The Single Supervisory Mechanism (SSM Sample Clauses

The Single Supervisory Mechanism (SSM. The political decision to shift competencies in banking supervision to the European level was taken at the Euro Area Summit on 29 June 2012. In order to avoid changes of the EU treaties, European leaders decided to establish a Single Supervisory Mechanism (SSM) under the responsibility of the ECB, based on Article 127(6) TFEU which states that “The council […] may unanimously […] confer specific tasks upon the ECB concerning policies relating to the prudential supervision of credit institutions and other financial institutions”. In the meanwhile, the EU-Council and the European Parliament agreed on a regulation which sets out the establishment of the SSM, and the ECB can be expected to assume tasks in banking supervision in the second semester of 2014 (Council of the European Union, 2013). The SSM consists of the ECB and the supervisory authorities of participating member states. Whereas the ECB is responsible for the overall functioning of the SSM and directly supervises the largest credit institutions, the national authorities continue to supervise the “less significant” institutions. The supervisory powers of the ECB include the granting and withdrawal of banking licenses, the monitoring of capital and liquidity requirements as well as early intervention and sanctioning powers. The ECB has also responsibility for the “less significant” institutions in the sense that national authorities are obliged to perform their supervisory tasks in line with regulations, guidelines and general instructions issued by the ECB.3 The regulation generally defines an institution as being “significant” if its total assets exceed EUR 30 billion or 20% of the home country’s GDP. Moreover, the ECB as well as national authorities may assess individually the significance of institutions falling below these thresholds. Based on this assessment, the ECB may assume direct oversight over these institutions or the national authority may propose to the ECB to do so. In any event, the ECB 3 The application of macroprudential instruments generally falls under national responsibility. However, the ECB, after consulting the national authority, may apply stricter measures. For instance, it may require higher countercyclical capital buffers. directly supervises the three most significant institutions in each country. Moreover, direct ECB oversight applies to those institutions that received direct financial assistance from the EFSF/ESM or for which such assistance was requested for. The EC...
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Related to The Single Supervisory Mechanism (SSM

  • CONSULTATIVE MECHANISMS 11.1 Effective consultation is essential for continuous workplace reform and such consultation can take place at any time during the life of a project. Consultative Committees may be set up on larger projects for this purpose. The Consultative Committee will operate for the purpose of continually assessing the efficiency of working arrangements, monitoring the outcomes of this Agreement, coordinating training activities and sharing pertinent information.

  • Consultative Mechanism The parties agree that a precondition for the effective operation of the Agreement is the establishment of consultative mechanisms with the Company. To this end, a Consultative Committee, comprising of Company appointed representatives and employee elected representatives should be established and maintained. Officers of the Union shall have a standing invitation to attend any such meeting. The purpose of the Consultative Committee shall be to consult, develop, recommend and assist to implement strategies and measures designed to achieve the objectives outlined under Clause 4 of this Agreement.

  • Training Program It is agreed that there shall be an Apprenticeship Training Program, the provisions of which are set forth in Exhibit "D", which is attached hereto and forms part of this Agreement.

  • Cooperation with supervisory authorities 1. The data exporter agrees to deposit a copy of this contract with the supervisory authority if it so requests or if such deposit is required under the applicable data protection law. 2. The parties agree that the supervisory authority has the right to conduct an audit of the data importer, and of any subprocessor, which has the same scope and is subject to the same conditions as would apply to an audit of the data exporter under the applicable data protection law. 3. The data importer shall promptly inform the data exporter about the existence of legislation applicable to it or any subprocessor preventing the conduct of an audit of the data importer, or any subprocessor, pursuant to paragraph 2. In such a case the data exporter shall be entitled to take the measures foreseen in Clause 5 (b).

  • JOINT LABOUR MANAGEMENT COMMITTEE A Joint Labour Management Committee shall be established to attend to those matters which are of mutual interest. To ensure its effectiveness the Committee shall be separate and apart from the grievance procedure.

  • BARGAINING PROCEDURE 10.01 All negotiations with a view to the completion of a collective agreement or to effecting changes or modifications in this Agreement shall be conducted between the authorized bargaining Representatives of the Union on the one hand and the designated bargaining Representatives of the Company on the other. 10.02 No agreement resulting from collective bargaining as herein provided shall be deemed to have been concluded until it is reduced to writing and signed by the authorized bargaining Representatives of the Union and by the designated bargaining Representatives of the Company, and an agreement so signed shall take effect as and from the effective date specified therein.

  • Training and Promotion a. The contractor will assist in locating, qualifying, and increasing the skills of minorities and women who are applicants for employment or current employees. Such efforts should be aimed at developing full journey level status employees in the type of trade or job classification involved. b. Consistent with the contractor's work force requirements and as permissible under Federal and State regulations, the contractor shall make full use of training programs, i.e., apprenticeship, and on-the-job training programs for the geographical area of contract performance. In the event a special provision for training is provided under this contract, this subparagraph will be superseded as indicated in the special provision. The contracting agency may reserve training positions for persons who receive welfare assistance in accordance with 23 U.S.C. 140(a). c. The contractor will advise employees and applicants for employment of available training programs and entrance requirements for each. d. The contractor will periodically review the training and promotion potential of employees who are minorities and women and will encourage eligible employees to apply for such training and promotion.

  • Central Bargaining Committee (a) In central bargaining between the Canadian Union of Public Employees and the participating hospitals, an employee serving on the Union's Central Negotiating Committee shall be paid for time lost from his normal straight time working hours at his regular rate of pay and without loss of leave credits for attending central negotiating meetings with the Hospitals' Central Negotiating Committee in direct negotiations up to the point of arbitration. In addition, an employee serving on the Union’s Central Negotiating Committee shall be paid for time lost from his normal straight time working hours at his regular rate of pay and without loss of leave credits for two (2) days of preparation time for such central negotiating meetings with the Hospital’s Central negotiating Committee. Upon reference to arbitration, the Negotiating Committee members shall receive unpaid time off for the purpose of attending arbitration hearings. It is understood and agreed that the maximum number of Union Central Negotiating Committee members entitled to payment under this provision shall be eight (8), and in no case will more than one employee from a hospital be entitled to such payment. The Union shall advise the Hospitals' Central Negotiating Committee, before negotiations commence, of those employees to be paid under this provision. The Hospitals' Central Negotiating Committee shall advise the eight (8) Hospitals accordingly. (b) Vice-Presidents of the Ontario Council of Hospital Unions shall be granted leave of absence by their employers in accordance with (a) above or Article 12.02 as the case may be, in order to fulfil the duties of their position.

  • Training Programs All employees shall successfully complete all necessary training prior to being assigned work (e.g., all employees will complete health and safety training prior to being assigned to task). Nothing in this Article or provision shall constitute a waiver of either party’s bargaining obligations or defenses. The Employer still has an obligation to notify and bargain changes in terms and conditions of employment with the exclusive representative.

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