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Overview of external briefings on the SSM and SRB during the 8th parliamentary term

06-09-2019

To facilitate the parliamentary scrutiny work, the Committee on Economic and Monetary Affairs (including its Banking Union Working Group) has drawn on external experts to provide briefings on topics of relating to both the SSM and SRM. Prior to December 2015, experts had been requested on an ad-hoc basis, while thereafter, ECON could draw on expertise from two standing panels of experts, one panel for supervisory issues, the other for questions related to bank resolution. Topics for the panel of ...

To facilitate the parliamentary scrutiny work, the Committee on Economic and Monetary Affairs (including its Banking Union Working Group) has drawn on external experts to provide briefings on topics of relating to both the SSM and SRM. Prior to December 2015, experts had been requested on an ad-hoc basis, while thereafter, ECON could draw on expertise from two standing panels of experts, one panel for supervisory issues, the other for questions related to bank resolution. Topics for the panel of experts to be provided in advance of each public hearing are chosen by ECON Coordinators. Since their inception, the two standing panels have in total provided 56 concise written briefing papers on 20 different topics.

Anti-money laundering - reinforcing the supervisory and regulatory framework

02-09-2019

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed ...

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed to further improve the anti-money laundering supervisory and regulatory frameworks, including the 12 September 2018 Commission’s communication, the changes to the European Supervisory Authority (ESA) Regulation adopted by the co-legislators on the basis of a Commission proposal and the most recent Commission’s state of play of supervisory and regulatory landscapes on anti-money laundering. Some previous AML cases are presented in Annex. This briefing updates an EGOV briefing originally drafted in April 2018. On a more prospective note, this briefing also presents (3) some possible additional reforms to bring about a more integrated AML supervisory architecture in the EU. In that respect, President-elect U. von der Leyen’s political declaration stresses the need for further action without specifying at this stage possible additional supervisory and regulatory developments: “The complexity and sophistication of our financial system has opened the door to new risks of money laundering and terrorist financing. We need better supervision and a comprehensive policy to prevent loopholes.”

Public hearing with Andrea Enria, Chair of the ECB Supervisory Board - ECON on 4 September 2019

30-08-2019

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 4 September 2019. The briefing addresses (i) the role and tasks of the Single Supervisory Mechanism (SSM), (ii) individual cases that merit particular supervisory attention; (iii) institutional and organisational issues (Extension of the Banking Union to Bulgaria and Croatia, and memorandum of understanding between the European ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 4 September 2019. The briefing addresses (i) the role and tasks of the Single Supervisory Mechanism (SSM), (ii) individual cases that merit particular supervisory attention; (iii) institutional and organisational issues (Extension of the Banking Union to Bulgaria and Croatia, and memorandum of understanding between the European Court of Auditor (ECA) and the ECB); (iv) the risk assessment of Banking Union banks with a particular focus on leveraged loans, NPL, profitability and sovereign exposures (v) supervisory issues and policies (finalisation of Basel 3 and review of internal models, SSM Supervisory Review and Evaluation Process and transparency of stress tests further to the recently published report from the ECAs: (vi) policy developments and supervisory issues raised on the AML front; (vii) Brexit. On a more prospective note, this briefing also presents (viii) an external paper on "Lessons from the United States for banking resolution in the Banking Union" which advocates harmonisation and centralisation of bank insolvency proceedings in the Banking Union.

Single Supervisroy Mechanism (SSM) – Accountability arrangements and legal base for hearings in the European Parliament - State of Play - August 2019

29-08-2019

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

Third country equivalence in EU banking and financial regulation

27-08-2019

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section ...

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section 4). This briefing is an updated version of a briefing published in April 2018.

Use of financial data for preventing and combatting serious crime

19-07-2019

On 17 April 2018, the European Commission adopted a proposal for a directive intended to facilitate law enforcement authorities' access to and use of financial information held in other jurisdictions within the EU for investigations related to terrorism and other serious crime. The proposed directive would grant competent authorities direct access to bank account information contained in centralised registries set up in each Member State, according to the Fifth Anti-Money-Laundering Directive. The ...

On 17 April 2018, the European Commission adopted a proposal for a directive intended to facilitate law enforcement authorities' access to and use of financial information held in other jurisdictions within the EU for investigations related to terrorism and other serious crime. The proposed directive would grant competent authorities direct access to bank account information contained in centralised registries set up in each Member State, according to the Fifth Anti-Money-Laundering Directive. The proposal also aims to strengthen domestic and cross-border exchange of information between EU Member States' competent authorities, including law enforcement authorities and financial intelligence units, as well as with Europol. The provisional agreement reached in February 2019 in interinstitutional negotiations was adopted by the European Parliament on 17 April 2019, followed by the Council on 14 June. On 20 June 2019, the directive was signed into law and then published in the Official Journal on 11 July. Member States have until 1 August 2021 to transpose its provisions into national law.

Banking Union: Completing the Single Rule Book

18-07-2019

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

Single Resolution Mechanism - Main Features, Oversight and Accountability

16-07-2019

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put ...

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put together a framework for resolving banks in difficulties. That framework is the Single Resolution Mechanism, headed by an European agency, the Single Resolution Board (SRB), based on Regulation 806/2014 and comprising all national resolution authorities of the Member States participating in the Banking Union.

Single Supervisory Mechanism – Main Features, Oversight and Accountability

16-07-2019

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

Banking Union: Defusing the “home/host” debate

16-07-2019

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to ...

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to the integrated management of bank capital and liquidity within cross-border groups operating in the banking union”. As the SSM put it “the fences should be removed; they are out of place within a banking union where the concept of home and host supervisors has disappeared”.

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