The European Banking Regulation Handbook, Volume I: Theory of Banking Regulation, International Standards, Evolution and Institutional Aspects of European Banking Law

Preface
Table of EU Judgements and Orders
Contents
List of Abbreviations
List of Tables
List of Boxes
Part I Theory of Banking Regulation and International Financial Standards
1 The Case for Banking Regulation
	1.1 Banking Regulation: Policy Objectives and Instruments
		1.1.1 Setting the Scene: Functions of the Financial System and the Importance of Banking Intermediation
			1.1.1.1 Introductory Remarks
			1.1.1.2 Direct Financing
			1.1.1.3 Indirect Financing
		1.1.2 The Case for Financial Regulation in Economically Developed Countries (Advanced Economies)
			1.1.2.1 Introductory Remarks
			1.1.2.2 The Objective of Preserving Financial Stability
			1.1.2.3 Other Objectives
		1.1.3 Instruments to Achieve the Policy Objective of Ensuring Banking Stability: The ‘Bank Safety Net’
			1.1.3.1 The Conceptual Framework: Market Failures in Banking and Their Implications
			1.1.3.2 The Components of the ‘Bank Safety Net’
	1.2 Prudential Measures in Banking
		1.2.1 Risks to Which Banks May Be Exposed as the Key Driver for Adopting Prudential Measures
			1.2.1.1 General Overview
			1.2.1.2 Risks Arising from the Transformation Function of Banks
		1.2.2 Authorisation Requirements
		1.2.3 Microprudential Banking Regulation
			1.2.3.1 Content of Microprudential Regulations
			1.2.3.2 Policy Instruments
			1.2.3.3 Specific Issues
		1.2.4 Microprudential Banking Supervision
			1.2.4.1 General Remarks and Institutional Aspects
			1.2.4.2 Separation of Monetary Policy from Banking Supervisory Tasks
			1.2.4.3 Supervisory Failures
		1.2.5 Macroprudential Policies
			1.2.5.1 Content
			1.2.5.2 Policy Instruments
	1.3 Crisis Prevention and Management Measures in Banking
		1.3.1 Crisis Prevention Measures
			1.3.1.1 General Overview
			1.3.1.2 In Particular: Early Intervention
		1.3.2 Lending of Last Resort (LLR) by the Central Bank
			1.3.2.1 Definition, Functions and Delimitation
			1.3.2.2 Principles Governing the Implementation of Last-Resort Lending
		1.3.3 Banking Resolution
			1.3.3.1 General Overview—Objectives
			1.3.3.2 Resolution Planning and Resolvability Assessment
			1.3.3.3 Resolution Tools and Powers
			1.3.3.4 Legal Safeguards: The ‘No Creditor Worse Off Principle’ (NCWO) Principle
			1.3.3.5 Resolution Financing
		1.3.4 Deposit Guarantee
			1.3.4.1 Policy Objectives of Deposit Guarantee Systems
			1.3.4.2 Functions (Mandates) of Deposit Guarantee Systems and the Mandatory Membership Rule
			1.3.4.3 Institutional Design of DGSs as to the ‘Payout (or Paybox) Function’
			1.3.4.4 Contribution of DGSs to Resolution Financing
		1.3.5 Institutional Relationship Among ‘Bank Safety Net’ Institutions—Relation with Macroeconomic Policies
	Secondary Sources
2 Key Aspects of Public International Financial Law: International Financial Standards
	2.1 Definition, Branches and Delimitation
		2.1.1 Definition
		2.1.2 Branches
			2.1.2.1 Introduction
			2.1.2.2 Public International Banking Law
			2.1.2.3 Public International Capital Markets Law
			2.1.2.4 Public International Insurance Law
			2.1.2.5 Public International Financial Conglomerates Law
		2.1.3 Delimitations
			2.1.3.1 Delimitation vis-à-vis Public International Monetary Law
			2.1.3.2 Delimitation vis-à-vis Public International Law on Combatting the Use of the Financial System for the Commitment of Economic Crimes
