Edited by Chiara Zilioli and Karl-Philipp Wojcik
Chapter 20: THE ECB’s REGULATORY POWERS, THEIR SCOPE AND THEIR JUDICIAL REVIEW
This chapter explores the scope and judicial review of SSM regulatory powers, namely those addressed to adopt legal acts of general application, including Regulations and acts of "soft law". SSM regulatory powers are instrumental to the exercice by the SSM of its tasks of prudential supervision. They cannot be used to adopt or supplement the Single Rule book, a power which chiefly corresponds to the EU legislator. SSM regulatory powers are to be exercised within the framework established by the EU legislator in the Single Rule book. There are however instances where the division of SSM regulatory powers and the task of harmonising may be blurred, i.e., where the interest of effective supervision requires regulatory convergence to ensure the "singleness" of the banking union. SSM regulatory powers, including "soft" powers, are subject to the control of the Court through the legal remedies laid down in the Treaties.
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