Examples of Single Supervisory Mechanism in a sentence
Capital Adequacy requirements The ECB is required under the Council Regulation (EU) No. 1024/2013 (the SSM Regulation establishing the Single Supervisory Mechanism (SSM)) to carry out a Supervisory Review and Evaluation Process (SREP) at least on an annual basis.
For banks established in the eurozone, such as the Issuer, which are supervised within the framework of the Single Supervisory Mechanism (the "SSM"), Regulation (EU) No 806/2014 of the European Parliament and of the Council (the "SRM Regulation") provides for a coherent application of the resolution rules across the SSM under responsibility of the European Single Resolution Board, with effect since 1 January 2016 (referred to as the "Single Resolution Mechanism" or the "SRM").
HSBC France is supervised by the European Central Bank, as part of the Single Supervisory Mechanism, the French Prudential Supervisory and Resolution Authority (l’Autorité de Contrôle Prudentiel et de Résolution) as the French national competent authority and the French Financial Markets Authority (l’Autorité des Marchés Financiers) for the activities carried out over financial instruments or in financial markets.
If this Agreement has not entered into force by 1 January 2016 it shall apply as from its date of entry into force, amongst the Contracting Parties participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism that have deposited their instruments of ratification, approval or acceptance by that date.
This Agreement shall apply to the Contracting Parties participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism that have not deposited their instruments of ratification, approval or acceptance by the date of application under paragraph 2, as from the first day of the month following the deposit of their respective instrument of ratification, approval or acceptance.
Subject to paragraph 1 of this Article, and provided that this Agreement has entered into force in accordance with Article 11(2), it shall apply as from 1 January 2016 amongst the Contracting Parties participating in the Single Supervisory Mechanism and in the Single Resolution Mechanism that have deposited their instruments of ratification, approval or acceptance by that date.
This Agreement shall not apply to the Contracting Parties that have deposited their instruments of ratification, approval or acceptance but that do not participate in the Single Supervisory Mechanism and in the Single Resolution Mechanism by the date of application of this Agreement.
While the first two steps have been achieved by the establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), a common system for deposit protection has not yet been established.
Specifically, the EU will continue to address the strength and quality of EU bank capital and assets; implement the new prudential requirements for banks across the EU; and move forward with a swift adoption and implementation of the building blocks of the banking union, namely a Single Supervisory Mechanism and a Single Resolution Mechanism.
It is noted that according to the new regulatory framework of the Single Supervisory Mechanism (SSM) of the European Central Bank, each Member of the Board is subject to a fit-and-proper assessment by the SSM for the position held.