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.