			2.1.3.3 Other Delimitations
	2.2 Evolution
		2.2.1 Introductory Remarks
			2.2.1.1 The Environment Until 1971
			2.2.1.2 The Three Periods for the Formation of Public International Financial Law
		2.2.2 The Period from the Abolition of the Bretton Woods System Until the ‘Asian Crisis’ (1997–1998)
			2.2.2.1 The New Environment
			2.2.2.2 Institutional Developments in the Field of Public International Financial Law
		2.2.3 The Period from the ‘Asian Crisis’ Until the Global Financial Crisis (2007–2009)
			2.2.3.1 General Overview
			2.2.3.2 Institutional Developments in the Field of Public International Financial Law
		2.2.4 The Period Since the Global Financial Crisis (GFC)
			2.2.4.1 On the Causes and the Consequences of the (2007–2009) Global Financial Crisis
			2.2.4.2 Institutional Developments in the Field of Public International Financial Law
			2.2.4.3 The Impact of the COVID-19 Pandemic Crisis
	2.3 The Four Levels of Making and Enforcement of Law and Policy
		2.3.1 Introduction
		2.3.2 The Level of Political Decision-Making
			2.3.2.1 Introductory Remarks
			2.3.2.2 The G10
			2.3.2.3 The G7
			2.3.2.4 The G20
		2.3.3 The Level of Adoption of the Rules of Public International Financial Law
			2.3.3.1 International Fora: Importance, Legal Characteristics and Criteria for Classification
			2.3.3.2 International Organisations
		2.3.4 The Level of Coordination: The Financial Stability Board (FSB)
			2.3.4.1 The Financial Stability Forum (FSF) as a ‘Forerunner’: Establishment Membership and Tasks
			2.3.4.2 The Financial Stability Board (FSB)
		2.3.5 The Level of Indirect Enforcement of the Rules of Public International Financial Law
			2.3.5.1 Introductory Remarks
			2.3.5.2 Tasks and Powers of the IMF
			2.3.5.3 The Financial Sector Assessment Program (FSAP)
	2.4 Key Sources
		2.4.1 Introductory Remarks
			2.4.1.1 General Overview
			2.4.1.2 In Particular: The ‘Compendium’ of the Financial Stability Board
		2.4.2 The Legal Nature of International Financial Standards
		2.4.3 Key Sources of Public International Banking Law Included in the Compendium
			2.4.3.1 Core Principles for Effective Banking Supervision
			2.4.3.2 The Key Attributes of Effective Resolution Regimes for Financial Institutions (and Some Related FSB Documents)
			2.4.3.3 Core Principles for Effective Deposit Insurance Systems
		2.4.4 The Other FSB “Key Standards for Sound Financial Systems”
			2.4.4.1 Codes Pertaining to National Macroeconomic Policies and the Transparency of Data Supplied by Competent Authorities
			2.4.4.2 Codes Pertaining to Institutional and Market Infrastructure
			2.4.4.3 Codes on financial microprudential regulation and supervision
	Secondary Sources
3 Key Institutional Aspects of the International Financial Architecture and an Interim Assessment
	3.1 The Basel Committee on Banking Supervision (BCBS)
		3.1.1 Establishment, Seat and Charter
		3.1.2 Mandate and Legal Status
		3.1.3 Activities
			3.1.3.1 A Historical Overview of the Perimeter of Activities
			3.1.3.2 Activities Outside the Reach of the Basel Committee
			3.1.3.3 The Provisions of the Charter
		3.1.4 Membership
			3.1.4.1 Historical Development
			3.1.4.2 The Provisions of the Charter
			3.1.4.3 Current Membership Structure—Observers
		3.1.5 Oversight—The Group of Governors and Heads of Supervision (GHOS)
		3.1.6 Organisation
			3.1.6.1 Groups, Working Groups, Virtual Networks and Task Forces
			3.1.6.2 Chair
			3.1.6.3 The Secretariat
