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The Role of the European Banking Authority (EBA) After the Establishment of the Single Supervisory Mechanism (SSM)

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Regulating and Supervising European Financial Markets

Abstract

The establishment of the Single Supervisory Mechanism (SSM) in 2013 has brought about a major institutional change in the governance of the single banking market in the European Union. One of the aspects of particular importance is the relationship of this new mechanism with the European Banking Authority (EBA), which was established in 2010. This chapter analyses the role of the EBA after the establishment of the SSM and is structured in three Sections. The first Section briefly describes the legal framework pertaining to the establishment of the EBA (see Sect. 1.1) and of the SSM (see Sect. 1.2), as well as Regulation (EU) No 1022/2013 amending the ‘EBA Regulation’ (see Sect. 1.3). The second Section explores the relationship between the SSM and the EBA, by focusing on the SSM as part of the European System of Financial Supervision (see Sect. 2.1), and the amendments introduced to the EBA Regulation by Regulation (EU) No 1022/2013 (see Sect. 2.2). The main conclusions, included in the third Section, are that under Regulation (EU) No 1022/2013 the EBA’s tasks and powers have been enhanced, a new relationship between the ECB and the EBA after the establishment of the SSM has been set up, and the EBA’s governance has been amended in order to take into account the different position of the two groups of national competent authorities-members of the EBA’s Board of Supervisors after the establishment of the SSM: those of participating Member States and those of non-participating Member States.

Christos V. Gortsos is Professor of International Economic Law at Panteion University of Athens.

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Notes

  1. 1.

    Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), O.J. L 331/12 (2010).

  2. 2.

    Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), O.J. L 331/48 (2010).

  3. 3.

    Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), O.J. L 331/84 (2010).

  4. 4.

    TFEU O.J. C 326/47 (2012). Regarding this choice, see Louis (2010), p. 149. In relation to the EBA Regulation, see also its recital 17.

  5. 5.

    Commission Decision 2001/527/EC of 6 June 2001 establishing the Committee of European Securities Regulators, O.J. L 191/43 (2001), Commission Decision 2004/5/EC of 5 November 2003 establishing the Committee of European Banking Supervisors, O.J. L 3/28 (2004), and Commission Decision 2004/6/EC of 5 November 2003 establishing the Committee of European Insurance and Occupational Pensions Supervisors, O.J. L 3/30 (2004). These decisions were repealed and replaced in 2009 by the Commission Decisions 2009/77/EC on the CESR, O.J. L 25/18 (2009), 2009/78/EC on the CEBS, O.J. L 25/23 (2009), and 2009/79/EC on the CEIOPS, O.J. L 25/28 (2009).

  6. 6.

    The Final Report of the Committee of Wise Men on the Regulation of European Securities Markets is available at: http://ec.europa.eu/finance/securities/lamfalussy/report/index_en.htm. On the Lamfalussy Report and these Committees, see, indicatively, Ferran (2004), pp. 58–126, Hadjiemmanuil (2006b), pp. 804–818, Lastra (2006), pp. 334–341, and Tridimas (2011), pp. 785–787. On the institutional arrangements for the regulation and supervision of the EU financial sector prior to the establishment of the Lamfalussy Committees, see European Commission (2000).

  7. 7.

    For a definition of financial crises, see Mishkin (2003), pp. 93–105. On the causes of this particular crisis, see Gortsos (2012), pp. 127–130, with extensive further references out of a vast existing literature.

  8. 8.

    The Report of the High-Level Group on Financial Supervision in the EU (2009) is available at: http://ec.europa.eu/finance/general-policy/docs/de_larosiere_report_en.pdf. For an overview, see Ferrarini and Chiodini (2009) and Gortsos (2010).

  9. 9.

    Report of the High-Level Group on Financial Supervision in the EU (2009), para 184, second and third sentences.

  10. 10.

    Report of the High-Level Group on Financial Supervision in the EU (2009), paras 171 and 172, first sentence.

  11. 11.

    For the long-term it included a proposal on the eventuality of moving towards a system which would rely only on two Authorities, mainly following a ‘functional approach’ to the institutional architecture of the financial system’s micro-prudential supervision, currently in use in the Netherlands and, as of April 2013, in the United Kingdom, see Report of the High-Level Group on Financial Supervision in the EU (2009), Chapter III, Section V.

  12. 12.

    Report of the High-Level Group on Financial Supervision in the EU (2009) paras 194–214.

  13. 13.

    On the ESFS, see Louis (2010), Moloney (2010), Tridimas (2011), pp. 801–803, Gortsos (2011), with particular emphasis on the role of the EBA, Di Noia and Furlò (2012), Ferran (2012), Moloney (2012), Wymeersch (2012), and Thiele (2014), pp. 494–519.

  14. 14.

