Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establi... (32014R0468)
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)
- 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)
- 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
Feedback