ECB Publishes Guide To Consultation Of ECB By National Authorities Regarding Draft Legislative Provisions

QuickTake

The European Central Bank (ECB) has during April 2025 updated and on 6 May 2025 published an updated Guide to consultation by national authorities regarding draft legislative provisions within its fields of competence (the Guide). This Guide, reflecting developments since the establishment of the Single Supervisory Mechanism (SSM) and drawing on two decades of practical experience, provides comprehensive direction on the legal framework, objectives, scope, and procedures for consulting the ECB on draft national legislation.

As explored in this Client Alert, the update aims to enhance transparency, cooperation, and legislative alignment across the EU, thereby supporting the stability and integrity of the financial system. More specifically the Guide emphasises the importance of timely consultations to ensure that the ECB's expertise is considered before legislative decisions are made, and it highlights the legal consequences of non-compliance, which