Conditions and Obligations in ECB Supervisory Decisions as Ancillary Provisions under SSM Law

Lo Schiavo Gianni
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Lo Schiavo Gianni: Dr (King’s College, London), LLM (College of Europe, Bruges); Supervisory Board (SB) Secretariat of the European Central Bank, Frankfurt. The views expressed in this article are purely personal and they are in no way intended to represent those of the ECB or its SB Secretariat. The author wishes to thank Georg Gruber and Federico Della Negra for very useful suggestions on earlier drafts.Germany

European Company and Financial Law Review, 2017, vol. 14, issue 1, 94-120

Abstract: The Single Supervisory Mechanism (SSM) Regulation has conferred prudential tasks to the European Central Bank (ECB) which it shall carry out within a SSM composed of the ECB and national competent authorities (NCAs). This article assesses the legal feasibility to attach conditions and obligations in ECB supervisory decisions. It looks at other areas of EU administrative law (merger control and State aid law), assesses the ECJ Atradius (C-18/14) judgment in the area of insurance supervision and argues that conditions and/or obligations are ancillary provisions that can be included in ECB supervisory decisions as a matter of EU law. The article evaluates also the impact of the inclusion of conditions and/or obligations on the right to be heard under art.22 SSM Regulation. While conditions and obligations may have adverse effects, the article examines to what extent the right to be heard applies in cases the ECB includes conditions and/or obligations in ECB supervisory decisions.

Date: 2017
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DOI: 10.1515/ecfr-2017-0004

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