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European Banking Union 2nd Edition

Danny Busch Guido Ferrarini


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i

EUROPEAN BANKING UNION


ii

OXFORD EU FINANCIAL REGULATION SERIES

The Oxford EU Financial Regulation Series provides rigorous analysis of all aspects of EU
Financial Regulation and covers the regulation of banks, capital markets, insurance
undertakings, asset managers, payment institutions and financial infrastructures.
The aim of the series is to provide high-​quality dissection of and comment on EU
Regulations and Directives, and the EU financial regulation framework as a whole.
Titles in the series consider the elements of both theory and practice necessary
for proper understanding, analysing the legal framework in the context of its practical,
political and economic background, and offering a sound basis for interpretation.

Series Editors:
Danny Busch
Professor of Financial Law and founding Director of the Institute for Financial Law,
Radboud University Nijmegen;
Research Fellow of Harris Manchester College and Fellow of the Commercial Law Centre,
University of Oxford;
Visiting Professor at Università Cattolica del Sacro Cuore di Milano;
Visiting Professor at Università degli Studi di Genova;
Visiting Professor at Université de Nice Côte d’Azur;
Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken);
Member of the Appeal Committee of the Dutch Complaint Institute Financial Services
(Klachteninstituut Financiële Dienstverlening or KiFiD).
Guido Ferrarini
Emeritus Professor of Business Law, University of Genoa;
Visiting Professor, Radboud University Nijmegen;
Founder and fellow of the European Corporate Governance
Institute (ECGI), Brussels;
Former member of the Board of Trustees, International Accounting
Standards Committee (IASC), London.
Previous volumes published in the series:
Governance of Financial Institutions, Edited by Danny Busch, Guido Ferrarini,
and Gerard van Solinge, January 2019, 9780198799979
Capital Markets Union, Edited by Danny Busch, Emilios Avgouleas, and
Guido Ferrarini, March 2018, 9780198813392
Regulation of the EU Financial Markets –​MiFID II and MiFIR, Edited by
Danny Busch and Guido Ferrarini, January 2017, 9780198767671
European Banking Union, First Edition, Edited by Danny Busch and
Guido Ferrarini, July 2015, 9780198727309
Alternative Investment Funds in Europe –​Law and Practice, Edited by
Lodewijk van Setten and Danny Busch, May 2014, 9780199657728
iii

EUROPEAN
BANKING UNION
SECOND EDITION

Edited by
Danny Busch
Guido Ferrarini

1
iv

1
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Second Edition published in 2020
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v

PREFACE

This second edition of European Banking Union offers a thorough revision and
expansion of the first edition of this work.
The book chapters are grouped in a thematic way, covering the following areas: (i)
general aspects; (ii) single supervision and the Capital Requirements Directive
(CRD IV); (iii) single resolution and the Bank Recovery and Resolution Directive
(BRRD); and (iv) the European Deposit Insurance System (EDIS) and policy
perspectives.
Part I discusses the economic consequences of the European Banking Union
(EBU), its effectiveness, impact and future challenges, as well as judicial protec-
tion in the context of EBU’s Single Supervisory Mechanism (SSM) and Single
Resolution Mechanism (SRM).
Part II considers the SSM’s institutional aspects, the interplay between the Single
Rulebook and the SSM, the CRD IV framework for bank’s corporate governance,
fit and proper assessments within the SSM, and the EU framework dealing with
non-​performing exposures.
Part III analyses the governance structure of the SRM, particularly with respect
to financing of the Single Resolution Fund and adoption of resolution schemes.
Moreover, it discusses the function of existing recovery and resolution plans in the
context of a bank restructuring under the BRRD and the SRM Regulation, and
then provides an in-​depth analysis of the bail-​in instrument. This part also features
a critical discussion of the recent bank resolution cases in Europe, as well as an
analysis of the architecture of the BRRD from a UK perspective including Brexit
Part IV discusses the envisaged EDIS, followed by a treatment of the so-​called
‘doom loop’ between sovereign and banking risk. In this part, it is also argued
that the work of EBU remains incomplete in one important respect, the structural
re-​organization of large European financial firms that would make ‘resolution’ of
a systemically important financial firm a credible alternative to bail-​out or some
other sort of taxpayer assistance. The book ends with a treatment of the complex
topic of supervision of financial conglomerates in the context of EBU.
The volume was preceded by a meeting on 20 October 2017 of the International
Working Group on the European Banking Union, established as a joint initiative
of the Institute for Financial Law within the Business & Law Research Centre of
Radboud University, Nijmegen, the Netherlands and the Genoa Centre for Law

