-114

„… this principle of separation, a Supervisory Board has been established pursuant to Article 26 of …” „… separation and the establishment of the Supervisory Board and the Administrative Board of Review, two …” „… of the ECB based on a complete draft decision from the Supervisory Board and subject to review by the …”

Titelei/Inhaltsverzeichnis

„… governance structure ........................................b) 35 The Supervisory Board …” „… February 2014 “on the appointment of representatives of the ECB to the Supervisory Board” (ECB/2014/4) (OJ …” „… ) ................................................................................. 249 20. Rules of Procedure of the Supervisory Board of the European Central Bank (1.4.2014) (OJ L 182 …”

MEMORANDUM OF UNDERSTANDING BETWEEN THE COUNCIL OF THE EUROPEAN UNION AND THE EUROPEAN CENTRAL BANK ON THE COOPERATION ON PROCEDURES RELATED TO THE SINGLE SUPERVISORY MECHANISM (SSM) S. 249-252

„… Recital 74 and Article 27(1) of that Regulation provide that the members of the Supervisory Board, the …” „… ) No 1024/2013 with regard to the appointment of the Chair of the Supervisory Board, the Council …” „… the Supervisory Board shall present the Annual Report to the Euro Group in the presence of …”

DECISION OF THE EUROPEAN CENTRAL BANK of 14 April 2014 S. 211-216

„… Supervisory Board, shall submit nominations for the members of the Administrative Board and the two alternates …” „… Administrative Board 1. The Secretary of the Supervisory Board shall act as Secretary of the Administrative Board …” „… application of the contested decision after having heard the opinion of the Supervisory Board as appropriate …”

DECISION OF THE EUROPEAN CENTRAL BANK of 6 February 2014 S. 209-210

„… the European Central Bank to the Supervisory Board (ECB/2014/4) (2014/427/EU) THE GOVERNING COUNCIL OF …” „… the Supervisory Board, none of whom shall perform duties directly related to the monetary function of …” „… representatives to the Supervisory Board shall respect the principles of gender balance, experience and …”

INTERGOVERNMENTAL AGREEMENT (8457/14) ON THE TRANSFER AND MUTUALISATION OF CONTRIBUTIONS TO THE SINGLE RESOLUTION FUND S. 273-286

„… Supervisory Authorities (ESAs) to which a number of tasks on micro-prudential supervision are allocated. They …” „… 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No …” „… Supervisory Authority (European Insurance and Occupational 273 by the establishment of the European …”

REGULATION (EU) No 469/2014 OF THE EUROPEAN CENTRAL BANK S. 173-176

„… their supervisory tasks under Regulation (EU) No 1024/2013. Regulation (EU) No YYY/2014 (ECB/2014/17 …” „… competent authorities in the supervisory field. (4) In order to establish a consistent regime for the …” „… imposition of sanctions by the ECB in the exercise of its supervisory tasks under Regulation (EU) No …”

DECISION OF THE EUROPEAN CENTRAL BANK of 21 January 2015 S. 231-234

„… committee or group established by them, of the Supervisory Board, its Steering Committee and any of its …” „… of the Supervisory Board prior to making any such decision in relation to the proceedings of the …” „… Supervisory Board, its Steering Committee and any of its substructures of a temporary nature. (6) The …”

The European Banking Union – Rationale and Key Policy Issues S. 1-16

„… Union: A Legal and Institutional Analysis of the Single Supervisory Mechanism and the Single Resolution …” „… and V. Babis, The European Single Supervisory Mechanism, JCLS 13 (2013) 255; G. Ferrarini and L …” „… seq.; K. Neumann, The supervisory powers of national authorities and cooperation with the ECB – a new …”

DECISION OF THE EUROPEAN CENTRAL BANK of 11 February 2015 S. 235-240

„… determination and collection of data regarding fee factors used to calculate annual supervisory fees (ECB/2015/7 …” „… Regulation (EU) No 1163/2014 of the European Central Bank of 22 October 2014 on supervisory fees (ECB …” „… with Article 30(3) of Regulation (EU) No 1024/2013, the annual supervisory fees to be levied on credit …”

DECISION OF THE EUROPEAN CENTRAL BANK of 2 July 2014 S. 217-220

„… particular Article 21 and Article 140(4) thereof, Having regard to the proposal of the Supervisory Board …” „… 1024/2013, members of the Supervisory Board, staff of the ECB and staff seconded by participating Member …” „… of supervisory data reported to the national competent authorities by the supervised entities …”

DECISION OF THE EUROPEAN CENTRAL BANK of 4 February 2014 S. 203-208

„… regard to the proposal from the Supervisory Board, Whereas: (1) From 3 November 2013, in view of the …” „… information for the ECB to carry out such a comprehensive assessment. (6) Members of the Supervisory Board …” „… assumption of its supervisory tasks, the European Central Bank (ECB) may require the national competent …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 December 2014 S. 227-230

„… the Executive Board3, the Code of Conduct for the members of the Supervisory Board and the ECB Staff …” „… the Single Supervisory Mechanism (SSM). (2) Public awareness of corporate governance issues and of …” „… appropriate to do so. 4. The Executive Board shall entrust a member of staff to perform the secretarial …”

REGULATION (EU) No 806/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 287-366

„… private sector or supervisory action would prevent its failure within a reasonable timeframe. The Board …” „… and the free movement of capital’. (7) As a first step towards a banking union, the single supervisory …” „… confers regulatory and mediation tasks on the European Supervisory Authority (European Banking Authority …”

doi.org/10.5771/9783845265278

Irma Rybnikova, Anna Soulsby, Susanne Blazejewski - Women in Management in Central and Eastern European Countries

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Irma Rybnikova (Hrsg.), Anna Soulsby (Hrsg.), Susanne Blazejewski (Hrsg.)

Women in Management in Central and Eastern European Countries

Reihe: Journal of East European Management Studies (JEEMS) - Sonderbände

Band 2020

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Monika Wieczorek-Kosmala Female representation in management and supervisory boards and risk management practices: evidence from Poland S. 69-90

„… Female representation in management and supervisory boards and risk management practices: evidence …” „… representation in manage‐ ment and supervisory boards demonstrate higher level of risk management practices, as a …” „… ‐ resentation in supervisory boards in comparison to management boards. Poland was also a pioneer in the …”

Daniel Havran, Henriett Primecz, Zsolt Lakatos Does female presence on corporate boards impact firm performance? Evidence from listed firms in Central Eastern Europe S. 37-68

„… performance? 39 Figure 1. Female presence on the management and supervisory boards 40 Daniel Havran, Henriett …” „… ratio of female top managers on the corporate management / supervisory boards and firm per‐ formance …” „… . Women’s presence on corpo‐ rate boards shows neutral or positive effect, although women supervisory board …”

Irma Rybnikova, Anna Soulsby, Susanne Blazejewski Women in management in Central and Eastern European (CEE) countries: “All quiet on the eastern front”? S. 7-14

„… supervisory as well as executive boards and provide an interesting perspective on the glass cliff phenomenon …” „… positive models, in Romania, for example, the women share in boards of large listed companies remains with …” „… cover a plethora of issues, including gender stereotypes, women as board members in private companies or …”

Titelei/Inhaltsverzeichnis S. 1-6

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Monika Wieczorek-Kosmala Female representation in management and supervisory boards and risk …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Daniel Havran, Henriett Primecz, Zsolt Lakatos Does female presence on corporate boards impact …”

Oana Mara Stan Sticking to the script: women managers just do it all S. 131-149

„… 15 % of supervisory boards (Deloitte report 2017). To date, Romania is behind other EU states, with …” „… the Bucharest stock exchange, women hold 10 % of board membership, 12 % of non-executive positions and …” „… unions, boards, central and regional party administration (Jin‐ ga 2008). The current study enquires …”

doi.org/10.5771/9783748907190

Christos Gortsos - Fundamentals of Public International Financial Law

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Christos Gortsos

Fundamentals of Public International Financial Law

Reihe: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Band 89 2012

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Current supervisory and regulatory developments at international level: the Progress Report of the Financial Stability Board S. 226-238

„… Environment”D?.?Timely?disclosure?by?regulatory?and?supervisory?authorities?to?the?Board?of?Directors?andbank?management?of?concernsregarding?their?exposure?to?risksand?to?the?quality?of?risk?managementBCBSNational?supervisory?and?regulatory?authorities200?- BCBS?“External Audit Quality and Banking Supervision”235Recommendation …” „… Financial Stability BoardAs?mentioned?above?(under?B.1.1),?in?200 …” „… .(c)?It?was?also?decided?to?adopt?a?specific?regulatory?and?supervisory …”

