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SUMMARY TABLE OF CONTENTS

XXI

4. The SSM as part of the European System of Financial

Supervision (ESFS)

4.1 The SSM as part of the European System of Financial

Supervision (ESFS)

......................................................................................... 119

4.2 The division of objectives and tasks among the ECB,

the EBA and the ESRB

................................................................................... 122

5. Creation of ‘Chinese walls’

5.1 Introductory remarks

.................................................................................... 124

5.2 General provisions

......................................................................................... 125

5.3 In particular: the Mediation Panel

............................................................ 132

Section D:

The speciÀc supervisory tasks conferred on the ECB -

Cooperation arrangements

1. The speciÀc supervisory tasks conferred on the ECB

1.1 Introductory remarks

.................................................................................... 137

1.2 The speciÀc tasks under Article 4, paragraph 1 of the SSM

Regulation

........................................................................................................ 141

1.3 The speciÀc tasks under Article 5 of the SSM Regulation

.................. 152

1.4 Regulatory powers

.......................................................................................... 163

2. Cooperation within the SSM

2.1 General principles and obligations applying to

the operation of the SSM

............................................................................. 167

2.2 Micro-prudential supervision of signiÀcant supervised entities

....... 171

2.3 Micro-prudential supervision of less signiÀcant

supervised entities

........................................................................................ 178

3. ‘Close cooperation’ between the ECB and the competent

authorities of Member States with a derogation

3.1 General considerations

................................................................................. 183

3.2 The procedure for and the effects of the establishment

of a close cooperation

.................................................................................. 185

3.3 Suspension or termination of a ‘close cooperation’ procedure

....... 188

4. Cooperation outside the SSM and the ESFS

4.1 Cooperation with competent authorities of non-participating

Member States

................................................................................................ 193

4.2 Cooperation with national resolution authorities

................................. 196

4.3 Cooperation with public Ànancial assistance facilities

....................... 198

5. International cooperation

............................................................................... 198