    Padoa-Schioppa (2004), p. 121, refers to this state of affairs as “European regulation with national supervision”.

  15. 15.

    As regards the reasons that led to this approach being adopted (although there were proposals for the unification of Authorities), see Louis (2010), p. 154.

  16. 16.

    Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board, O.J. L 331/1 (2010). The legal basis for this Regulation is Art. 114 TFEU.

  17. 17.

    The concept of a Europeanised ‘bank safety net’, is developed in Gortsos (2015), Sect. A.

  18. 18.

    Report of the High-Level Group on Financial Supervision in the EU (2009), para 172, second sentence, and paras 173–182.

  19. 19.

    Council Regulation (EU) No 1096/2010 conferring specific tasks upon the ECB concerning the functioning of the ESRB, O.J. L 331/162(2010). The legal basis for this Regulation is the enabling clause of para 6 of Art. 127 TFEU, which was activated for the first time in this case. On both these Regulations, which lay down the EU framework on macro-prudential (financial) oversight, see Ferran and Kern (2011), as well as Papathanassiou and Zagouras (2012), with extensive further references.

  20. 20.

    See on this, indicatively, Louis (2010), pp. 155–165 (based on the Commission’s proposal), Gortsos (2011), pp. 26–40, and Wymeersch (2012), pp. 249–288.

  21. 21.

    See on this also below in Sect. 3.

  22. 22.

    Para 1 of Art. 8 contains an exhaustive list (without prejudice to Art. 9) of the tasks conferred upon the EBA, while para 2 features an exhaustive list of all regulatory and other powers conferred on it in order to fulfil these tasks.

  23. 23.

    See on this Gortsos (2011), pp. 15–16.

  24. 24.

    The term ‘systemic risk’ has the meaning laid down in Art. 2, point (c), of Regulation (EU) No 1092/2010 governing the ESRB.

  25. 25.

    Council Regulation (EU) No 1024/2013 on conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, O.J. L 287/63 (2013).

  26. 26.

    For a general overview and assessment of the legal framework on the EBU, see indicatively Binder (2013), Moloney (2014), various contributions in Castaneda et al. (2015), Tsibanoulis and Kounadis (2015), Lastra (2015), pp. 355–382, Binder (2015a), and Gortsos (2015), Sect. A.

  27. 27.

    A fourth pillar of the EBU is a ‘single rulebook’ containing substantive rules on micro-and macro-prudential regulation, recovery and resolution, and deposit guarantee schemes, aiming at a ‘maximum harmonisation’, as part of the single market for financial services applicable across all EU Member States. See Gortsos (2015), Sect. A, under 3.2.2, 3.3.2 and 3.4.2, respectively, and on the conditions for a complete EBU, see Sect. A, under 4.

  28. 28.

    TFEU O.J. C 326/47 (2012), Protocol (No 4) pp. 230–250.

  29. 29.

    Regulation (EU) No 468/2014 establishing the framework for cooperation within the SSM between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation), ECB/2014/17, O.J. L 141/1 (2014).

  30. 30.

    See details in Gortsos (2015), Sect. B, under 2.2.1.

  31. 31.

    For a general overview of these legal acts, see Gortsos (2015), Sect. B, under 2.2.2.

  32. 32.

    Interinstitutional Agreement between the European Parliament and the ECB on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the ECB within the framework of the SSM, O.J. L 320/1 (2013).

  33. 33.

    For a compendium of all these legal acts with a brief introduction, see Binder and Gortsos (2015).

  34. 34.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 34.

  35. 35.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 2, point (1).

  36. 36.

    On the close cooperation, see Gortsos (2015), Sect. D, under 3.

  37. 37.

    Regulation (EU) No 468/2014, ECB Framework Regulation, ECB/2014/17, O.J. L 141/1 (2014), Art. 2, point (13).

  38. 38.

    TFEU O.J. C 326/47 (2012), Protocols (No 15 and 16), pp. 284–286 and 287, respectively.

  39. 39.

    On these Member States, see in detail Smits (1997), pp. 137–139.

  40. 40.

    On Art. 127, para 1 TFEU, see indicatively Smits (1997), pp. 184–187, and Louis (2009), pp. 150–151.

  41. 41.

    For an evaluation of this crisis and the related policy responses, see indicatively Belke (2010), Eichengreen et al. (2011), pp. 47–64, Athanassiou (2011), Aizenman (2012), Olivares-Caminal (2011), Avgouleas and Arner (2013), de Grauwe (2013), Stephanou (2013), Hadjiemmanuil (2015), pp. 6–10, d’Arvisenet (2015), and Zimmermann (2015).

  42. 42.