International supervisory and regulatory developments after the recent (2007-2009) international financial crisis: the contribution of the G20 and the Financial Stability Board (FSB) S. 212-226

„… Financial Stability BoardAs?mentioned?above?(under?B.1.1),?in?200 …” „… International supervisory and regulatory developments after the recent(2007-2009) international …” „… financial crisis: the contribution of the G20 and theFinancial Stability Board (FSB)The?G20 …”

In detail: the Basel Committee on Banking Supervision S. 175-196

„… Board?of?Governors?of?the?Federal?Reserve?BoardFederal?Reserve?Bank?of?NewYorkOffice?of?the?Comptroller?of?the?CurrencyFederal?Deposit?Insurance?Corporation1?0Table 13: Classification of members of the Basel Committee according to their competences in …” „… ???,?the?Committee’s?name?was?‘StandingCommittee?on?Banking?Regulations?and?Supervisory?Practices’.?In?its?early?years,?itwas?also?known?as?the?‘Blunden?Committee’?or?‘Cooke?Committee’,?after?the?namesof?its?first?two?chairmen.4?4 …” „… • on?the?other?hand,?banking?(or,?more?generally,?financial)?supervisory?(and?regulatory)?authorities?in?these?states,?to?the?extent?that?their?central?bank?is?not?exclusively? responsible? for? the? conduct? of? micro-prudential? banking? supervision,4?7 …”

The main sources of public international financial law S. 197-212

„… ) the?Basel?Committee’s?reports?on?micro-prudential?supervision?of?internationalbanks?and?cross-border?cooperation?between?supervisory …” „… • recapitalisation?of?the?firm?by?restructuring?its?liabilities?(the?‘bail-in’?resolutiontool).1.2.2.254? Financial?Stability?Board?(2011):?“Effective Resolution of Systemically Important …” „… ? at:http://www.financial?stabilityboard.org/publications/r_11071?.pdf.?See?also?Financial?Stability?Board?(2011b):? ?“Effective Resolution of Systemically …”

More specifically: instruments to achieve the policy objective of ensuring banking stability: the ‘bank safety net’ S. 77-106

„… European Systemic Risk Board"?(OJ?L?331,15.12.2010,? p.? 1-11),? and? Council? Regulation? (EU)? No …” „… functioning of theEuropean Systemic Risk Board"?(OJ?L?331,?15.12.2010,?p.?162-164).222 …” „… he?fluctuation?of?nominal?exchange?rates.?In?fact,?as?a?result?of?the?frequency?and?intensity?of?foreign?exchange?fluctuations,?supervisory?authorities?are?not?only?interested?in?the?eventualityof?loss,?but?also?in?the?extent?to?which?banks’?open?position?portfolios?could?be?affectedin?such?an?eventuality,?as?a?function?of?three?(3)?factors …”

The international fora adopting international financial standards and the Committee on the Global Financial System S. 160-175

„… rs’?supervisory?(and?regulatory)authorities.(b)?The?provision?of?mutual?assistance?among?them?for?the?enhancement?of?marketintegrity.(c)?The?elaboration?and?adoption?of?international?financial?standards?relating?to:• the?stability?of?capital?markets,• the?protection?of?investors,?and …” „… ?Box:?EU?lawIn?the?EU,?cooperation?between?member?states’?capital?markets’?supervisory?(andregulatory)?authorities?takes?place?within?the?European?Securities?and?Markets?Authority?(ESMA).?ESMA?began?its?operations?on?1?January?2011 …” „… ?establishing?a?European?Supervisory?Authority?(European?Securities?and?Markets?Authority),?amending?Decision?No?716/200?/EC?and?repealing?Commission?Decision?200?/77/EC,OJ?L?331,?15.12.2010,?pp.??4-11?.163 …”

Table of Contents S. 9-22

„… ?Current?supervisory?and?regulatory?developments?at?international?level:?theProgress?Report?of?the?Financial?Stability?BoardC.226THE?MAIN?SOURCES?OF?PUBLIC?INTERNATIONAL?BANKING?LAWSECTION?SIX23 …” „… The?Bank?for?International?Settlements3.2.4 141The?level?of?coordination:?the?Financial?Stability?Board4. 143 …” „… The?Financial?Stability?Forum?as?a?‘forerunner’4.1 143Establishment?and?membership4.1.1 143Tasks4.1.2 144The?Financial?Stability?Board4.2 145 …”

The four levels of the making and enforcement of public international financial law S. 131-160

„… :• the? International?Accounting? Standards? Board,?which? adopts? international …” „… : Members of the Financial Stability BoardG20?member?states Other?states• International?organisations …” „… BoardStanding?Committees …”

The future of public international financial law S. 286-290

„… :• national?supervisory …” „… ) two?private?professional?associations,?notably?the?International?Accounting?Standards?Board …” „… ted).?In?particular,?thecreation?of?a?fully-fledged?supervisory?authority?would?require?the?creation?of?a?supranational?organisation?with?global?participation? (in?order …”

INTRODUCTION S. 25-28

„… • the?progress?report?of?the?Financial?Stability?Board?with?regard?to?current?supervisory?and?regulatory?developments?at?international?level?(under?C).(b)?The?provisions?of?two?main?blocks?of?sources?of?public?international?banking?laware?then?analysed?in?Section?Six.?These?are?reports?of?the?Basel?Committee?on?BankingSupervision?which?refer?to …” „… Codes”?of?the?Financial?Stability?Board?(under??2),• the?initiatives?undertaken?by?the?G-20 …” „… :• the?conduct?of?micro-prudential?supervision?to?international?banks?and?the?crossborder?cooperation?between?supervisory …”

Extent and scope of adequate regulatory intervention in the financial system S. 282-286

„… ? theiractivity?over?to?services?subject?to?lower/no?regulatory?intervention?or?to?states?thathave?lower/no?regulatory?intervention.?Recourse?to?such?regulatory?arbitrage?is?a?lessonlearned?from?economic?(and?financial)?history?and?is?the?basis?of?the?‘dialectical?relationship’? constantly? forged? between? supervisory? authorities? and? supervised …” „… tive?interventions?may?also?sometimes?present?failures?(regulatory?failures).?Rules?and?supervisory?processes?do?not?always?serve?their?purpose?asbest?as?possible.?Public?choice?theory?is?rife?with?relevant?examples.74??As?Norberg(2009)?points?out?correctly: “It is pointless to compare the real-life market …” „… :• national?supervisory …”

SECONDARY SOURCES S. 291-314

„… Outlook,?Testimony?before?the?Joint?Economic?Committee,?USCongress,?Washington?D.C.,?SeptemberBernanke,?B.S.?(2010):?Statement by Ben S. Bernanke by the Chairman Board of Governors of theFederal Reserve …” „… European?Central?Bank?(2002b):?International?supervisory?cooperation,?Monthly Bulletin,?May,?pp.55-64 …” „… EuropäischesWirtschaftsrecht,?Verlag?C.H.Beck,?MünchenFinancial?Stability?Board,?International?Monetary?Fund?and?Bank?for?International?Settlements(2011):?Macroprudential policy tools and frameworks,?February?14 …”

The historical evolution of the institutions of public international financial law S. 118-131

„… effective in forestalling risk exposure than the rules of prudential supervisionwhich the supervisory …” „… This?is?the?reason?why?the?Basel?Committee?on?Banking?Supervision?included?banks’?internalrisk?management?systems?in?the?elaboration?of?the?capital?adequacy?rules?it?adopted?in?2004,?bymeans?of?which?banking?supervisory …” „… ?Amidst?these?conditions,?several?international?fora?were?gradually?established?with?aview?to?enhancing?cooperation?among?national?authorities?(mainly?central?banks?andfinancial?supervisory …”

Introductory remarks S. 59-77

„… ?orbank?that?provides?investment?services?(i.e.?investment?services?provider),?if?both?ofthe?following?conditions?are?met:• supervisory? or? judicial? authorities? decide? to? suspend? the? investment …” „… The?term?‘explicit?coverage’?is?used?to?incorporate?all?those?arrangements?that?are?not?based?onthe?premise?that?investor?coverage?should?be?ex post,?at?the?discretion?of?supervisory?authoritiesor? the?State,?and?solely?conducted?on?an?ad …” „… ?Policy?concerns?in?this?area?are,?first?of?all,based?on?generally?accepted?assumptions?in?the?context?of?financial?services?provisionthat?apply?across?the?board?in?relation?to?the?protection?of?consumers’?economic?interests132 …”

doi.org/10.5771/9783845236391

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (Hrsg.), Christoph Kumpan (Hrsg.)