v
vi

Preface

and Finance, University of Genoa, Italy. We thank the Business & Law Research
Centre of Radboud University, Nijmegen and the European Banking Institute
(EBI), Frankfurt, Germany, for their sponsorship and support. We also thank
Università Cattolica del Sacro Cuore di Milano and its Vice-​Rector Professor
Antonella Sciarrone Alibrandi for hosting the meeting. We are grateful to the
distinguished members of the Working Group for their dedication to the project
and, in particular, for their contributions to this book as authors. We also thank
the invitees to the meeting for providing the members of the Working Group with
invaluable comments on their draft chapters.
Last but not least, we acknowledge our gratitude to the editorial team at Oxford
University Press, who successfully brought a lengthy and complex project to
completion.
The law is stated as of 1 May 2019.
Danny Busch,
Nijmegen, The Netherlands
Guido Ferrarini,
Genoa, Italy

vi
vi

CONTENTS

Table of Cases xiii


Table of Legislation xvii
List of Abbreviations xli
Author Biographies xlv
List of Contributors xlvii

I GENERAL ASPECTS
1. The Economic Consequences of Europe’s Banking Union
Nicolas Véron
I. The Impact so Far: A Shift of Expectations 1.03
II. Six Developments to Watch 1.20
III. Conclusion 1.64

2. European Banking Union: Effectiveness, Impact, and Future Challenges


Kern Alexander
I. Introduction 2.01
II. Single Supervisory Mechanism—​Setting the Context 2.05
III. SSM and EU Agencies and Institutions 2.31
IV. Bank Resolution, the SSM, and the Single Resolution
Board (SRB) 2.49
V. SSM, Macroprudential Tools, and National Competent
Authorities 2.67
VI. Member State Perspectives on the SSM 2.114
VII. Banking Union and the Banking Industry 2.121
VIII. Conclusion 2.136

3. Judicial Protection of Supervised Credit Institutions in


the European Banking Union
Tomas M C Arons
I. Introduction 3.01
II. Judicial Protection for Credit Institutions under the SSM 3.07

vii
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Contents

III. Judicial Protection for Credit Institutions under the SRM 3.37
IV. Substantive Review by the CJEU 3.66
V. Liability of the ECB and the SRB 3.86
VI. Conclusion 3.94

II SINGLE SUPERVISION AND CRD IV


4. The Single Supervisory Mechanism for Banking
Supervision: Institutional Aspects
Eddy Wymeersch
I. Historical Introduction 4.01
II. The New Regulatory Framework: The Banking Union 4.09
III. Applicable Bodies of Law in Banking Supervision 4.15
IV. The Choice of the ECB as the Prudential Supervisor 4.31
V. Application to the Euro Area or Beyond? 4.38
VI. The Single Supervisory Mechanism 4.46
VII. Legal Position of the Supervisory Board in the ECB 4.104
VIII. Independence and Accountability 4.114
IX. Review of SSM Decisions 4.136
X. Conclusion 4.143

5. The Single Rulebook and the SSM: Regulatory Polycentrism vs.


Supervisory Centralization
Guido Ferrarini and Fabio Recine
I. Introduction 5.01
II. A Short History of the EU Regulatory Framework 5.04
III. The Allocation of Regulatory and Supervisory Powers 5.17
IV. The Decoupling of Regulatory and Supervisory Powers in
the SSM 5.28
V. Evolutionary Dynamics of the EU Institutional Regulatory
Framework 5.53
VI. Conclusion 5.68