		3.1.7 Standards, Guidelines and Sound Practices
			3.1.7.1 The Provisions of the Charter
			3.1.7.2 Categories of Standards, Guidelines and Sound Practices
			3.1.7.3 Public Consultation Process
			3.1.7.4 In Particular: The Regulatory Consistency Assessment Programme (RCAP)
		3.1.8 Consultation with Non-member Authorities
			3.1.8.1 The History of International Consultation
			3.1.8.2 The Provisions of the Charter
		3.1.9 International Cooperation
	3.2 The International Association of Deposit Insurers (IADI)
		3.2.1 Establishment, Seat, Membership, Legal Personality and Governance
		3.2.2 Objectives
	3.3 International Fora in the Field of Capital Markets Law
		3.3.1 The International Organisation of Securities Commissions (IOSCO)
			3.3.1.1 Establishment, Seat, Membership and Governance
			3.3.1.2 Objectives
		3.3.2 The International Accounting Standards Board (IASB)
			3.3.2.1 Establishment, Seat, Membership, Governance and Objective
			3.3.2.2 The IFRSs
		3.3.3 The International Federation of Accountants (IFAC)
			3.3.3.1 Establishment, Seat, Membership, Governance and Objective
			3.3.3.2 The International Standards on Auditing (ISAs)
		3.3.4 The Committee on Payments and Market Infrastructures (CPMI)
			3.3.4.1 Establishment, Seat, Membership and Governance
			3.3.4.2 Objective
	3.4 Other International Financial Fora
		3.4.1 The International Association of Insurance Supervisors (IAIS) in the Field of Public International Insurance Law
		3.4.2 The Joint Forum in the Field of Public International Financial Conglomerates Law
		3.4.3 The Financial Action Task Force (FATF) in the Field of Combatting the Use of the Financial System for the Commitment of Economic Crimes
		3.4.4 The Committee on the Global Financial System (CGFS)
			3.4.4.1 Establishment, Seat, Membership and Governance
			3.4.4.2 Objectives
	3.5 An Interim Assessment and the Link to Parts II and III of This Study
	Secondary Sources
Part II European Banking Regulation (Law): Definition, Evolution and Sources
4 Definition and Evolution up to the Creation of the Banking Union
	4.1 General Introduction
		4.1.1 Financial Integration as the Conceptual Basis of European (EU) Financial Law
			4.1.1.1 The Concept of Financial Integration
			4.1.1.2 The Two Dimensions of Financial Integration
		4.1.2 A Definition of European (EU) Financial Law
		4.1.3 The Branches of European (EU) Financial Law
			4.1.3.1 General Overview
			4.1.3.2 European (EU) Banking Law
			4.1.3.3 European (EU) Capital Markets Law
			4.1.3.4 European (EU) Insurance Law
			4.1.3.5 European (EU) Financial Conglomerates Law
			4.1.3.6 Final Remark: The Sector-Specific Nature of EU Financial Law
		4.1.4 Delimitation vis-à-vis European Monetary Law
			4.1.4.1 Introductory Remarks
			4.1.4.2 Objectives and Tasks of the Eurosystem and of the ECB
			4.1.4.3 European (EU) Central Banking Law as a Synthesis
		4.1.5 Delimitation vis-à-vis Other Branches of European Economic Law
		4.1.6 Evolution of European (EU) Banking Law Within the System of European (EU) Financial Law
	4.2 The First Three Periods
		4.2.1 The First Period
		4.2.2 The Second Period
			4.2.2.1 Introductory Remarks
			4.2.2.2 The Directives Adopted
		4.2.3 The Third Period
			4.2.3.1 Institutional Developments
			4.2.3.2 Regulatory Developments
	4.3 The (Current) Fourth Period, Until the Creation of the Banking Union
		4.3.1 Institutional Development: Creation of the European System of Financial Supervision (ESFS)
			4.3.1.1 Introductory Remarks
