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Introduction
XV
(5) Section E
is structured in four (4) sub-sections and examines the provisions
of the new framework with regard to the investigatory and speciÀc supervisory
powers of the ECB in its function as a supervisory authority. Following a gen-
eral overview provided in the Àrst sub-section, the other three (3) sub-sections
deal with:
• the general principles (under 2),
• the investigatory powers (under 3), and
• the speciÀc supervisory powers in respect of:
¾
the authorisation of credit institutions (under 4.1),
¾
the assessment of acquisitions of qualifying holdings in credit institu-
tions (under 4.2),
¾
the supervisory powers under Article 16 of the SSM Regulation (under
4.3),
¾
the powers of host authorities and cooperation on consolidated super-
vision (under 4.4), and
¾
the imposition of administrative penalties (under 4.5).
(6) Section F
details the organisational principles of the SSM. A general over-
view is followed by another Àve (5) sub-sections examining:
• the new governance structure of the ECB, with particular emphasis on
two of the three new ECB internal bodies,
i.e.
the Supervisory Board and
the Administrative Board of Review (under 2) (the third internal body, the
Mediation Panel is discussed in Section C, under 5.3),
• aspects of the independence of the ECB as a supervisory authority (under 3),
• the accountability of the ECB vis-à-vis EU institutions and national parlia-
ments (under 4),
• the provisions on the due process for adopting ECB supervisory Decisions
(under 5), and
• other organisational aspects,
i.e.
reporting of breaches, professional se-
crecy of Supervisory Board members and ECB staff, exchange of informa-
tion, ECB human resources, as well as exchange and secondment of staff
(under 6).
(
7)
Finally,
Section G
contains the concluding remarks of the study and some
assessments, namely: