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On Tuesday 19 March 2013 the European Council reached an
agreement with the European Parliament on the Single Supervisory
Mechanism (SSM).
The SSM is the first pillar of the European Banking Union and
grants the ECB direct supervisory powers with respect to Eurozone
banks. The agreed text is not yet published, but it is expected
that it is largely in agreement with the Council's proposal of
14 December 2012 as described in our
Legal Alert. More information on the agreement can be found in
the memo of the European Commission.
It is expected that a few amendments of a technical nature will
be made. The aim is that the regulation will be voted on in Q2 2013
and that the ECB will fully assume its new tasks in Q2 2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
