On 25 April 2014, the European Central Bank ("ECB") published a Regulation which sets out the framework for cooperation between the ECB and national regulators under the Single Supervisory Mechanism ("SSM"). The SSM provides for the prudential supervision of Eurozone banks (and banks of other member states that opt into the SSM) under the ECB in cooperation with national regulators, with the ECB being responsible for direct supervision of banks that are considered significant. The ECB Regulation sets out the methodology and procedures for assessing whether a bank is a significant bank and the cooperation and exchange of information between the ECB and national regulators. The Regulation was adopted by the ECB on 16 April 2014 and will come into force on the twentieth day following its publication in the Official Journal of the EU. The Regulation is available at:
http://www.ecb.europa.eu/ecb/legal/pdf/en_reg_ecb_2014_17_f_sign.pdf.
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