			4.3.1.2 The Three ‘European Supervisory Authorities’ (ESAs) as Successors of the Lamfalussy Committees
			4.3.1.3 The European Systemic Risk Board (ESRB) and the Specific Tasks Conferred upon the ECB Therein
		4.3.2 Regulatory Developments
			4.3.2.1 The Impact of Public International Financial Law
			4.3.2.2 ‘Pure’ EU Regulatory Interventions
			4.3.2.3 Developments in EU Capital Markets Law
			4.3.2.4 Developments in EU Insurance Law
	4.4 Creation of the Banking Union (BU)
		4.4.1 The BU in a Historical Perspective
			4.4.1.1 Introductory Remarks
			4.4.1.2 Developments Since 2012
		4.4.2 The New Institutional and Regulatory Framework of 2013–2014
		4.4.3 Authorisation, Prudential Supervision and Prudential Regulation of Credit Institutions
			4.4.3.1 The Single Supervisory Mechanism (SSM)
			4.4.3.2 The Single Rulebook
		4.4.4 Resolution of Credit Institutions
			4.4.4.1 The Single Resolution Mechanism and the Single Resolution Fund
			4.4.4.2 The Single Rulebook
		4.4.5 Deposit Guarantee Schemes
			4.4.5.1 A Single Deposit Guarantee Scheme
			4.4.5.2 The Single Rulebook
	Secondary Sources
5 Developments After the Establishment of the Banking Union
	5.1 The Commission’s 2016–2017 Reform Agenda and Its (Partial) Implementation
		5.1.1 General Overview
		5.1.2 Finalisation of the 2016 “Legislative Banking Package”
		5.1.3 Introduction of Sovereign Bond-Backed Securities
		5.1.4 The NPL Problem and Measures Taken to Address It
		5.1.5 The ‘Common Backstop’ to the Single Resolution Board (SRB) for the Single Resolution Fund (SRF)
			5.1.5.1 The Initial Proposals for Establishing a European Monetary Fund (EMF)
			5.1.5.2 Operationalisation of the Common Backstop
		5.1.6 Creation of the EDIS
	5.2 Creation of the Capital Markets Union (CMU)
		5.2.1 The Initial Phase
		5.2.2 The Full Implementation of the 2015 CMU Action Plan
		5.2.3 In Particular: The Sustainable Finance Agenda
	5.3 The Impact of the Pandemic Crisis
		5.3.1 Introductory Remarks
		5.3.2 Macroprudential Measures—Buffers
		5.3.3 Microprudential Measures
			5.3.3.1 Measures by the ECB and the EBA
			5.3.3.2 Amendment of the CRR and the CRR II
		5.3.4 Temporary Ban on the Payment of Dividends by Credit Institutions
		5.3.5 Resolution Planning
			5.3.5.1 Actions by the Single Resolution Board (SRB)
			5.3.5.2 The EBA Statement on Resolution Planning During the Pandemic Crisis
		5.3.6 The Contribution of the ESRB
		5.3.7 The Commission’s 2020 NPL Action Plan
		5.3.8 Measures in Relation to Capital Markets Law
	5.4 Current Developments
		5.4.1 Further Amendment of Key Legislative Acts Relating to the BU
			5.4.1.1 The ‘2020 CMU Action Plan’
		5.4.2 Developments in Relation to Sustainable Finance
			5.4.2.1 The New Sustainable Finance Strategy
			5.4.2.2 Management and Supervision of ESG Risks by Credit Institutions and Investment Firms
		5.4.3 The Commission’s 2020 Digital Finance Package
	Secondary Sources
6 The Legislative Acts Which Constitute the Sources of EU Banking Law
	6.1 The Capital Requirements Regulation (CRR)
		6.1.1 General Aspects
		6.1.2 Objective and Field of Application
			6.1.2.1 Objective
			6.1.2.2 Field of Application
		6.1.3 The System of Rules
		6.1.4 Other Aspects
	6.2 The Capital Requirements Directive No IV (CRD IV)
		6.2.1 General Aspects
		6.2.2 Objective and Field of Application
		6.2.3 The System of Rules
		6.2.4 Other Aspects
	6.3 The SSM Regulation (SSMR)
		6.3.1 General Aspects
			6.3.1.1 Introduction
