16 May: General Court decides on scope of ECB prudential supervision

May 16, 2017

On May 16 the General Court decided on the interpretation of the concept 'significant entity' under the Single Supervisory Mechanism (SSM), following an action of annulment by the Landeskreditbank Baden-Württemberg — Förderbank, which is regarded as a significant entity by the European Central Bank (ECB). As a consequence the bank was subject solely to ECB supervision rather than shared supervision under the single supervisory mechanism (SSM), pursuant to Article 6(4) of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.

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