6. CRD IV Framework for Banks’ Corporate Governance


Peter O Mülbert and Alexander Wilhelm
I. Introduction 6.01
II. Banking Structures in the European Union 6.03
viii
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Contents

III. Historical Development 6.05


IV. CRD IV Corporate Governance Standards 6.10
V. Conceptual Concerns 6.46
VI. Functional Concerns 6.87
VII. Conclusion and Outlook 6.106

7. Fit and Proper Assessments within the Single Supervisory Mechanism


Danny Busch and Annick Teubner
I. Introduction 7.01
II. Key Terms and Definitions 7.02
III. Fit and Proper Assessments as an Element of
Corporate Governance 7.06
IV. Division of Responsibilities Between the Banks, the ECB,
and the NCAs 7.11
V. Relevant Sources of Substantive Requirements 7.23
VI. Convergence 7.28
VII. National Variations and Limits 7.78
VIII. Concluding Observations 7.96

8. The EU Framework Dealing with Non-​Performing


Exposures: Legal and Economic Analysis
Emilios Avgouleas
I. Introduction 8.01
II. Causes and Consequences of NPL Accumulations 8.14
III. Structural Measures 8.21
IV. Market-​based Solutions: Asset Management Companies
and NPL Platforms 8.31
V. Prudential and Supervisory Policies for Tackling NPLs 8.38
VI. Conclusion 8.57

III SINGLE RESOLUTION AND THE BRRD


9. Governance of the Single Resolution Mechanism
Danny Busch
I. Introduction 9.01
II. General Aspects 9.04
III. Financing of the Fund 9.46
ix
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Contents

IV. Resolution 9.75


V. Conclusion 9.121

10. Recovery and Resolution Plans of Banks in the Context of


the BRRD and the SRM: Fundamental Issues
Victor de Serière
I. Introduction 10.01
II. The Making of Recovery and Resolution Plans:
A Theoretical Exercise? 10.03
III. Experience with Some Bank Failures 10.17
IV. Some Intermediate Conclusions 10.27
V. The Authority to Impose Ex Ante Measures 10.29
VI. Remedies Against Imposed Ex Ante Measures 10.35
VII. A Difficult Debate on the Need for Ex Ante Measures 10.39
VIII. The Wider Context in which Ex Ante Measures Are Imposed 10.49
IX. Bottlenecks 10.65
X. Some Concluding Comments 10.98

11. Bail-​in: Preparedness and Execution


Anna Gardella
I. Introduction 11.01
II. Bail-​in: Main Features 11.06
III. Building-​up Bail-​in Preparedness: TLAC/​MREL 11.12
IV. Bail-​in Execution 11.49

12. Bank Resolution in Practice: Analysis of Early European Cases


Guido Ferrarini and Alberto Musso Piantelli
I. Introduction 12.01
II. Crisis Management Pre-​BRRD 12.13
III. Crisis Management in the Transition to the New EU Regime 12.20
IV. The New Regime: Crisis Management in Italy 12.30
V. The New Regime: The Resolution-​like Liquidation of
Venetian Banks 12.40
VI. The New Regime: Crisis Management in Spain 12.64
VII. Conclusions 12.81

x
xi

Contents

13. The Architecture of the BRRD—​A UK Perspective


Simon Gleeson
I. Introduction 13.01
II. Scope of the Legislation 13.04
III. Approach 13.15
IV. Tools 13.24
V. Other Powers 13.37
VI. MREL & TLAC 13.72
VII. Brexit and Bank Resolution 13.77
VIII. Conclusion 13.82

