Subject matter and purpose
This Regulation lays down rules on all of the following:
the framework referred to in Article 6(7) of the SSM Regulation, namely a framework to organise the practical arrangements for implementing Article 6 of the SSM Regulation concerning cooperation within the SSM, to include:
the specific methodology for the assessment and review of whether a supervised entity is classified as significant or less significant pursuant to the criteria laid down in Article 6(4) of the SSM Regulation, and the arrangements resulting from this assessment;
the definition of procedures, including time limits, also in relation to the possibility for NCAs to prepare draft decisions for the ECB’s consideration, concerning the relation between the ECB and the NCAs regarding the supervision of significant supervised entities;
the definition of procedures, including time limits, concerning the relation between the ECB and the NCAs regarding the supervision of less significant supervised entities. In particular, such procedures shall require the NCAs, depending on the cases defined in this Regulation, to:
notify the ECB of any material supervisory procedure,
further assess, on the ECB’s request, specific aspects of the procedure,
transmit to the ECB material draft supervisory decisions, on which the ECB may express its views;
cooperation and exchange of information between the ECB and the NCAs within the SSM with regard to the procedures relating to significant supervised entities and less significant supervised entities, including common procedures applying to authorisations to take up the business of a credit institution, withdrawals of such authorisations and the assessment of acquisitions and disposals of qualifying holdings;
the procedures relating to cooperation between the ECB and the NCAs with regard to Articles 10 to 13 of the SSM Regulation, including on certain aspects relating to supervisory reporting;
the procedures relating to the adoption of supervisory decisions addressed to supervised entities and other persons;
the linguistic arrangements between the ECB and the NCAs and between the ECB and supervised entities and other persons;
the procedures applicable to the ECB’s and the NCAs’ sanctioning powers within the SSM in relation to the tasks conferred on the ECB by the SSM Regulation;
transitional provisions.
This Regulation does not affect the supervisory tasks that have not been conferred on the ECB by the SSM Regulation and that therefore remain with national authorities.
This Regulation shall be read in particular in conjunction with Decision ECB/2004/2 (3) and the Rules of Procedure of the Supervisory Board of the European Central Bank (4), in particular with regard to decision-making within the SSM, including the procedure applying between the Supervisory Board and the Governing Council as regards the non-objection by the Governing Council referred to in Article 26(8) of the SSM Regulation and other relevant ECB legal acts, including Decision ECB/2014/16 (5).