European Financial Services Law

Reihe: Kooperationswerke Beck - Hart – Nomos

Band 2019

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Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board S. 1249

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… . Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic …” „… Regulation (EU) No 1093/2010 of the European Parliament and of the Council, the European Supervisory …”

Articles 26 to 32 S. 1291-1293

„… ) ESMA Regulation). Prior to a supervisory measure being taken by the Board of Supervisors, a hearing …” „… results are presented to the Board of Supervisors of ESMA pursuant to Art 23e(3) and (4) CRA …” „… the measures taken.24 Pursuant to Art 24(1) CRA Regulation, the Board of Supervisors has the power to …”

Article 8 c Double credit rating of structured finance instruments S. 1273-1274

„… supervisory board of any of the other credit rating agencies; (e) none of the members of their administrative …” „… or supervisory boards are a member of the administrative or supervisory boards of any of the other …” „… its administrative or supervisory board is also a member of the administrative or supervisory board of …”

Articles 21 to 25 a S. 1288-1291

„… ) ESMA Regulation). Prior to a supervisory measure being taken by the Board of Supervisors, a hearing …” „… . The amendments replaced the pre-existing complex supervisory structure which involved national and …” „… October 2011, all supervisory powers with respect to credit rating agencies were transferred to ESMA.4 …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… . Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic …” „… Regulation (EU) No 1093/2010 of the European Parliament and of the Council, the European Supervisory …”

Article 2 Definitions S. 1317-1323

„… supervisory board where management companies have a dual structure composed of a board of directors and a …” „… supervisory board. Supervisory function. In accordance with first paragraph of Art 3 of Commission Directive …” „… company, investment company or depositary, comprising the supervisory and the managerial functions, or …”

Article 74 Delegation of tasks by ESMA to competent authorities S. 1670-1672

„… suspensive effect, and the fact that it is possible for ESMA’s Board of Appeal to suspend the application of …” „… supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in …” „… specific supervisory tasks may, in particular, include the power to carry out requests for information in …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… , management or supervisory bodies’. For most purposes, this means the company’s board members, be it a one …” „… in national law, to the members of administrative, management or supervisory bodies of the legal …” „… sanctions are also to apply to the board members or other responsible persons of an infringing entity …”

Article 73 Supervisory measures by ESMA S. 1669-1670

„… . Article 72 Supervisory fees 1. ESMA shall charge fees to the trade repositories in accordance with this …” „… the manner in which they are to be paid. Article 73 Supervisory measures by ESMA 1. Where, in …” „… have suspensive effect, and the fact that it is possible for ESMA’s Board of Appeal to suspend the …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . .Article 68 358 Supervisory powers …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 71 368 Exercise of supervisory powers and powers to impose sanctions …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 79 379 Cooperation between competent authorities in supervisory activities, for on-site …”

Article 5 a Over-reliance on credit ratings by financial institutions S. 1248-1249

„… European Supervisory Authorities and the European Systemic Risk Board 1. The European Supervisory Authority …” „… and of the Council, the European Supervisory Authority (European Insurance and Occupational Pensions …” „… ratings in existing guidelines and recommendations. 2. The European Systemic Risk Board (ESRB) established …”

Article 81 Transparency and data availability S. 1676-1678

„… supervisory mechanism under Council Regulation (EU) No 1024/2013; (h) the relevant authorities of a third …” „… ) supervisory authorities designated under Article 4 of Directive 2004/25/EC of the European Parliament and of …” „… the Council; (j) the relevant Union securities and market authorities whose respective supervisory …”

Article 81 Exchange of information S. 381-383

„… Cooperation between competent authorities in supervisory activities, for on-site verifications or …” „… authority of another Member State in a supervisory activity or for an on-the-spot verification or in an …” „… supervisory practices, ESMA may participate in the activities of the colleges of supervisors, including …”

Article 8 d Use of multiple credit rating agencies S. 1274-1276

„… its administrative or supervisory board is also a member of the administrative or supervisory board of …” „… , appoint or dismiss members of the administrative or supervisory body, (e) at least one of the members of …” „… /2016/1662; also: ESMA, Supervisory Briefing: A Common Approach to the CRA Regulation’s Provisions for …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… of Regulation (EU) No 182/2011, determining that the legal and supervisory arrangements of a third …” „… with the relevant competent authorities of third countries whose legal and supervisory frameworks have …” „… coordination of supervisory activities including, where appropriate, on-site inspections. 8. In order to ensure …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… supervisory functions. The competent authorities of the investment company’s home Member State shall also …” „… difficulties involved in their enforcement, prevent the effective exercise of their supervisory functions. Art …” „… exercise of the supervisory functions of the competent authority under paragraph 1(c). Power is delegated …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… supervisory board of any other credit rating agency; (d) being a member of the administrative or supervisory …” „… agencies.12 Article 5 b Article 5 b governs the use of ratings by the European Supervisory Authorities …” „… ) CRA Regulation, to warnings and recommendations issued by the European Systemic Risk Board (ESRB …”

Article 8 b Information on structured finance instruments S. 1271-1273

„… right or the power to appoint or remove members of the administrative or supervisory board of any of the …” „… other credit rating agencies; (e) none of the members of their administrative or supervisory boards are …” „… a member of the administrative or supervisory boards of any of the other credit rating agencies; (f …”

Articles 14 to 20 S. 1284-1288

„… audit departments and the appointment of new members of the executive board are also significant changes …” „… the supervisory tasks of ESMA undertaken in accordance with Arts 23 b through 23 d CRA Regulation.12 …” „… the company (name, seat, board of directors, compliance officer, ownership and organisational …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… administrative or supervisory board of any other credit rating agency; (d) being a member of the administrative …” „… or supervisory board of any other credit rating agency; (e) exercising or having the power to …” „… , (c) be entitled to appoint or remove members of administrative or supervisory bodies of another …”

Article 23 Powers of competent authorities S. 838-843

„… following supervisory and investigatory powers: (a) to access any document and data in any form, and to …” „… that appropriate measures are in place so that competent authorities have all the supervisory and …” „… transactions affecting the ownership or control of companies regulated by the supervisory authorities appointed …”

Article 7 Inside information S. 673-692

„… the supervisory board. In Geltl, the multi-stage process consisted of the discussion of the chairman’s …” „… intention to resign with the other members of the management and supervisory boards, the preparation of a …” „… supervisory board, which advised the supervisory board on corporate governance matters, and finally the …”

Article 6 S. 1697-1699

„… immediately notify the European Systemic Risk Board, other Member States and the European Supervisory …” „… security settlement systems. Usually it is the financial supervisory authority or the national central bank …” „… , again immediately, inform the European Systemic Risk Board, ESMA, and ‘other Member States’ (Art 6(3 …”

Article 10 Competent authorities S. 1771-1773

„… Consumer Protection Board – Finland: Financial Supervisory Authority; Finnish Consumer Agency; Ombudsman …” „… shall notify the Commission and the European Supervisory Authority (European Banking Authority) (EBA …” „… – Germany: Federal Financial Supervisory Authority; Bundesamt für Justiz – Greece: Bank of Greece – Hungary …”

Article 69 Supervisory powers S. 358-362

„… Supervisory powers 1. Competent authorities shall be given all supervisory powers, including investigatory …” „… from the management board of an investment firm or market operator. By 3 July 2016, the Member States …” „… supervisory and investigative powers that must be conferred upon a national competent authority. Moreover …”

Article 47 Equivalence decision S. 566-571

„… supervisory arrangements of that third country ensure that firms authorised in that third country comply with …” „… arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks …” „… supervisory activities including, where appropriate, on-site inspections. 3. A third-country firm established …”

Chapter 1 Organisational requirements S. 1628-1637

„… audits shall be communicated to the board and shall be made available to the competent authority. 9. In …” „… 1095/2010. Article 27 Senior management and the board 1. The senior management of a CCP shall be of …” „… of the CCP. 2. A CCP shall have a board. At least one third, but no less than two, of the members of …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… development of those guidelines, ESMA shall cooperate closely with the European Supervisory Authority …” „… in its supervisory function, and that body adopts, and reviews at least annually, the general …” „… management body in its supervisory function; (e) staff engaged in control functions are compensated in …”

