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

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

  • Displacement Procedure (a) Subject to consideration of ability, experience, qualifications, or where the Employer establishes that special skills or qualifications are required, according to objective tests or standards reflecting the functions of the job concerned, an employee in receipt of layoff notice has, subject to Article 35.02(e), the right to displace another employee. The employee to be displaced shall be an employee with lesser seniority who:

  • 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.

  • Joint Occupational Health and Safety Committee The Employer and the Union recognize the role of the joint Occupational Health and Safety Committee in promoting a safe and healthful workplace. The parties agree that a Joint Occupational Health and Safety Committee shall be established for each Employer covered by this Collective Agreement. The Committee shall govern itself in accordance with the provisions of the Industrial Health and Safety Regulations made pursuant to the Workers’ Compensation Act. The Committee shall be as between the Employer and the Union, with equal representation, and with each party appointing its own representatives. Representatives of the Union shall be chosen by the Union membership or appointed by the Union. All minutes of the meetings of the Joint Occupational Health & Safety Committee will be recorded in a mutually agreeable format and will be sent to the Union. The Union further agrees to actively pursue with the other Health Care Unions a Joint Union Committee for the purposes of this Article. The Employer agrees to provide or cause to be provided to Employer members of the Joint Occupational Health and Safety Committee adequate training and orientation to the duties and responsibilities of committee members to allow the incumbents to fulfil those duties competently. The Union agrees to provide or cause to be provided to Union members of the Joint Occupational Health and Safety Committee adequate training and orientation to the duties and responsibilities of committee members to allow the incumbents to fulfil those duties competently. Such training and orientation shall take place within six (6) months of taking office.

  • Reactive Power and Primary Frequency Response 9.6.1 Power Factor Design Criteria

  • Cloud Computing State Risk and Authorization Management Program In accordance with Senate Bill 475, Acts 2021, 87th Leg., R.S., pursuant to Texas Government Code, Section 2054.0593, Contractor acknowledges and agrees that, if providing cloud computing services for System Agency, Contractor must comply with the requirements of the state risk and authorization management program and that System Agency may not enter or renew a contract with Contractor to purchase cloud computing services for the agency that are subject to the state risk and authorization management program unless Contractor demonstrates compliance with program requirements. If providing cloud computing services for System Agency that are subject to the state risk and authorization management program, Contractor certifies it will maintain program compliance and certification throughout the term of the Contract.

  • 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.

  • Required Procurement Procedures for Obtaining Goods and Services The Grantee shall provide maximum open competition when procuring goods and services related to the grant-assisted project in accordance with Section 287.057, Florida Statutes.

  • 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.

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