		6.3.2 Objective and Field of Application
		6.3.3 The System of Rules
		6.3.4 Review by the Commission
		6.3.5 Other Related Legal Acts and Agreements
			6.3.5.1 Regulation (EU) No 1022/2013 of the Co-Legislators
			6.3.5.2 The SSM ‘Framework Regulation’
			6.3.5.3 Other ECB Legal Acts: General Overview
			6.3.5.4 The Interinstitutional Agreement with the European Parliament and the Memorandum of Understanding (MoU) with the Council
	6.4 The Bank Recovery and Resolution Directive (BRRD)
		6.4.1 General Aspects
		6.4.2 Objective and Field of Application
		6.4.3 The System of Rules
		6.4.4 Other Aspects
			6.4.4.1 Reports of the Commission
			6.4.4.2 The Role of the EBA—The EBA Resolution Committee (ResCo)
	6.5 The SRM Regulation (SRMR)
		6.5.1 General Aspects
		6.5.2 Objective and Field of Application
		6.5.3 The System of Rules
		6.5.4 Relation to the BRRD—Applicable EU and National Law
			6.5.4.1 Relation to the BRRD
			6.5.4.2 Applicable EU and National Law
		6.5.5 The SRF Agreement
			6.5.5.1 General Aspects
			6.5.5.2 Other Provisions
	6.6 The Deposit Guarantee Schemes Directive (DGSD)
		6.6.1 General Aspects
		6.6.2 Objective and Field of Application
			6.6.2.1 Objective
		6.6.3 DGSs and Credit Institutions Covered by the Field of Application
			6.6.3.1 DGSs Excluded from the Field of Application
		6.6.4 The System of Rules
		6.6.5 Other Aspects: Commission and EBA Reports
	6.7 The Directive on the Reorganisation and Winding-Up of Credit Institutions
		6.7.1 General Aspects
		6.7.2 Objective and Field of Application
		6.7.3 Other Key Provisions
	Excursus: The Emergency Liquidity Assistance (ELA) Mechanism
		Introductory Remarks—Documentation
		Scope of Application of the ECB Agreement (2017)—Definition of ‘Emergency Liquidity Assistance’
		Allocation of Responsibilities, Costs and Risks
		Situations Where ELA May be Limited or Prohibited
		The ELA Solvency Criterion for Credit Institutions
		Duration and Pricing of ELA
		Flow of Information, Control of Liquidity Effects and Monetary Policy: The Main Framework
		Specific Cases
		Communication on ELA
	Secondary Sources
Part III European Banking Regulation (Law): Key Institutional Elements
7 The European Banking Authority (EBA) and Its (Significant) Role in the Law-Making Process
	7.1 The European Supervisory Authorities (ESAs) as the First Pillar of the ESFS and Their Joint Committee
		7.1.1 The ESAs as Mainly Regulatory Authorities and the Asymmetry in EU Financial Supervision
		7.1.2 The Joint Committee
	7.2 Founding Regulation, Legal Status, Scope of Action, Objective and Bodies of the EBA
		7.2.1 Founding Regulation, Legal Status, Scope of Action and Objective
		7.2.2 Objective
		7.2.3 Bodies
			7.2.3.1 The Board of Supervisors
			7.2.3.2 Management Board—Chairperson—Executive Director
	7.3 Tasks and Powers of the EBA
		7.3.1 The Structure of Chapter II of the EBA Regulation
		7.3.2 The EBA’s Tasks According to Article 8(1) EBA Regulation
			7.3.2.1 Establishment of Common Regulatory and Supervisory Standards and Practices—Development of European Handbooks (Points (a), (aa) and (ab))
			7.3.2.2 Consistent Application of Legally Binding EU Acts (Point (b))
			7.3.2.3 Assessment of Market Developments—‘Stress Tests’ (Points (f) and (g))
			7.3.2.4 Tasks Relating to the Promotion of Several Aspects on Financial Stability (Point (i))
			7.3.2.5 Tasks Relating to AML (Point (l))
			7.3.2.6 Other Tasks
		7.3.3 The EBA’s Powers Under Article 8(2) EBA Regulation