Article 77 Recognition of trade repositories S. 1673-1675

„… supervisory activities. 4. ESMA shall apply Regulation (EC) No 45/2001 with regard to the transfer of personal …” „… implementing act pursuant to Article 75(1), as having an equivalent and enforceable regulatory and supervisory …” „… decision rendered by the Commission stating that the legal and supervisory arrangements of the third …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council …” „… establishing a European Systemic Risk Board.1 Information thus exchanged shall be covered by the obligation of …” „… shall be intended for the performance of the supervisory task of the authorities or bodies mentioned …”

Article 7 Responsibility and liability S. 1135-1137

„… at least with the issuer or its administrative, management or supervisory bodies and shall ensure …” „… , management or supervisory body or bodies. Member States have thus discretion which of these four they charge …” „… neutral on either of the several board models (one-tier, two-tier or other) used by different Member …”

Introduction S. 1563-1574

„… Systemic Risk Board, Occasional Paper n. 11, 9; Anderson S, Dion JP and Saiz HP, ‘To link or not to link …” „… for a Regulation amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority …” „… and Implementing) – Based on the mandate given to the European Supervisory Authorities (ESAs) and …”

Article 8 Insider dealing S. 692-705

„… and a supervisory board (as is common in some continental jurisdictions). The provision does not …” „… member of the administrative, management or supervisory bodies of the issuer or emission allowance market …” „… administrative, management or supervisory bodies . . . . 17 bb) Capital holding …”

Article 9 Management body S. 43-50

„… investment firms are discussed in the context of Art 9(3) MiFID. Art 91 CRD IV deals with the board …” „… management body and, pursuant to national law, the managerial and supervisory functions of the management …” „… , unless otherwise specified by the Directive. For the purposes of the board governance and composition …”

Articles 36 to 39 S. 1301-1303

„… . Rules regarding limitation periods for supervisory enforcement by ESMA are set out in Commission …” „… subject of a statement of findings produced by an investigator or the Board of Supervisors has the right …” „… limitation period is suspended.7 There is, thus, considerable time available for the supervisory authorities …”

Article 4 Annual financial reports S. 1118-1124

„… . 84. 4 In Member States with a two-tier board structure, this includes the supervisory board. 5 See on …” „… has been undertaken by the European Supervisory Authority (European Securities and Markets Authority …” „… represent reliable information approved by the issuer’s board of directors4 and be subject to an audit …”

Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives S. 1578-1579

„… ’ means administrative or supervisory board, or both, in accordance with national company law; (28 …” „… and losses brought forward as a result of the application of the final profit or loss; (27) ‘board …” „… ) ‘independent member’ of the board means a member of the board who has no business, family or other relationship …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… members of a supervisory board in a two-tier board system, is permissible.27 In other cases, a variety of …” „… , first by an employee representative on the board of one of the banks to the general secretary of a trade …” „… and role of employee representatives on corporate boards and of the general secretary of a trade union …”

Article 19 Managers’ transactions S. 808-824

„… council exercises competences comparable to a supervisory board or to an executive.15 The same line of …” „… categories (a) or (b): (a) a member of the administrative, management or supervisory body of the entity in …” „… question. This is targeted towards board members. The terminology takes into account the variety of board …”

Article 2 Definitions S. 1576-1578

„… application of the final profit or loss; (27) ‘board’ means administrative or supervisory board, or both, in …” „… accordance with national company law; (28) ‘independent member’ of the board means a member of the board who …” „… relationship during the five years preceding his membership of the board; (29) ‘senior management’ means the …”

Index S. 1785-1803

„… information between supervisory authorities CRAR Chapter III 35 – exemptions CRAR 2 5 et seq. – export …” „… . – structured finance instruments CRAR 10 9 – supervision by ESMA CRAR Chapter II 17 et seq. – supervisory fees …” „… users MiFID II 34 16 – reverse solicitation MiFID II 42 1 et seq. – supervisory powers MiFID II 35 14 …”

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market S. 262-264

„… transparency of the status of a market operators’ management board and ensures that competent authorities have …” „… criteria to serve as a member of a management board. Legislative history Article 46 MiFID II is identical …” „… of the administrative, management or supervisory body, or has the right to exercise dominant …”

Article 106 S. 617-618

„… the FRUG9 entrusted the power to decide upon listing to the ‘Geschäftsführung’ (management board) of …” „… well as to ensure trust in the integrity of the supervisory system and the willingness of the market …”

Article 105 S. 616-617

„… fit the supervision and enforcement of the CARD rules into their general supervisory structures …” „… power to decide upon listing to the ‘Geschäftsführung’ (management board) of the stock exchange (§ 32(1 …”

Article 24 Cooperation with ESMA S. 843-844

„… ensure “that appropriate measures are in place so that competent authorities have all the supervisory and …” „… the disclosure may relate to. In other words, a board member of a company who causes a breach of MAR …”

Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP S. 1603-1611

„… board of directors, at least annually.20 Exchange of collateral Article 11(3) EMIR provides that …” „… technical standards in order to specify the procedure for the a priori supervisory approval of the …” „… Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of …”

Article 5 S. 1695-1697

„… immediately notify the European Systemic Risk Board, other Member States and the European Supervisory …”

Introduction S. 644-650

„… each board member and major shareholder to disclose shares held in their name or by their spouse or …” „… co-operation of the supervisory authorities, and the omission of rules on market manipulation.33 For these …” „… the national competent authority, determined pursuant to its Art 22, which has an array of supervisory …”

Article 24 Competent authorities and their powers S. 1204-1208

„… information to, other competent authorities, ESMA and the European Systemic Risk Board (ESRB) established by …” „… Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board …” „… performance of the supervisory task of the authorities or bodies mentioned. Where the information originates …”

Article 18 Insider lists S. 799-808

„… cornerstone of supervisory practices containing insider behaviour.2 After conducting several peer reviews …” „… ); ESMA, Peer Review on Supervisory Practices against Market Abuse: Follow-up report, ESMA/2015/1905 …” „… employment. This refers to regular employees and includes officials of all hierarchies, members of the board …”

Article 9 Reporting obligation S. 1596-1600

„… supervisory authorities. Level 2 measures Article 9(5): Commission Delegated Regulation (EU) No 148/2013 …” „… ), European Systemic Risk Board, Occasional Paper n. 11, 9, underlie that UTIs serve two purposes: “First, two …” „… Systemic Risk Board, Occasional Paper n. 11, quantifies in 85 the variables requested. 9 See ESMA, ‘ESMA’s …”

Article 4 Definitions S. 22-34

„… national law, the managerial and supervisory functions of the management body are assigned to different …” „… (15.6.2018). 24 Joint Committee of the European Supervisory Authorities, Report on the Automation in …” „… Governance, Round III? Bank Board Regulation Under the New European Capital Requirement Directive …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… members of a management board of a market operator or a regulated market, as well as requirements for the …” „… board itself. The requirements must be fulfilled before a regulated market can be authorised. Context …” „… management body of a market operator (Arts 45(1), (2), (3) MiFID II) A management board of a market operator …”

Article 17 Public disclosure of inside information S. 778-799

„… significant contracts, management and supervisory board decisions, important staffing changes, capital …” „… authority and market regulator, BaFin, has stated that it expects that at least one board member should be …” „… under, and notably, the results of the Pillar II assessment, i.e. the Supervisory Review and Evaluation …”

Article 2 Definitions S. 1104-1114

„… supervisory body and is at the same time a shareholder in, or member of, the undertaking in question; or (iii …” „… somebody has the right to appoint or remove board members. By virtue of Article 2(2), the controller’s …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… responsibilities to ensure effective supervision of compliance.16 Compliance function While a management board is …” „… necessary the exercise by the competent authority of its supervisory powers.40 An intention to outsource …”

Article 12 Market manipulation S. 730-756

„… dissemination through the media, the posting of information on an internet bulletin board, issuing a press …” „… misleading. Article 12(1)(c), therefore, operates 134 German Federal Financial Supervisory Authority (BaFin …”

doi.org/10.5771/9783845279893

Jens-Hinrich Binder, Christos V. Gortsos, Klaus Lackhoff, Christoph Ohler - European Banking Union

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Jens-Hinrich Binder (Hrsg.), Christos V. Gortsos (Hrsg.), Klaus Lackhoff (Hrsg.), Christoph Ohler (Hrsg.)

