ECB Annual Report on supervisory activities

3 The SSM as part of European and
global supervisory architecture
European and international cooperation is one of the key priorities for <strong>ECB</strong> Banking
Supervision. Consequently, the <strong>ECB</strong> has already negotiated and signed important
Memoranda of Understanding (MoUs) with a number of other institutions, such as
the Single Resolution Board (SRB) and the European Securities and Markets
Authority (ESMA). Work continues towards concluding MoUs with supervisory
authorities, national market authorities and the supervisory authorities of non-euro
area EU Member States. European banking supervision is also contributing to the
work of supervisory colleges, which play an important role for supervised banks with
a presence in non-euro area countries.
In 2016 European banking supervision further contributed to the EU’s recovery and
resolution framework. It assessed the recovery plans drawn up by banks and it was
consulted by the SRB with regard to resolution plans. The <strong>ECB</strong> was also active in
European and international fora which are developing policies related to crisis
management.
With a view to global rules for the banking sector, the <strong>ECB</strong> was involved in the work
of the Basel Committee on Banking Supervision, participating in more than 30
groups, sub-groups and task forces of the Committee. <strong>ECB</strong> Banking Supervision
also contributed to the work of the EBA and was granted the right to participate in the
plenary meetings of the Financial Stability Board (FSB).
3.1 European and international cooperation
3.1.1 Cooperation with other national/EU supervisory authorities
In 2016 the <strong>ECB</strong> initiated overall 24 negotiations for the conclusion of cooperation
agreements with banking supervisory authorities of the non-euro area EU countries,
third countries and EU market supervisors. Four of those MoUs have already been
concluded.
Cooperation within the European Economic Area
The <strong>ECB</strong> has extensive exchanges with supervisory authorities from EU countries.
In line with Article 3(6) of the SSM Regulation, the <strong>ECB</strong> is working towards the
conclusion of its own MoUs with nine NCAs from non-euro area EU countries. As
cooperation and exchange of information between competent authorities within the
<strong>ECB</strong> <strong>Annual</strong> <strong>Report</strong> on supervisory activities 2016 − The SSM as part of European and
global supervisory architecture 42