    The latter aspect is analysed in Sect. 2.2. Several aspects of this Regulation (and its proposal) are analysed in d’Ambrosio (2013), Deutsche Bundesbank (2013), pp. 26–36, Ferran and Babis (2013), Ferrarini and Chiarella (2013), Huber and von Pföstl (2013), Tröger (2013), Verhelst (2013), Brescia Morra (2014), Dietz (2014), Gandrud and Hallerberg (2014), Moloney (2014), Thiele (2014), pp. 519–525, Wymeersch (2014), Wiggins et al. (2015), Wissink et al. (2014), and Binder (2015b). See also Masciandaro and Nieto (2014) on the governance of the SSM. For a detailed analysis of the entire legal framework pertaining to the SSM, see Gortsos (2015), Sect. C-F.

  43. 43.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 2, point (9), and Art. 6, para 1, first sentence.

  44. 44.

    This principle is analysed in Priego and Conlledo (2005).

  45. 45.

    On the decentralised structure of the ESCB and the Eurosystem, see Smits (1997), pp. 92–94, Hadjiemmanuil (2006a), pp. 551–554, Lastra (2006), pp. 208–214, and Louis (2009), pp. 135–148.

  46. 46.

    See on this above, under Sect. 1.1. See also Wymeersch (2014), p. 66, stating that: ‘EBA’s activities are mainly related to regulation and standard setting, not to supervision as the latter could be widely delegated to an agency’.

  47. 47.

    Regulation (EU) No 1060/2009 on credit rating agencies, O.J. L 302/1 (2009). This Regulation is in force as amended by Regulation (EU) No 513/2011, O.J. L 145/30 (2011) and Regulation (EU) No 462/2013, O.J. L 146/1 (2013). The same applies to trade repositories, which are infrastructures for the centralised collection and maintenance of derivatives’ records, under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories, O.J. L 201/1 (2012).

  48. 48.

    Regulation (EU) No 1093/2010, EBA Regulation, O.J. L 331/12 (2010), Art. 2, para 2, point (f), as amended by Art. 1, point (2), of Regulation (EU) No 1022/2013, O.J. L 287/5 (2013).

  49. 49.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 3, para 1, first sub-para.

  50. 50.

    Regulation (EU) No 1093/2010, EBA Regulation, O.J. L 331/12 (2010), Art. 2, para 2, point (f).

  51. 51.

    Regulation (EU) No 1093/2010, EBA Regulation, O.J. L 331/12 (2010), Art. 3, para 2. The Rules of Procedure pertaining to the ECB tasks under the SSM Regulation are laid down in the ECB Decision 2014/179/EU amending Decision ECB/2004/2 of February 2004 adopting the Rules of Procedure of the ECB (ECB/2014/1), O.J. L 95/56 (2014).

  52. 52.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (21) (a), amending Art. 40, para 1, point (d) of the EBA Regulation.

  53. 53.

    As Wymeersch (2014), p. 67, points out: ‘(…) so will the ECB represented on the Board of Supervisors of the EBA, but without a vote, there were all national supervisors−including those of non-participating states−still have a vote’.

  54. 54.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (24) (b), amending para 4 of Art. 44 of the EBA Regulation.

  55. 55.

    On the ECB’s Supervisory Board, see Gortsos (2015), Sect. F, under 2.1.

  56. 56.

    Regulation (EU) No 1022/2013, O.J. L287/5 (2013), Art. 1, point (21) (b).

  57. 57.

    ECB Decision 2014/179/EU amending Decision ECB/2004/2 of February 2004 adopting the Rules of Procedure of the ECB (ECB/2014/1), O.J. L 95/56 (2014), Art. 13 (o), para 2.

  58. 58.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 3, para 3.

  59. 59.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (1), amending Art. 1, para 2 of the EBA Regulation.

  60. 60.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 4, para 3, first sub-para.

  61. 61.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (4), amending Art. 4, point (2) (i) of the EBA Regulation.

  62. 62.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (7), amending Art. 18, paras 1 and 3 of the EBA Regulation, and Art. 1, point (8), amending Art. 19, para 1, of the EBA Regulation. See on this further in Wymeersch (2014), pp. 70–72.

  63. 63.

    The term ‘financial institutions’ is defined in the EBA Regulation (Art. 4, point (1)) as including ‘credit institutions’, a definition not consistent with the other sources of EU banking law, where financial institutions are defined as explicitly not being credit institutions (Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (…) (Capital Requirements Regulation, CRR), O.J. L 176/1 (2013), Art. 4, para 1, points (1) and (26)).

  64. 64.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (5)(a)(i), inserting a new point (aa) to Art. 8, para 1 of the EBA Regulation. See on this Wymeersch (2014), pp. 67–68.

    Points 5(a)(ii)-(iii) of Art. 1 introduce minor amendments to points (c) and (i) of Art. 8, para 1 of the EBA Regulation.