European Banking Union

2022

Treffer in den folgenden Teilen:

Art. 26 SSMR Supervisory boardThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily ... S. 354-381

„… relations between theGoverning Council and the Supervisory Board.Supervisory board Art. 26 SSMRGeorg Gruber …” „… full overview of the governance structure of the SSM.I. Supervisory BoardTasksPursuant to Art. 26(1)(1 …” „… of confidentiality and ethical conduct.Status of the members of the Supervisory BoardAccording to Art …”

Art. 19 SSMR Independence Fabian Amtenbrink S. 277-288

„… ‘Appointment of ECB representatives to the Supervisory Board’.Art. 19 SSMR Independence286 Fabian Amtenbrink …” „… SupervisoryBoard, the Governing Council shall establish and publish a Code of Conduct for theECB staff and …” „… theECB, namely its Supervisory Board, and the national competent authorities in carryingout supervisory …”

Art. 31 SSMR Staff and staff exchangeThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 421-428

„… . Within the period of one year, Supervisory BoardMembers are not allowed to engage in an occupational …” „… years of members of the Supervisory Board and ECB staff members engagedin supervisory activities, and …” „… that members of the Supervisory Board take paid workin private sector institutions for which the ECB …”

Art. 25 SSMR Separation from monetary policy function Christos V. Gortsos S. 341-354

„… Supervisory Board.The ECB should also ensure that the operation of the Governing Council (GC)is completely …” „… functional reporting to theChair and Vice Chair of the Supervisory Board.Finally, and by way of exception …” „… . Its Chair is the incumbent Vice-Chair of the Supervisory Board,who is not a member of the Panel,47 but …”

Art. 20 SSMR Accountability and reporting Fabian Amtenbrink S. 288-302

„… the selection procedure of theChair of the Supervisory Board.Bibliography Adina Maricut‐Akbik …” „… Chair of the ECB’s Supervisory Board.With this focus on the Chair of the Supervisory Board, Art. 20 SSMR …” „… procedure for the Chair of the Supervisory Board.”Section III of the Interinstitutional Agreement entitled …”

Art. 24 SSMR Administrative Board of Review René Smits S. 321-341

„… new draft decision to the Supervisory Board. TheSupervisory Board shall take into account the opinion …” „… submitted by the Supervisory Board and the decision adopted by the GoverningCouncil pursuant to this Article …” „… Supervisory Board.8 This arrangement re-sults from the treaty-given status of the ECB as having two …”

Art. 3 SSMR Cooperation Ann-Katrin Kaufhold S. 23-37

„… beinvited by the Chair to participate in the meetings of the Supervisory Board as anobserver, and the Chair …” „… , at p. 15.48 Art. 3.5 of the Rules of Procedure of the Supervisory Board of the ECB.49 Cf. Moloney …” „… Supervisory Board, promoting a high-level dialogue between the two boards”).52 See Arts. 30 and 32 SRMR.53 …”

Art. 13 SRMR Early intervention Christos V. Gortsos S. 608-619

„… the relevant NCA and the roleof the BoardApplication of early intervention or supervisory measures for …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C. The interaction between the Board and the supervisory authorities underArt. 13 SRMR …” „… ) Chairperson of the ECB Supervisory Board, to theletter of two Members of the European Parliament (Philippe …”

Art. 32 SSMR Review Christos V. Gortsos S. 428-445

„… Art. 5 SSMR are based on a complete draft proposed by the Superviso-ry Board.Division of tasks and …” „… the ECB may monitor the activities of formermembers of the Supervisory Board and members of staff in …” „… former staffand Supervisory Board members with their obligations under the relevant laws.Art. 32 …”

Art. 99 SRMR Entry into force Christos V. Gortsos S. 1226-1254

„… Union law I 9 15 et seq.– representatives to the Supervisory BoardI 26 29 et seq.– reputation I 19 8 …” „… II 4 11National bias I 1 29National central bank (NCB)– representation in the Supervisory BoardI 26 …” „… – representation in the Supervisory BoardI 26 10 et seq.– request procedure I 6 96– responsibility to assist the …”

Art. 21 SSMR National parliaments Fabian Amtenbrink S. 302-307

„… , theSupervisory Board or other bodies established pursuant to the SSMR.70Art. 21 SSMRNational parliaments1. When …” „… parliament of a participating Member State may invite the Chairor a member of the Supervisory Board to …” „… participating Member States with the right to call upon a representativeof the Supervisory Board, together with …”

Art. 29 SSMR Budget and annual accountsThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 409-413

„… year. Furthermore, the Chairand the Vice-Chair of the Supervisory Board shall be consulted on the …” „… . Furthermore, the ECA pointed out that the Supervisory Board is only con-sulted, but does not have the power to …” „… to the latter concern, it shouldbe considered that the Supervisory Board is formally not in charge of …”

Art. 18 SSMR Administrative penaltiesThe views expressed in this article are those of the author and do not necessarily reflect the views of the ECB. Chryssa Papathanassiou S. 264-277

„… supervi-sion or authorisation of banks. These staff members are independent of the SupervisoryBoard and the …” „… Supervisory Board may re-turn the file if it is incomplete (Art. 127(3) SSM‑FR) or approve the draft …” „… . 127(5) SSM‑FR).If the Supervisory Board agrees with the determination of the breach but not with …”

Art. 7 SSMR Close cooperation with the competent authorities of participating Member States whose currency is not the euro Christoph OhlerClose cooperation with the competent authorities of participat... S. 133-141

„… Superviso-ry Board.The ECB shall then consider the possible suspension or termination of the closecooperation …” „… objection ofthe Governing Council to a draft decision of the Supervisory Board, the GoverningCouncil shall …” „… and of the SSMR. In particular, non-euro area Member States arerepresented in the Supervisory Board …”

Art. 95 SRMR Amendment to Regulation (EU) No 1093/2010 Christos V. Gortsos S. 1219-1222

„… of theCommission, the ECB’s Supervisory Board, the ESRB, the ESMA and the EIOPA. Votingrights therein …” „… European Systemic Risk Board”(OJ L 331, 15.12.2010, pp. 1-11). On the EFSF and the role of the EBA and the …” „… Single Resolution Board, established byRegulation (EU) No 806/2014, and the Council and the Commission …”

Art. 22 SSMR Due process for adopting supervisory decisions Ann-Katrin Kaufhold S. 307-318

„… between members ofthe Supervisory Board and national parliaments are by far not as frequent as …” „… thosebetween the Supervisory Board and the European Parliament,20 whereby exchanges havein the past inter alia …” „… concerned by its measures prior to taking an administrative activity.Since the Supervisory Board undertakes …”

Art. 27 SSMR Professional secrecy and exchange of informationThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. The autho... S. 381-404

„… Supervisory Board for supervisory matters.But the delegation of more than 50 % of all supervisory decisions …” „… SSMRProfessional secrecy and exchange of information*1. Members of the Supervisory Board, staff of the ECB and …” „… , members of the Supervisory Board, staff of the ECB andstaff seconded by participating Member States …”

Art. 5 SSMR Macro-prudential tasks and tools Kern Alexander S. 85-89

„… Bank’s use ofmacro-prudential tools, there have been some concerns raised by the SSM SupervisoryBoard …” „… limited supervisory powers if the envisaged proceeding would be used (see for ex-ample Art. 17(6 …” „… perspective of the EBA, the ECB is – in the exercise ofits supervisory tasks under the SSMR – one of the many …”

Art. 33 SSMR Transitional provisions Christos V. Gortsos S. 445-451

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . 74. Art. 33(6) SSMR: Transitional arrangement for voting in theSupervisory Board …” „… . 33(6) SSMR: Transitional arrangement for voting in the SupervisoryBoardNotwithstanding Art. 26(7) SSMR …” „… on voting in the Supervisory Board, until 31 De-cember 2015 qualified majority voting and simple …”

Titelei/Inhaltsverzeichnis

„… SRB Financial RegulationSREP Supervisory review and evaluation processSRB Single Resolution BoardSRF …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Art. 25 341Supervisory board …” „… . Inter alia, he is also Vice-Presidentof the Board of Appeal of the European Supervisory Authorities …”

Art. 8 SSMR International relations Christoph Ohler S. 141-146

„… the fact that theMember State is only represented on the Supervisory Board but not in the …” „… of the Governing Council to a draft supervisory decision of the SupervisoryBoard in accordance with …” „… by the Supervisory Board. TheECB will then consider whether to suspend or terminate the close …”

Art. 30 SRMR Obligation to cooperate and information exchange within the SRM Christos Hadjiemmanuil S. 881-895

„… . SRB participation in the ECB’s Supervisory BoardTo ensure a more effective interaction between the …” „… Supervisory Board of the ECB established inaccordance with Article 19 of Regulation (EU) No 1024/2013. Where …” „… participation in the ECB’s Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . 17III …”

Art. 23 SSMR Reporting of violations Ann-Katrin Kaufhold S. 318-321

„… Kaufhold3031Bibliography ECB, Annual Report on supervisory activities 2015 (ECB, Frankfurt 2016); ECB …” „… , AnnualReport on supervisory activities 2016 (ECB, Frankfurt 2017); Klaus Lackhoff, The Single …” „… SupervisoryMechanism (C.H. Beck/Hart/Nomos, Munich/Oxford/Baden-Baden 2017).A. General remarks …”

Art. 28 SSMR ResourcesThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 404-409

„… routine decisions with limited discretion, avoidingthe involvement of the Supervisory Board and Governing …” „… year. Furthermore, the Chairand the Vice-Chair of the Supervisory Board shall be consulted on the …” „… Annual Report on supervisory activities 2014’ (March 2015); ECB,‘ECB Annual Report on supervisory …”

Art. 16 SSMR Supervisory powers Christos V. Gortsos S. 235-251

„… the management boardThe final governance-related supervisory power of the ECB (Art. 16(2)(m) SSMR),85 …” „… adopted by the Supervisory Board in accordance with the “non-objectionprocedure” laid down in Art. 26(8 …” „… framework of a supervisory review in accor-dance with point (f) of Article 4(1), that the arrangements …”

Art. 6 SSMR Cooperation within the SSM Christos V. Gortsos S. 92-133

„… competent authorities, and on thebasis of a proposal from the Supervisory Board, adopt and make public a …” „… proposalfrom the Supervisory Board, the ECB was required to adopt and make public a frame-work to organise the …” „… of Procedureof the Supervisory Board of the ECB19 (which supplement the ECB Rules of Procedureand …”

Art. 17 SSM Framework Regulation Right of establishment and exercise of the freedom to provide services in relation to non-participating Member States Framework Regulation S. 260-264

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5E. Supervisory gaps in the SSM Framework Regulation …” „… State, will remain in thecompetence of the home and host State authorities, unless the supervisory tasks …” „… to notify its relevant supervisory authority.2 The homeState authority then will be required to …”

Art. 4 SSMR Tasks conferred on the ECB Klaus Lackhoff and Andreas Witte S. 37-85

„… powers from the Supervisory Board and the GoverningCouncil to employees of the ECB, the ECB has …” „… thenational supervisors will cooperate in the performance of their supervisory tasks. Thesignificance of this …” „… stipulates a comprehensive cooperation agreement cov-ering all aspects of the supervisory process. For …”

Art. 45 SRMR Accountability Fabian Amtenbrink S. 955-965

„… Vice-Chair of the Supervisory Board“where such discussions are required for the exercise of the European …” „… the exchanges of the ECON Committee with the ECB’s Supervisory Board areprepared by the Banking Union …” „… Supervisory Board.38V. Questions by the European Parliament and the Council(Art. 45(6) SRMR)According to Art …”

Art. 65 SRMR Contributions to the administrative expenditures of the Board Andreas Witte S. 1069-1075

„… administrative expenditures of the Board1. Entities referred to in Article 2 shall contribute to part I of the …” „… of theBoard to be balanced each year.3. The Board shall determine and raise, in accordance with the …” „… in Article 2 in a decision addressed to the entity concerned. The Board shall applyprocedural …”

Art. 18 SRMR Resolution procedureThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission doe... S. 666-690

„… issue if the SSM andthe Board do not have sufficient supervisory data in relation to those groups and …” „… supervisory data to triggerthe resolution process also on its own initiative.29The Board shall adopt a …” „… modification of the amount of the Fundprovided for in the resolution scheme of the Board.For the purposes of …”

Art. 14 SSMR Authorisation Elke Gurlit S. 189-215

„… of a draftdecision by the Supervisory Board. The view of ECB, Guide to assessments of licence …” „… the Supervisory Board to the General CouncilArt. 13i of ECB’s Rules of Procedure.Art. 14 SSMR …” „… , ‘Rechtsanwendungdurch die EZB im Single Supervisory Mechanism (SSM)’, WM (2016), 2325; Jens-Hinrich Binder …”

Art. 1 SSMR Subject matter and scope Christoph Ohler S. 1-13

„… by Art. 19(1)and Art. 26(1) SSMR saying that all members of the Supervisory Board shall act in …” „… Single Supervisory Mechanism RegulationArt. 1 SSMRSubject matter and scopeThis Regulation confers …” „… supervisory tasks conferred on ECB in accordance withArticle 4 of this Regulation. The scope of the ECB’s …”

Art. 15 SSMR Assessment of acquisitions of qualifying holdings Elke Gurlit S. 215-235

„… procedure: If theGoverning Council objects to the draft decision of the Supervisory Board not to oppose, the …” „… ; Henning Berger, ‘Rechtsanwendung durch die EZB im Single Supervi-sory Mechanism (SSM)’, WM 2016, 2325 …” „… ECB in the supervisory field’, in Banca d’Italia,Quaderni di Ricerca Giuridicano 81 (2016), 109 …”

Art. 10 SSMR Request for information Klaus Lackhoff and Mikulas Prokop S. 158-171

„… intervals and in specified formats for supervisory andrelated statistical purposes:(a) credit institutions …” „… concerned.Bibliography Klaus Lackhoff, Single Supervisory Mechanism – A Practitioner’s Guide (C.H. Beck/Hart/Nomos …” „… supervisory and related statistical purpose . . . . . . . . . . . . . 40Art. 10 SSMR Request for information …”

Art. 8 SRMR Resolution plans drawn up by the Board Matthias Haentjens S. 518-534

„… Art. 8 SRMRResolution plans drawn up by the Board1. The Board shall draw up and adopt resolution …” „… . The Board shall draw up the resolution plans, after consulting the ECB or therelevant national …” „… thesignificant branch. To that end, the Board may require the national resolutionauthorities to prepare and …”

Art. 2 SSMR Definitions Christos V. Gortsos S. 13-23

„… defined in point 36 of Arti-cle 4(1) of Regulation (EU) No 575/2013;(9) ‘Single supervisory mechanism …” „… Council,including any sub-group thereof;(6) ‘joint supervisory team’ means a team of supervisors in charge of the …” „… without prejudice to arrangements under nationallaw which assign certain supervisory tasks to a national …”

Arts. 103–105 SSM Framework Regulation Procedural provisions for the use of macro-prudential tools Kern Alexander S. 89-92

„… SSM SupervisoryBoard. Other macro-prudential measures include liquidity tools that require …” „… D. Conflict between NDAs and ECBThe division of macro-prudential supervisory competencies within …” „… . Macro-prudential regulatory tools generally involve a broaderarray of prudential supervisory tools that include …”

Art. 59 SRMR Part I of the budget on the administration of the Board Andreas Witte S. 1030-1035

„… , including expenditures forcooperating with and assisting the Board.Bibliography Lucia Orszaghova and Martina …” „… Art. 59 SRMRPart I of the budget on the administration of the Board1. The revenues of Part I of the …” „… SRMR Part I of the budget on the administration of the Board1030 Andreas Witte12Art. 59(1) SRMR is …”

Art. 57 SRMR Resources Andreas Witte S. 1016-1023

„… or full-time members ofthe Board.G. Removal from office (Art. 56(9) SRMR)Art. 56(9) SRMR sets out …” „… of the Board from office. A removalfrom office may be based on the fact that the person either no …” „… removalfrom office to be fulfilled.Art. 57 SRMRResources1. The Board shall be responsible for devoting the …”

Art. 12k SRMR Transitional and post-resolution arrangements Minimum Requirements S. 589-608

„… Furthermore, the Board or the ECB may carry out an assessment of whether theinstitution is failing …” „… or is likely to fail, in accordance with Article 18.2. The Board, resolution authorities and …” „… way of derogation from Article 12a(1), the Board and national resolutionauthorities shall determine …”

