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ARTICLE · 04 JULY 2014

SSM Mediation Panel And Rules Of Procedure Regulation Published In OJ

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The European Central Bank regulation on the establishment of a mediation panel and rules of procedure relating to the SSM Mediation Regulation came into force.

European UnionFinance and Banking
A&O Shearman
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On 20 June 2014, the European Central Bank ("ECB") regulation on the establishment of a mediation panel and rules of procedure relating to the Single Supervisory Mechanism ("SSM Mediation Regulation") came into force. Under the SSM Regulation, the ECB is required to establish a mediation panel and rules of procedure for resolving differences of views expressed by national regulatory authorities of participating member states regarding an objection by the ECB's Governing Council to a draft decision of the Supervisory Board set up under that Regulation. The SSM Mediation Regulation deals with issues such as the establishment, composition and voting procedures of the panel, and refers to the mediation process, the handling of requests for mediation, and the panel's decision making processes.

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