IV THE EUROPEAN DEPOSIT INSURANCE SYSTEM


AND POLICY PERSPECTIVES
14. European Deposit Insurance System (EDIS): Cornerstone of
the Banking Union or Dead End?
Veerle Colaert and Gilian Bens
I. Introduction 14.01
II. Why Is There a Need for a Fully-​fledged Third Pillar in
the Banking Union? 14.04
III. Legislative Proposals for EDIS 14.20
IV. Main Features of the EDIS Proposals 14.33
V. Conclusion 14.69

15. Doom Loop or Incomplete Union? Sovereign and Banking Risk


Giorgio Barba Navaretti, Giacomo Calzolari, José Manuel
Mansilla-​Fernández, and Alberto Franco Pozzolo
I. Introduction 15.01
II. Are Sovereigns Risky? 15.13
III. What Was Done and Should Have Been Done? Banks
and Sovereigns during the Crisis and the Specificities of
a Monetary Union 15.22
IV. The Long Run Equilibrium: Sovereign Exposures under
‘Normal Conditions’ 15.46
V. Summing-​up, Transition, and Notes of Caution 15.77

xi
xi

Contents

16. Bank Resolution in Europe: The Unfinished Agenda


of Structural Reform
Jeffrey N Gordon and Wolf-​Georg Ringe
I. Introduction 16.01
II. The Regulatory Aftermath of 2007–​2008 and
the Emergence of EU Bank Resolution 16.08
III. The Path to Single Point of Entry Resolution in the US 16.25
IV. The US Path to Holding Companies 16.35
V. SPE for Europe: The Structural Reform Project 16.38
VI. Conclusion 16.49

17. Financial Conglomerates in the European Banking Union


Arthur van den Hurk and Michele Siri
I. Introduction 17.01
II. Consolidated Supervision in the Banking Sector 17.05
III. Group Supervision in the Insurance Sector 17.09
IV. Consolidated Supervision vs Group Supervision 17.15
V. Background of Financial Conglomerate Supervision 17.24
VI. Institutional Framework for Conglomerate Supervision 17.29
VII. Purpose, Content, and Design of Conglomerate Supervision 17.34
VIII. Evolution of Financial Conglomerate Supervision 17.63
IX. Recovery and Resolution of Financial Conglomerates 17.74
X. Conclusion 17.89

Index 665

xii
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TABLE OF CASES

GENERAL COURT (GC)