Art. 29 SRMR Implementation of decisions under this Regulation Christos Hadjiemmanuil S. 854-881

„… authorities shall implement alldecisions addressed to them by the Board.For those purposes, subject to this …” „… theBoard of the exercise of those powers. Any action they take shall comply with theBoard's decisions …” „… national resolution authority has not applied or has not complied with adecision by the Board pursuant to …”

Art. 11 SSMR General investigations Klaus Lackhoff and Mikulas Prokop S. 171-177

„… establishes uniform re-quirements in relation to supervisory reporting to competent authorities as is the case …” „… harmon-isation objective of the common supervisory reporting standards.48 Consequently, thereporting obligations …” „… established by the ECB in Regulation (EU) 2015/534 on reportingof supervisory financial information and by …”

Art. 49 SRMR Participation in plenary sessions Janina Heinz S. 975-980

„… Supervisory Board. According to para 5.1 of the Memorandum of Understandingbetween the SRB and the ECB in …” „… ECB Supervisory Board onlyfor items relating to the tasks and responsibilities of the SRB. This …” „… definition in Recital 11 SRMR, the term Boardmeans Single Resolution Board, i.e. it refers to the agency as a …”

Art. 9 SSMR Supervisory and investigatory powersThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and d... S. 146-158

„… chair of the board ofdirectors.Lackhoff, Single Supervisory Mechanism – A Practitioner’s Guide (2017 …” „… respective supervisory and investigatory powers, the ECB andnational competent authorities shall cooperate …” „… ) EBLR, 1001; Hen-ning Berger, ‘Rechtsanwendung durch die EZB im Single Supervisory Mechanism – Teil I …”

Art. 47 SRMR Independence Fabian Amtenbrink S. 968-973

„… observed with regard to the independence of the Supervisory Board inthe SSM, these arrangements have to be …” „… Fabian Amtenbrink234Similar to what can be observed for the Single Supervisory Board in the context ofthe …” „… the Council.20Overall, similar to what can be observed for the Supervisory Board in the context of …”

Art. 96 SRMR Replacement of national resolution financing arrangements Christos V. Gortsos S. 1222-1223

„… ECB’s Supervisory Board, the ESRB, the ESMA and the EIOPA. Votingrights therein are limited to the heads …” „… conduct peer reviews of both the exchange ofinformation between and the joint activities of the Board and …” „… , with a view to strengthening consis-tency in supervisory outcomes. On the other hand, the term …”

Art. 21 SRMR Write-down and conversion of capital instruments or eligible liabilities Andreas Witte S. 717-732

„… .2. Regarding the assessment of whether the entity or group is viable, the Board,in its executive …” „… converted.7. If one or more of the conditions referred to in paragraph 1 are met, the Board,acting under the …” „… Art. 21 SRMRWrite-down and conversion of capital instruments oreligible liabilities1. The Board …”

Art. 13 SSMR Authorisation by a judicial authority On-site inspections/Authorisation by a judicial authority S. 178-189

„… , the Supervisory Board adopts for each institu-tion annually the Supervisory Examination Programme (SEP …” „… ECB’sdecision shall be subject to review only by the CJEU.Bibliography Klaus Lackhoff, Single Supervisory …” „… thefollow-up supervisory work of the relevant joint supervisory team.B. Scope of the on-site inspection …”

Art. 46 SRMR National parliaments Fabian Amtenbrink S. 965-968

„… Supervisory Board of the SSM inArt. 21(3) SSMR, the Chair of the SRB is obliged to follow an invitation by a …” „… Board by this Regulation,national parliaments of the participating Member States, by means of their …” „… ownprocedures, may request the Board to reply and the Board is obliged to reply inwriting to any observations or …”

Art. 34 SSMR Entry into force Christos V. Gortsos S. 451-453

„… accordingly in respect of supervisory procedures or Decisions initiated or taken by theNCA of such …” „… the SingleResolution Board established in accordance with Article 42 (the ‘Board’), togetherwith the …” „… Union: A Legal and Institutional Analysis of theSingle Supervisory Mechanism and the Single Resolution …”

Art. 3 SRMR Definitions Christos V. Gortsos S. 463-479

„… Single Resolution Board (SRB or Board)established in accordance with Art. 42 SRMR, the Council, the …” „… effective supervisory and resolution deci-sions adequate to the risk structure of the relevant group of …” „… , which,in accordance with Article 8, is identified by the Board as an entity in respect of which …”

Art. 76 SRMR Mission of the Fund Georgios Psaroudakis S. 1129-1136

„… investment decisions) of the Fund by the Board. It is submitted thatthe power of the Board in administering …” „… particular, Art. 75(3) SRMR andDelegated Regulation 2016/451 provide significant guidance to the Board by …” „… the Board is not of “political” na-ture.Indeed, it should be recalled that the economic policy made …”

Art. 31 SRMR Cooperation within the SRM Christos Hadjiemmanuil S. 895-918

„… Article.In order to ensure effective and consistent application of this Article, the Board:(a) shall issue …” „… closely”).Art. 31 SRMRCooperation within the SRM1. The Board shall perform its tasks in close cooperation with …” „… national resolutionauthorities. The Board shall, in cooperation with national resolution …”

Art. 4 SRMR Participating Member States Christoph Ohler S. 479-483

„… .1024/2013, the Board shall decide within three months after the date of adoption ofthe decision to terminate …” „… parallelism between SSM and SRM is that the resolutionmechanism applied by the Single Resolution Board (Board …” „… require-1 Cf. Art. 139(3) TFEU.2 Cf. supra, → SSMR Art. 7 para. 3; Lackhoff, Single Supervisory Mechanism …”

Art. 83 SRMR Staff exchange Christos V. Gortsos S. 1156-1162

„… the Board,as well as from employees and third parties to whom the entity has outsourcedfunctions or …” „… give effect to theseStaff Regulations.10C. Powers exercised by the Board (Art. 82(3) SRMR)In respect …” „… of its staff, the Board must exercise the – overly broad – powers conferredon the appointing …”

Art. 86 SRMR Actions before the Court of Justice Ann-Kathrin Kaufhold S. 1173-1178

„… person,may institute proceedings before the Court of Justice against decisions of the Board,in accordance …” „… claimants against decisions of the BoardArt. 86(2) SRMR clarifies who is entitled to file an action against …” „… Court.D. Art. 86(3) SRMR: Action for failure to act against the BoardIf the Board has an obligation to …”

Art. 9 SRMR Resolution plans drawn up by national resolution authorities Matthias Haentjens S. 534-537

„… Wood (eds), European Banking Union (Routledge, Abington 2015), Ch. 7; FinancialStability Board, ‘Key …” „… planswhere the SRB is not competent, in consultation with the relevant supervisory authori-ty, as well as …” „… instance, Member States must notify the Board and the Commis-sion accordingly. See also the commentary on …”

Art. 54 SRMR Tasks Janina Heinz S. 1002-1008

„… effectively directing the activities of theBoard. The plenary session, on the other hand, has a supervisory …” „… Boardare consistent.Art. 54 SRMRTasks1. The Board, in its executive session, shall:(a) prepare all of the …” „… addresses certain aspects of the inter-action and relation between those two sessions of the Board.As …”

Art. 34 SRMR Requests for information Klaus Lackhoff and Mikulas Prokop S. 927-932

„… au-thorities shall provide that information to the Board.A. Function and background of the provision …” „… be contingent on reciprocity.12 In any case, it is reasonable to suggest thatthe Board and the …” „… by third countries, when it comes to reso-lution proceedings decided by the Board or an NRA.13Art. 34 …”

Art. 7 SRMR Division of tasks within the SRMThe views expressed by the author are strictly personal and do not engage the Single Resolution Board or the European Commission or its services in any way.... S. 506-518

„… Board shall be responsible for the effective and consistent functioning of theSRM.2. Subject to the …” „… provisions referred to in Article 31(1), the Board shall be respon-sible for drawing up the resolution plans …” „… paragraph 2,without prejudice to the responsibilities of the Board for the tasks conferred on it bythis …”

Art. 37 SRMR Authorisation by a judicial authority Klaus Lackhoff and Mikulas ProkopOn-site inspections/Authorisation by a judicial authority S. 936-941

