Regulatory Alerts2014-11-04
Provisions - Entry into Force of the Single Supervisory Mechanism
The Bank of Italy issued this provision to detail the effects of the Single Supervisory Mechanism's entry into force on November 4, 2014, on its administrative supervisory proceedings. It establishes that the European Central Bank assumes prudential supervision responsibilities for significant banks and specific common procedures, while the Bank of Italy assists and handles initial applications for authorizations and qualified participations. The document further mandates that existing Bank of Italy regulations remain applicable where compatible with EU regulations until they are updated to reflect the new supervisory framework.
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