  65. 65.

    This Guide is available at: https://www.bankingsupervision.europa.eu/press/publications/html/index.en.html.

  66. 66.

    The ECB’s regulatory power to adopt Recommendations and Decisions is based on Art. 132, para 1 TFEU (carried over verbatim in Art. 34 of the Statute), whereas the power to adopt Guidelines is based on Arts. 12.1 and 14.3 of the Statute.

  67. 67.

    Council Regulation (EU) No 1024/2013, SSM Regulation, O.J. L 287/63 (2013), Art. 4, para 3, second sub-para, second sentence.

  68. 68.

    In fact, this is a misnomer for the Directive, which mainly addresses several other prudential aspects, rather than merely capital requirements.

    Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (…) (Capital Requirements Directive IV), O.J. L 176/338 (2013). On the SREP see also European Banking Authority (2014), Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP), EBA/GL/2014/13 (available at: http://www.eba.europa.eu/documents/10180/935249/EBA-GL-201413+%28Guidelines+on+SREP+methodologies+and+processes%29.pdf/4b842c7e-3294-4947-94cd-ad7f94405d66).

  69. 69.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (9), inserting a new Art. 20 (a) to the EBA Regulation.

  70. 70.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (11), inserting a new para 1 (a) to Art. 22 of the EBA Regulation.

  71. 71.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (17) (a), inserting a new point (d) to Art. 32, para 2, of the EBA Regulation.

  72. 72.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (6) (a), replacing para 4 of Art. 9 of the EBA Regulation. Point 6 (b) amends Art. 9, para 5, fourth sub-para, of the EBA Regulation.

  73. 73.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (10), amending paras 1 and 2, first sub-para, of Art. 21 of the EBA Regulation.

  74. 74.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, points (12), (13), (15) and (16), respectively.

  75. 75.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, points (19) and (20), respectively.

  76. 76.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (5) (b), inserting a new para 1a to Art. 8 of the EBA Regulation.

  77. 77.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (5) (c), inserting a new para 2a to Art. 8 of the EBA Regulation.

  78. 78.

    Regulation (EU) No 1093/2010, EBA Regulation, O.J. L 331/12 (2010), Arts. 10–16 and 34.

  79. 79.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (5) (a) (i), amending para 1, point (a), of Art. 8 of the EBA Regulation.

  80. 80.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (18) (c), inserting a new para 7a to Art. 35 of the EBA Regulation. Paras 1–3 and 6 of this EBA Regulation’s Art. are also amended by Art. 1, points (18) (a), and (18) (b), respectively.

  81. 81.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (22), amending Art. 41 of the EBA Regulation and inserting a new para 1 (a).

  82. 82.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 2.

  83. 83.

    On the ECB’s relationship with the EBA after the establishment of the SSM in particular with regard to non-participating Member States, see Schammo (2014).

  84. 84.

    This majority is defined in Art. 16, para 4 of the TEU, O.J. C 326/13 (2012), and in Art. 3 of Protocol No 36 attached to the Treaties on transitional provisions, O.J. C 326/322 (2012).

  85. 85.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (24) (a), amending para 1 of Art. 44 of the EBA Regulation.

  86. 86.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (31).

  87. 87.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, point (23), inserting a new sub-para to Art. 42 of the EBA Regulation.

  88. 88.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, points (25) (26) and (30), respectively. Point (29) deletes the transitional provision of Art. 63, para 7, of the EBA Regulation.

  89. 89.

    Regulation (EU) No 1022/2013, O.J. L 287/5 (2013), Art. 1, points (27) and (28), respectively.

  90. 90.

    For an overview of the legislative process applied to financial law, see Gortsos (2015), Sect. A, under 5.2.1, with further references.

  91. 91.

    See Sect. 1.2.

  92. 92.

    See Sect. 1.1.

  93. 93.

    See Sect. 1.1.

  94. 94.

    See Sect. 2.2.3. Wymeersch (2014), p. 68, correctly remarks that in order to meet its enhanced tasks the EBA will have to be endowed with additional human and financial resources.

  95. 95.

    See Sects. 2.1 and 2.2.2.

  96. 96.

    See Sect. 2.2.4.

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  1. Panteion University of Athens, Athens, Greece

    Christos V. Gortsos

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  1. Faculty of Law, University of Oslo, Oslo, Norway

    Mads Andenas

  2. HTW Berlin University of Applied Sciences, Berlin, Germany

    Gudula Deipenbrock

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Gortsos, C.V. (2016). The Role of the European Banking Authority (EBA) After the Establishment of the Single Supervisory Mechanism (SSM). In: Andenas, M., Deipenbrock, G. (eds) Regulating and Supervising European Financial Markets. Springer, Cham. https://doi.org/10.1007/978-3-319-32174-5_12

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