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    Clarification on ECB Competence to Exercise Supervisory Powers

    June 20, 2017

    ECB published a letter to banks, with additional clarifications regarding its competence to exercise supervisory powers granted under the national law. The Supervisory Board of ECB, in cooperation with the EC, has further clarified the delineation of competences between the ECB and the national competent authorities on the exercise of certain supervisory powers granted under national law.

    Annex 2 to this letter includes a brief description of these supervisory powers and an indicative list of relevant national law provisions. The Supervisory Board concluded that the ECB is—in addition to the powers mentioned in the previous communication—directly competent to exercise the following supervisory powers granted under national law:

    Approval of acquisitions by significant institutions of holdings in a non-credit institution or a credit institution outside the EU

    Approval of mergers/de-mergers involving significant institutions

    Approval of asset transfers/divestments involving significant institutions

    Approval of a significant institution’s statutes

    Approval of the appointment of key function holders in significant institutions

    Approval/objection to the appointment of external auditors (to the extent such powers are linked to ensuring compliance with prudential requirements) of significant institutions

    Approval of specific banking activities relating to licensing

    Approval of strategic decisions of significant institutions

     

    Related Link: Letter to Banks (PDF)

    Keywords: Europe, ECB, Banking, Banking Supervision

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