		7.3.4 The EBA’s Task and Powers Relating to Consumer Protection and Financial Activities Under Article 9 EBA Regulation
	7.4 The EBA’s Integration Within the EU Institutional Framework
		7.4.1 Introductory Remarks
		7.4.2 Independence
		7.4.3 Accountability
		7.4.4 Appeals—Judicial Review of EBA Decisions
			7.4.4.1 Board of Appeal (BoA)
			7.4.4.2 Actions Before the Court of Justice of the European Union (CJEU)
		7.4.5 Liability
	7.5 The Law-Making Process and EBA’s Role Therein
		7.5.1 The TFEU Provisions and Their Application to EU Financial Law
			7.5.1.1 The TFEU Provisions
			7.5.1.2 Application to EU Banking, Capital Markets and Insurance Law
		7.5.2 Delegated Acts and Regulatory Technical Standards (RTSs)
			7.5.2.1 The Provisions of Article 290 TFEU
			7.5.2.2 The Provisions of the EBAR
		7.5.3 Implementing Acts and Implementing Technical Standards (ITSs)
			7.5.3.1 The Provisions of Article 291 TFEU
			7.5.3.2 The Provisions of the EBAR
		7.5.4 EBA Recommendations and Guidelines
			7.5.4.1 The Provisions of the EBAR
			7.5.4.2 Relevant case law
		7.5.5 Concluding Remarks
	Excursus: The Comitology Procedure: A Closer Look
		Introductory Remarks
		The ‘Committees’
			Common Provisions
			Rules of Procedure and Register of Committee Proceedings
		The Examination Procedure
			General Provisions
			The Appeal Committee
		The Advisory Procedure
		Immediately Applicable Implementing Acts
		Right of Scrutiny for the Co-legislators
	Secondary Sources
8 The Single Supervisory Mechanism (SSM)
	8.1 The European Central Bank (ECB) as a Supervisory Authority Within the SSM
		8.1.1 The Specific Supervisory Tasks Conferred on the ECB
		8.1.2 Organisational Principles: The New Governance Structure
			8.1.2.1 General Overview
			8.1.2.2 The Supervisory Board
			8.1.2.3 Internal Structure of the ECB with Regard to Its Supervisory Tasks and New Composition of Eurosystem/ESCB Committees: The Provisions of the ECB Rules of Procedure
	8.2 Division of Tasks Within the SSM and Cooperation Arrangements
		8.2.1 The Two Components of the SSM
			8.2.1.1 The ECB as the Main Actor
			8.2.1.2 The National Competent Authorities (NCAs)
		8.2.2 The Regulatory Perimeter
			8.2.2.1 The Perimeter in Respect of Different Types of Financial Firms
			8.2.2.2 The Perimeter in Respect of Member States
			8.2.2.3 The Perimeter in Respect of Credit Institutions and Other Supervised Entities
		8.2.3 Cooperation Arrangements
			8.2.3.1 Cooperation Within the SSM
			8.2.3.2 ‘Close Cooperation’ Between the ECB and the Competent Authorities of Member States with a Derogation
			8.2.3.3 Cooperation Outside the SSM and the ESFS
			8.2.3.4 In Particular: The SSM as Part of the European System of Financial Supervision (ESFS)
			8.2.3.5 International Cooperation
	8.3 Powers of the ECB and the NCAs
		8.3.1 Regulatory Powers
			8.3.1.1 Substantive Provisions: Article 4(3) SSMR—A First Reading
			8.3.1.2 Procedural Provisions
			8.3.1.3 Due Process for Adopting Supervisory Decisions
		8.3.2 Investigatory Powers
			8.3.2.1 General Overview
			8.3.2.2 Powers of the ECB and Their Exercise
			8.3.2.3 The Specific Investigatory Powers
		8.3.3 Supervisory Powers
		8.3.4 Powers of Host Authorities and Cooperation on Consolidated Supervision
		8.3.5 Administrative Penalties
			8.3.5.1 An Overview of the Legal Framework
			8.3.5.2 Breach of Regulatory Requirements Under EU Banking Law (Other Than ECB Regulations): Conditions for Imposition of penalties—the Penalties
