SSM Legislation Adopted by European Parliament at First Reading

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In a plenary session held on September 12, the European Parliament adopted legislation establishing the single supervisory mechanism (SSM), as announced in a press release.

The new EU bank supervision system will bring approximately 150 of the EU’s largest banks under the European Central Bank’s direct oversight in a year’s time. The system will be compulsory for Eurozone members and will be open to other EU countries. Press Release.

 

Topics:  EU, European Central Bank, Financial Regulatory Reform

Published In: Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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