ABLV Bank v ECB, Action brought on 3 May 2018, FOLTF (CI, T-​281/​18)�����������������������9.106
AIUFASS and AKT v Commission [1996] ECR II-​2169 (Case T-​380/​94)�������������������������������3.61
Antillean Rice Mills NV v Commission [1995] ECR II-​2941 (Case T-​480/​93)�����������������������3.84
Asociación Española de Banca v Commission [2012] ECR (Case T-​236/​10)���������������������������3.61
Associazione Italiana delle Società Concessionarie per la Costruzione e l’esercizio di
Autostrade e Trafori Stradali (Aiscat) v Commission, ECLI:EU:T:2013:9
(Case T-​182/​10)���������������������������������������������������������������������������������������������������������������3.61
Banco Cooperativo Español v SRB (Case T-​323/​16) ���������������������������������������������������������������9.54
Banque Postale v ECB [2018] (Case T-​733/​16)�����������������������������������������������������������������������3.66
BNP Paribas v ECB [2018] (Case T-​768/​16)���������������������������������������������������������������������������3.66
BPCE v ECB [2018] (Case T-​745/​16)�������������������������������������������������������������������������������������3.66
Caisse régionale de credit agricole mutuel Alpes Provence, Caisse régionale de credit
agricole mutuel Nord Midi-​Pyrénées, Caisse régionale de credit agricole mutuel
Charente-​Maritime Deux Sèvres, and Caisse régionale de credit agricole
mutuel Brie Picardie v ECB [2018] (Cases T-​133/​16 to T-​136/​16),
24 April 2018, ECJ����������������������������������������������������������������������������3.66, 4.15, 4.136, 4.146
Comprojecto-​Projectos e Construções, Lda and Others v ECB [2017] (Case T-​22/​16) �����������3.60
Confédération Nationale du Crédit Mutuel v ECB [2018] (Case T-​751/​16) ���������������������������3.66
Crédit Agricole v ECB [2018] (Case T-​758/​16)�����������������������������������������������������������������������3.66
Crédit Mutuel Arkéa v ECB [2017] (Case T-​712/​15 and T-​52/​16)����������������3.24, 3.66, 4.16, 4.65
Credito Fondiario v CRU (Case T-​661/​16) �����������������������������������������������������������������������������9.54
Diputación Foral de Álava and Others v Commission [2009] ECR II-​3029
(Joined Cases T-​227/​01 to T-​229/​01, T-​265/​01, T-​266/​01 and T-​270/​01)�����������������������3.61
Freistaat Sachsen and others v Commission [1999] ECR II-​3663
(Cases T-​132 and 143/​96) �����������������������������������������������������������������������������������������������3.32
Goldman Sachs a.o. (T-​419/​14) 12 July 2018 �������������������������������������������������������������������������4.65
Komercbanka and others v ECB [2017] (Case T-​247/​16)���������������������������������������������������������3.66
Land Oberösterreich and Austria v Commission [2005] ECR-​4005
(Cases T-​366/​03 and 235/​04)�������������������������������������������������������������������������������������������3.32
Landesbank Baden Württemberg v SRB (Case T-​14/​17) ���������������������������������������������������������9.54
Landeskreditbank Baden-​Württemberg–​Förderbank v ECB [2017] (Case T-​122/​15)
ECJ, 16 May 2017���������������������������������������������������3.66, 4.16, 4.49, 4.51, 4.81, 4.84, 4.104
NRW Bank v SRB (Case T-​466/​16)�����������������������������������������������������������������������������������������9.54
Portigon v SRB (Case T-​365/​16) ���������������������������������������������������������������������������������������������9.54
Société générale v ECB [2018] (Case T-​757/​16)�����������������������������������������������������3.66, 4.16, 4.57
Trasta Komercbanka and others v ECB [2017] (Case T-​247/​16) ���������������������������������������������3.58
United Kingdom v ECB [2015] 3 CMLR 8 (Case T-​496/​11) �����������������������������������������������2.110

EUROPEAN COURT OF JUSTICE (ECJ)/​C OURT OF


JUSTICE OF THE EUROPEAN UNION (CJEU)
AKZO Chemie v Commission [1986] ECR 1965 (Case 53/​85)�����������������������������������������������3.84
AKZO Nobel a.o., 10 September 2009(C-​97/​08) �������������������������������������������������������������������4.65
Alcan Aluminium Raeren v Commission [1970] ECR 385 (Case 69/​69)���������������������������������3.32
Altmann et al/​Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Case 140/​13)�������������3.74

xiii
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Table of Cases

Apesco v Commission [1988] ECR 2151 (Case 207/​86)������������������������������������������������3.32, 3.84


