THE SINGLE SUPERVISORY MECHANISM (SSM)

The main elements of the Single Supervisory Mechanism

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5.2.2.2 Professional secrecy

Professional secrecy is governed by

Article 4

providing for the following rules:

(a)

Members of the Supervisory Board, the Steering Committee and any

substructures established by the Supervisory Board, ECB staff and staff sec-

onded by participating Member States carrying out supervisory duties are re-

quired not to disclose any information covered by the obligation of professional

secrecy and are subject to the ECB ConÀdentiality Regime, even after their

duties have ceased.

The term ‘ECB ConÀdentiality Regime’ is deÀned in

Article 2, point (4)

as meaning

the ECB regime which deÀnes how to classify, handle and protect conÀdential ECB

information.

In addition:

(i)

Persons having access to data covered by EU legislation imposing an obli-

gation of secrecy must also be subject to such legislation.

(ii)

The ECB must subject individuals who provide any service, directly or

indirectly, permanently or occasionally, related to the discharge of su-

pervisory duties, to equivalent professional secrecy requirements by

means of contractual arrangements.

(b)

The rules on professional secrecy contained in the

CRD IV

apply to the

above persons. In particular, conÀdential information received in the course of

their duties may be disclosed only in summary or aggregate form in such a way

that individual credit institutions cannot be identiÀed, without prejudice to

cases treated under criminal law. Nevertheless, if a credit institution has been

declared insolvent or is being compulsorily wound up, conÀdential information

not concerning third parties involved in attempts to rescue it may be disclosed

in civil or commercial proceedings.

(c)

These rules do not prevent the ECB’s supervisory function from exchanging

information with other EU or national authorities in line with applicable EU law.

5.2.2.3 Access to information between policy functions and

classiÀcation

Article 5

lays down three (3) general principles for access to information be-

tween policy functions and classiÀcation:

(a)

Information may be exchanged between the policy functions, provided

that this is permitted under relevant EU law and notwithstanding

Article 4