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Commission proposes new ECB powers for banking supervision as part of planned European banking union

October 2012 - Finance. Legal Developments by Schönherr.

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On 12 September 2012, the European Commission ("EC") published its proposal for a single supervisory mechanism ("SSM") which covers the granting of far reaching supervi-sory powers to the European Central Bank ("ECB") over the Eurozone credit institutions starting 1 January 2013. In addition, the EC has submitted proposals for a single rulebook on capital requirements, harmonized deposit protection schemes and a single European recovery and resolution framework, all aiming at full implementation of an integrated banking union.

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Schoenherr Attorneys at Law

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