Atzeni et al v Scalas and Lilliu [2006] ECR I-​1875 (Cases C-​346/​03 and C-​529/​03)���������������3.34
Bock v Commission [1971] ECR 897 (Case 62/​70)�����������������������������������������������������������������3.32
BPC Lux 2 Sàrl v Commission [2018] (Case C-​544/​17 P)��������������������������������������������3.24, 10.64
Brasserie du Pêcheur/​Factortame III [1996] ECR I-​1029 (ECJ Cases C-​46/​93
and C-​48/​93)�������������������������������������������������������������������������������������������������������������������3.87
British Aggregate Association v Commission [2008] ECR I-​10515 (Case 487/​06 P)���������������3.61
Commission v Assisi Domän Kraft Products AB [1999] ECR I-​5363 (Case C-​310/​97P)���������3.84
Commission v Hansestadt Lübeck (Case C-​524/​14 P)�������������������������������������������������������������3.61
Crédit Mutuel Arkéa v ECB [2017] (Case C-​152/​18 P) ECJ���������������������������������������������������4.65
Fininvest/​Banca d’Italia [2018] (Case C-​219/​17)������������������������������������������������������������3.25, 3.26
Foto-​Frost v Hauptzollamt Lübeck-​Ost [1987] ECR 4199 (Case 314/​85)�������������������������������3.34
Front national v Parliament (Case C-​486/​01 P)�����������������������������������������������������������������������3.61
Gauleiter (C-​62/​14) ECLI:EU:C:2015:400 of 16 June 2015���������������������������������������������������4.05
Gemeente Differdange/​Commission [1984] ECR 2889 (Case 222/​83) �����������������������������������3.32
Germany v Parliament and Council [2000] ECR I-​8419 (Case C-​376/​98) �����������������������������2.57
Glencore Grain v Commission (Case C-​404/​96 P)�������������������������������������������������������������������3.61
Inuit Tapiriit Kanatami et al v European Parliament, Council, Netherlands and
Commission, ECLI:EU:C:2013:625 (Case C-​583/​11 P) ����������������������������������������3.34, 3.61
Kotnik (Case C-​526/​14) of 19 July 2016�������������������������������������������������������������������������������11.03
Landeskreditbank Baden-​Württemberg–​Förderbank v ECBECLI:EU:C:2019:372
(Case C-​450/​17 P�������������������������������������������������������������������������������������������������������������3.66
Marshall v Southampton and South-​West Hampshire Area Health Authority
ECLI:EU:C:1986:84; [1986] ECR 723 (Case 152/​84)�����������������������������������������������������2.95
Meroni v High Authority [1957/​1958] ECR 133 (Cases C-​9/​56 and 10/​56)��������2.57, 2.58, 2.59,
4.36, 4.112, 5.25, 9.108, 9.112, 9.131
Mory v Commission [2015] (Case C-​33/​14 P) �����������������������������������������������������������������������3.24
NV International Fruit Company v Commission [1971] ECR 411 (ECJ Cases 41-​44/​70) ���������3.32
Peter Paul et al./​Germany [2004] ECR I-​09425 (ECJ Case 220/​02) ���������������������������������������3.88
Romanelli (C-​366/​97) ECJ, 11 February 1999 �����������������������������������������������������������������������4.57
Simmenthal v Commission [1979] ECR 777 (Case 92/​78)�����������������������������������������������������3.84
Stichting Woonlinie et al v Commission, ECLI:EU:C:2014:105 (Case C-​133/​12 P)����������3.31, 3.61
Sveriges Betodlares and Henrikson v Commission [1997] ECR I-​7531 (Case 409/​96 P)���������3.61
Telefónica SA v Commission, ECLI:EU:C:2013:852 (Case C-​274/​12 P)���������������������������������3.34
Trasta Komercbanka v ECB (ECLI:EU:C:2019:323), A-​G Kokott, 11 April 2019
(Case C-​669/​17P)�������������������������������������������������������������������������������������������3.24, 3.58, 3.61
UK v Parliament and Council (ENISA) [2006] ECR I-​3771 (Case C-​217/​04) (ENISA)���������2.57
UK v Parliament and Council (Smoke Flavourings) [2005] ECR I-​10553 (Case C-​66/​04) �����2.57
UK v Parliament and Council, 20 September 2013 (Case C507/​13),
20 September 2013, ECJ �������������������������������������������������������������������������������������������������6.26
United Kingdom v European Parliament and Council [2014] ECR I-​2014, 22 January 2014,
(Case C-​270/​12)�����������������������������������������������������������������������2.57, 3.69, 4.112, 5.25, 9.112
Universität Hamburg v Hauptzollamt Hamburg-​Kehrwieder [1983] ECR-​2771
(Case 216/​82)�������������������������������������������������������������������������������������������������������������������3.34
Van Landewyck/​Commission [1980] ECR 3125 (ECJ Cases 209-​215 and 218/​78)�����������������3.74
Weiss (C-​493/​17) ECJ, 11December 2018 �����������������������������������������������������������������������������4.05