			8.3.5.3 Breach of ECB Legal Acts: Substantive and Procedural Rules
	8.4 Independence and Accountability
		8.4.1 Aspects of Independence
			8.4.1.1 Introductory Remarks
			8.4.1.2 Institutional Independence
			8.4.1.3 Financial Independence
			8.4.1.4 The Provisions of the ECB Supervisory Fees Regulation (SFR) and of ECB Decision (EU) 2019/2158
		8.4.2 Accountability of the ECB vis-à-vis EU Institutions and National Parliaments
			8.4.2.1 Accountability vis-à-vis EU Institutions
			8.4.2.2 Accountability vis-à-vis National Parliaments
	8.5 The Administrative Board of Review (ABoR) and the Mediation Panel
		8.5.1 The ABoR
			8.5.1.1 Establishment and Composition
			8.5.1.2 Request for the Review of a Decision—Review and Decision-Making Process
		8.5.2 Creation of ‘Chinese Walls’—The Mediation Panel
			8.5.2.1 Creation of Chinese Walls
			8.5.2.2 The Mediation Panel
	8.6 Institutional Safeguards and Liability
		8.6.1 Institutional Safeguards
			8.6.1.1 Audits by the European Court of Auditors (ECA)
			8.6.1.2 Actions Before the Court of Justice of the European Union (CJEU)
		8.6.2 Liability
	Secondary Sources
9 The Single Resolution Mechanism (SRM)
	9.1 The Single Resolution Board
		9.1.1 Legal Status
		9.1.2 Seat—Headquarters Agreement and Operating Conditions
		9.1.3 Composition and Governance
			9.1.3.1 General Overview
			9.1.3.2 The SRB’s Plenary Session
			9.1.3.3 The SRB’s Executive Session
			9.1.3.4 The Chair
			9.1.3.5 Appointment and Removal of the Chair, the Vice-Chair and the Other Full-Time SRB Members
	9.2 General Principles Governing the Operation of the SRM, Division of Tasks Within the SRM and Cooperation Arrangements
		9.2.1 General Principles Governing the Operation of the SRM
		9.2.2 Division of Tasks Within the SRM
			9.2.2.1 The SRB
			9.2.2.2 The National Resolution Authorities (NRAs)
		9.2.3 Cooperation Arrangements
			9.2.3.1 Obligation to Cooperate and Information Exchange Within the SRM and with the ESAs
			9.2.3.2 Cooperation Within the SRM
			9.2.3.3 Consultation of, and Cooperation with, Non-participating Member States and Third Countries
			9.2.3.4 Recognition and Enforcement of Third-Country Resolution Proceedings
	9.3 Powers of the SRB and the NRAs
		9.3.1 Investigatory Powers
			9.3.1.1 General Overview
			9.3.1.2 Requests for Information
			9.3.1.3 General Investigations
			9.3.1.4 On-Site Inspections—Authorisation by a Judicial Authority
		9.3.2 Power to Impose Fines and Periodic Penalty Payments
			9.3.2.1 Fines: Conditions for Imposition—Amount of Fines
			9.3.2.2 Periodic Penalty Payments: Conditions for Imposition—Amount of Payment
			9.3.2.3 Right to Be Heard and Right of Access to SRB’s Files
			9.3.2.4 Publication, Nature and Enforcement and Allocation of Fines and Periodic Penalty Payments
	9.4 Independence and Accountability
		9.4.1 Independence
			9.4.1.1 General Overview
			9.4.1.2 Institutional Independence
			9.4.1.3 Financial Independence
		9.4.2 Accountability
			9.4.2.1 Accountability Vis-À-Vis EU Institutions
			9.4.2.2 Accountability vis-à-vis National Parliaments
	9.5 The Appeal Panel
	9.6 Institutional Safeguards and Liability
		9.6.1 Institutional Safeguards
			9.6.1.1 Audits by the European Court of Auditors (ECA)
			9.6.1.2 Actions Before the Court of Justice of the European Union (CJEU)
		9.6.2 Liability
			9.6.2.1 Introductory Remarks
			9.6.2.2 Non-contractual Liability
			9.6.2.3 Contractual Liability—Personal Liability of the Staff
	Secondary Sources
Index