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XIV
Introduction
(2) Section B
presents, in two (2) sub-sections, the legal framework of the SSM,
and in particular:
• its main legal act,
i.e.
Council Regulation (EU) No 1024/2013 (the ‘SSM
Regulation’, under 1),
• its twin Regulation (EU) No 1022/2013 of the European Parliament and of
the Council on the European Banking Authority (under 2.1),
• Regulation (EU) No 468/2014 of the European Central Bank (the ‘ECB
Framework Regulation’, under 2.2.1)
• the other legal acts of the ECB (under 2.2.2),
• the Interinstitutional Agreement between the European Parliament and
the ECB (under 2.3), and
• the Memorandum of Understanding between the Council and the ECB (un-
der 2.4).
(3) Section C
examines the fundamental elements of the SSM. It is structured
in Àve (5) sub-sections, which (on top of a general overview) deal speciÀcally
with:
• the structure of the SSM (under 2),
• the perimeter of the SSM Regulation in respect of different types of Ànan-
cial Àrms, Member States and credit institutions (under 3),
• the SSM as part of the European System of Financial Supervision (under 4),
and
• the creation of ‘Chinese walls’ for the separation of the monetary and su-
pervisory functions and tasks of the ECB (under 5).
(4) Section D,
also structured in Àve (5) sub-sections, sets forth two main as-
pects:
• the speciÀc tasks conferred on the ECB by means of the SSM Regulation
(under 1), and
• the various cooperation arrangements contained in the SSM Regulation,
namely:
¾
cooperation within the SSM (under 2),
¾
the ‘close cooperation’ procedure (under 3),
¾
cooperation outside the SSM and the ESFS (under 4), and
¾
international cooperation (under 5).