FRANCE
Rozenblum case, Criminal Court of Cassation, 4 February 1985, Rev Soc (1985) 665�����6.66 6.68, 13.49

GERMANY
Federal Court of Justice (Bundesgerichtshof )
Decision of 5 June 1975, BGHZ 65, 15—​ITT�����������������������������������������������������������������������6.64
Decision of 1 February 1988, BGHZ 103, 184—​Linotype�����������������������������������������������������6.64
xiv
xv

Table of Cases

Decision of 30 September 1991 (1992) 45 Neue Juristische Wochenschrift


(NJW) 368, 369���������������������������������������������������������������������������������������������������������������6.64
Decision of 19 September 1994, BGHZ 127, 107, 111�����������������������������������������������������������6.64
Decision of 20 March 1995, BGHZ 129, 136—​Girmes ���������������������������������������������������������6.64

NETHERLANDS
SNS Reaal NV: VEB et al Dutch Minister of Finance, Administrative Court Division of the
Council of State, 25 February 2013, JOR 2013/​140���������������������������������������������������������3.61

UNITED STATES
Inv. Co. Instit. v Camp, 401 US 617 (1971) �������������������������������������������������������������������������16.35

xv
xvi
xxvii

Table of Legislation

(Single Supervisory Mechanism Art 4(1)(h)������������������������2.11, 4.61, 17.56


Regulation (SSM Regulation))���������1.27, Art 4(1)(i)���������������������������3.09, 3.51, 9.08
1.30, 1.32, 1.58, 2.02, 2.07, 2.11, 2.33, Art 4(2) ������������������������������������������������4.85
2.34, 2.35, 2.36, 2.53, 2.62, 2.68, 2.72, Art 4(3) ��������������������2.11, 2.87, 3.10, 4.24,
2.91, 2.95, 2.98, 2.99, 2.102, 2.110, 4.52, 4.89, 4.101, 4.106, 5.19,
2.130, 2.136, 3.02, 3.04, 3.05, 3.07, 5.35, 5.40, 5.52, 7.88
3.11, 3.20, 3.21, 3.22, 3.25, 3.26, 3.58, Art 4(3), 1st para������������������3.09, 3.11, 7.23
3.66, 3.69, 3.72, 3.73, 3.74, 3.87, Art 4(3), 2nd sentence����������4.27, 5.51, 6.45
3.90, 3.91, 3.92, 3.93, 4.01, 4.02, Art 4(4) �������������������������������������4.119, 5.19
4.13, 4.15, 4.18, 4.34, 4.37, 4.37, Art 4(5)(b)��������������������������������������������4.16
4.39, 4.40, 4.41, 4.44, 4.46, 4.48, Art 5�������2.67, 2.91, 2.98, 2.99, 2.106, 3.87
4.49, 4.58, 4.61, 4.64, 4.72, 4.74, Art 5(b) ������������������������������������������������2.72
4.100, 4.101, 4.104, 4.106, 4.107, Art 5(1) �������������������������������������2.98, 2.101
4.115, 4.132, 4.133, 5.34, 5.35, 5.37, Art 5(2) ��������2.94, 2.98, 2.99, 2.100, 2.101
5.51, 5.52, 7.96, 9.04, 9.05, 9.20, Art 5(4) �������������������������������������2.98, 2.104
9.75, 10.22, 10.98, 14.01, 17.58, 17.76 Art 5(5) ������������������������������������������������2.98
Chap III, Section 1��������������������������������3.11 Art 6���������2.67, 4.49, 4.51, 4.52, 5.51, 7.15
Chap III, Section 2��������������������������������3.11 Art 6(1) ������������������������������2.67, 3.09, 4.02
Preamble ����������������������������������������������3.90 Art 6(2) �������������������������������4.50, 4.88,7.16
Recital 2������������������������������������������������5.51 Art 6(4) �����������2.07, 3.08, 3.09, 3.12, 4.49,
Recital 12����������������������������������������������2.72 4.67, 4.77, 6.45, 7.12,
Recital 14����������������������������2.09, 4.87, 9.07 7.15, 9.05, 9.10
Recital 15����������������������������������������������4.51 Art 6(4), 2nd para����������������������������������4.84
Recital 28��������������������������3.09, 4.58, 14.36 Art 6(5)(a) ��������������������������������������������4.24
Recital 31�������������������������������������2.33, 2.34 Art 6(5)(b)����������������2.07, 2.68, 3.12, 4.49,
Recital 32�������������������������������������2.35, 5.36 4.53, 4.76, 4.80, 7.16, 9.05, 9.10
Recital 34����������������������������������������������3.10 Art 6(5)(c) ��������������������������4.50, 4.51, 4.52
Recital 37����������������������������������������������3.89 Art 6(5)(d)��������������������������������������������4.66
Recital 60����������������������������������������������3.27 Art 6(5)(e) �����������������������������������4.51, 4.66
Recital 61����������������������������������������������3.87 Art 6(6) ������������3.09, 3.12, 4.49, 4.51, 4.99
Recital 73��������������������������������������������4.115 Art 6(6), subpara 2��������������������������������3.08
Recital 83����������������������������������������������2.72 Art 6(7) ������������������������������������������������4.89
Recital 85����������������������������������������������2.52 Art 6(7)(a)–​(c)��������������������������������������2.68
Art 1������������������������������������2.08, 3.07, 4.61 Art 6(7)(b)��������������������������������������������2.74
Art 1(2) ������������������������������������������������4.58 Art 6(8) ������������������������������������������������3.14
Art 2������������������������������������������������������9.07 Art 7���������������������������3.08, 4.49, 4.99, 9.05
Art 2(1) ���������������������������������������2.16, 9.05 Art 7(1) ������������������������������������������������2.09
Art 2(3) ���������������������������������������3.08, 4.57 Art 7(2) ���������������������������������������4.41, 4.87
Art 2(9) ������������������������������������������������3.08 Art 7(2)(a)–​(c)��������������������������������������2.09
Art 3�������������������������������������������2.33, 17.58 Art 7(7) ������������������������������������������������4.41
Art 3(1) �������������������������������������4.43, 17.58 Art 9(1) ���������������������������2.74, 2.91, 4.101,
Art 3(1), 1st subpara������������������������������2.33 5.34, 5.51, 5.52
Art 3(6) ���������������������������������������2.09, 4.43 Art 9(1), 2nd sentence�������������������3.02, 5.51
Art 4–​6��������������������������������������������������2.73 Art 9(1), 2ndsubpara���������������������3.11, 5.51
Art 4�����������������2.07, 2.11, 2.67, 2.80, 2.91, Art 9(1), 3rdsubpara ������������2.91, 3.02, 3.12
2.98, 4.52, 4.100, 4.101, 4.104 Art 9(2) ��������������������������2.100, 2.101, 3.13
Art 4(1) �����������2.11, 2.72, 3.07, 3.08, 4.48, Art 9(3) ������������������������������������������������3.08
4.49, 5.52, 13.08 Art 10�����������������������������������������3.11, 4.101
Art 4(1)(a) �����������������2.07, 3.12, 7.15, 9.05 Art 10(2) ����������������������������������������������4.99
Art 4(1)(c) ����������������2.07, 3.12, 3.25, 7.15, Art 11����������������������������������������������������3.11
9.05, 10.22 Art 12����������������������������������������������������3.11
Art 4(1)(d)��������������������������������������������2.11 Art 13�����������������������������������������3.11, 4.138
Art 4(1)(e) ����������������2.11, 3.09, 6.45, 7.12, Art 14�����������������������3.11, 4.102, 6.45, 7.15
7.15, 7.16 Art 14(5) �������������������������������������3.24, 3.61
Art 4(1)(g)���������������2.11, 3.39, 9.08, 17.75 Art 15�������������������������������3.11, 3.25, 4.103,

xxviii
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