33 / 38
The main elements of the Single Supervisory Mechanism
127
(ii)
In the performance of their tasks, these persons must take into account
the objectives set by the SSM Regulation and not interfere with other
tasks of the ECB.
5.2.1.2 Compliance with the rules
In order to comply with these two rules, the ECB was required to undertake the
following:
(a)
First of all, adopt and make public any necessary internal rules, includ-
ing rules regarding professional secrecy and information exchanges between
the two functional areas.
470
The relevant rules are set out in the above-men-
tioned
471
ECB Decision 2014/723/EU
of 17 September 2014 “on the implemen-
tation of separation between the monetary and supervision functions of the
European Central Bank”
(ECB/2014/39)
.
The main provisions of this Decision are presented just below,
under 5.2.2
.
(b)
In addition, it should establish a ‘Mediation Panel’.
This panel is discussed in more detail below,
under 5.3
.
472
(c)
The ECB should also ensure that the operation of the Governing Coun-
cil is completely differentiated as regards monetary and supervisory functions
(including strictly separated meetings and agendas).
473
In this respect,
Article
13l of the ECB Rules of Procedure
provides for the following (paragraphs 1-4,
respectively):
(i)
The Governing Council meetings regarding the supervisory tasks must take
place separately from its regular meetings and have separate agendas.
(ii)
On a proposal from the Supervisory Board, the Executive Board must
draw up a provisional agenda and send it, together with the relevant doc-
uments prepared by the Supervisory Board, to the members of the Gov-
erning Council and other authorised participants at least eight (8) days
before the relevant meeting. Exceptionally, in case of emergency the Ex-
ecutive Board must act appropriately having regard to the circumstances.
(iii)
The Governing Council must consult with the Governors of the national
central banks of the non-area participating Member States before ob-
jecting to any draft Decision prepared by the Supervisory Board that is
470. SSM Regulation, Article 25, paragraph 3.
471. See above in
Section B, under 2.2.2
.
472. SSM Regulation, Article 25, paragraph 5, Àrst sentence.
473.
Ibid
., Article 25, paragraph 4.