„… information on the Board's file. The lawfulness of the Board'sdecision shall be subject to review only by the …” „… 5. Where the officials of and other accompanying persons authorised or appoint-ed by the Board find …” „… authority shall control that the decision of the Board isauthentic and that the coercive measures envisaged …”

Art. 94 SRMR Review Christos V. Gortsos S. 1209-1219

„… the following considerations on the functioning of the SRM andthe Board:An assessment is made of the …” „… ) there is a need that the functions allocated by this Regulation to theBoard, to the Council and to the …” „… executive andthe plenary sessions of the Board and its relations with the Commissionand the Council are …”

Art. 10a SRMR Power to Prohibit Certain DistributionsAs amended by Art. 1(5) SRMR II. Matthias Haentjens S. 552-562

„… Board shall have the power, in accordancewith paragraphs 2 and 3 of this Article, to prohibit an entity …” „… resolution authority and the Board thereof.2. In the situation referred to in paragraph 1, the Board, after …” „… financing conditions andresolvability of the entity concerned.The Board shall repeat its assessment of …”

Art. 11 SRMR Simplified obligations for certain institutions Matthias Haentjens S. 562-573

„… obligations shall not in itself affect the Board'spower to take any resolution action.6. Where simplified …” „… Board, on its own initiative after consulting a national resolution authority orupon proposal by a …” „… paragraphs 3 to 9 of thisArticle.2. National resolution authorities may propose to the Board to apply …”

Art. 1 SRMR Subject matter Jens-Hinrich Binder S. 453-461

„… procedure shall be applied by the SingleResolution Board established in accordance with Article 42 (the …” „… ‘Board’), togetherwith the Council and the Commission and the national resolution authorities withinthe …” „… , ‘European Banking Union: A Legal and Institutional Analysis of theSingle Supervisory Mechanism and the …”

Art. 35 SRMR General investigations Klaus Lackhoff and Mikulas Prokop S. 932-935

„… ) shall be subject to investi-gations launched on the basis of a decision of the Board.Where a person …” „… , the Board may, throughthe national resolution authorities or directly, after informing them, conduct …” „… in a participating Member State.To that end, the Board may:(a) require the submission of documents;(b …”

Art. 71 SRMR Extraordinary ex-post contributions Christos V. Gortsos S. 1109-1112

„… conditions for deferral and the assessments by the BoardThe Board may defer the payment of extraordinary ex …” „… times the annual amount of contributions determined in accordance withArticle 70.2. The Board shall, on …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42. The conditions for deferral and the assessments by the Board . . . . . . . . . . . . 63. The …”

Art. 2 SRMR Scope Jens-Hinrich Binder S. 461-463

„… SRF (Chapter 2, Arts. 67–79 SRMR). The Board’s investigatory powers and thesanctions regime are set …” „… SSMand the SRM is necessary in order to ensure effective supervisory and resolution deci-sions adequate …”

Art. 89 SRMR Data protection Christos V. Gortsos S. 1190-1195

„… of the Board.Bibliography Carl Otto Lenz and Klaus-Dieter Borchardt (eds), EU-Verträge Kommentar …” „… the Board, the Council and theCommission relating to their processing of personal data under …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B. Application by the Board – the 2019 Decision “on internal rules concerningrestrictions of …”

Art. 10 SRMR Assessment of resolvability Matthias Haentjens S. 537-552

„… national law to supervise institutions as part of the supervisory system inoperation in the Member State …” „… of resolvability1. When drafting and updating resolution plans in accordance with Article 8, theBoard …” „… or group recovery plan. The Board shall examine the recoveryplan with a view to identifying any …”

Art. 38 SRMR Fines Chryssa Papathanassiou S. 941-946

„… include the possible necessity of investigations in order to en-able the Board to adopt resolution …” „… CJEU.Art. 38 SRMRFines1. Where the Board finds that an entity referred to in Article 2 has intentionallyor …” „… higher end of the limits referred to in the first subparagraph, theBoard shall take into account the …”

Art. 20 SRMR Valuation for the purposes of resolution Christos V. Gortsos S. 699-717

„… assessment of whether the entity or group is viable, the Board,in its executive session, may make such an …” „… orconvert relevant capital instruments, the Board shall ensure that a fair, prudent andrealistic valuation …” „… accordance with paragraph 1 is not possible,the Board may carry out a provisional valuation of the assets and …”

Art. 75 SRMR Investments Georgios Psaroudakis S. 1123-1129

„… Board.There are two issues to be explored here: What the competence discussed here encom-passes and who …” „… administration by the Board.This broad autonomy of the Board, expressed in both its budget and its …” „… Art. 75 SRMRInvestments1. The Board shall administer the Fund in accordance with this Regulation …”

Art. 77 SRMR Use of the Fund Georgios Psaroudakis S. 1136-1140

„… to the Board,on whatever side of the divide it finds itself, in other words both if it is the …” „… untilno later than eight years after the date of application of this Article, the Board shalluse the Fund …” „… , ‘European BankingUnion: A Legal and Institutional Analysis of the Single Supervisory Mechanism and the …”

Art. 58 SRMR Budget Andreas Witte S. 1023-1030

„… Board.Bibliography Lucia Orszaghova and Martina Miskova, ‘Financial Contributions and Bank Fees in theBanking Union …” „… would risk putting the Board at the whim of an outside body which pro-vides its financial foundation.Art …” „… . 58 SRMRBudget1. The Board shall have an autonomous budget which is not part of the Unionbudget …”

Art. 67 SRMR General provisions Christos V. Gortsos S. 1088-1095

„… circumstances referred above. Upon the raising of objections, the Board’sdecision on a temporary transfer must …” „… transferring the funds raised at national level towardsthe Fund as laid down in the Agreement.2. The Board …” „… of the Fund shall be the Board.4. Contributions referred to in Articles 69, 70 and 71 shall be raised …”

Art. 28 SRMR Monitoring by the Board Christos Hadjiemmanuil S. 847-854

„… supervisory authorities in the assessment process.457Art. 28 SRMRMonitoring by the Board1. The Board shall …” „… that may be referred to by the Board;(vi) the extent to which, and manner in which, the powers of the …” „… alldecisions addressed to them by the Board.For those purposes, subject to this Regulation, they shall exercise …”

Art. 87 SRMR Liability of the Board Ann-Kathrin Kaufhold S. 1178-1187

„… . All cases are still pending.B. Art. 87(1) SRMR: Contractual liability of the BoardArt. 87(1) SRMR …” „… a decision of the Board,even though the national authority might have had discretion when deciding …” „… failure to act against the Board will be instituted frequently.15 It is, however, conceiv-able that e.g …”

Art. 74 SRMR Access to financial facility Christos V. Gortsos S. 1115-1123

„… Board.There are two issues to be explored here: What the competence discussed here encom-passes and who …” „… financial facilityThe Board shall contract for the Fund financial arrangements, including, wherepossible …” „… (LFAs) . . . . 1B. Towards a “common backstop” to the (Single Resolution) Board for the SRF 5I. The …”

Art. 5 SRMR Relation to Directive 2014/59/EU and applicable national law Jens-Hinrich Binder S. 483-497

„… funding of that national financialarrangement.In both cases, the Board must take into account, when …” „… termination; (c) the economic cycle of the MemberState concerned by the termination. To the extent the Board …” „… . The Board may also specify conditionsapplicable to the recoupments of contributions. The SRMR does not …”

Art. 27 SRMR Bail-in tool Christos Hadjiemmanuil S. 767-847

„… , theBoard shall assess whether the amount of items complying with Article 12g(2) issufficient to support the …” „… Article 6 of Directive2014/49/EU.The Board shall ensure that all secured assets relating to a covered bond …” „… resolvability of entitiesand groups, the Board shall instruct the national resolution authorities to limit,in …”

Introduction to Arts. 67–74 SRMR Christos V. Gortsos S. 1079-1088

„… determine and declare such a breach isgranted to Board and the CJEU.28The Contracting Parties must apply and …” „… transferring the funds raised at national level towardsthe Fund as laid down in the Agreement.2. The Board …” „… of the Fund shall be the Board.4. Contributions referred to in Articles 69, 70 and 71 shall be raised …”

Art. 15 SRMR General principles governing resolution Jens-Hinrich Binder S. 631-648

„… particular, one-tier corporate boards with board executiveand non-executive (supervisory) directors and …” „… referred to in Article 18, the Board,the Council, the Commission and, where relevant, the national …” „… .2. Where an institution is a group entity, without prejudice to Article 14, the Board,the Council …”

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