Judicial Review in the European Banking Union
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Judicial Review in the European Banking Union

Edited by Chiara Zilioli and Karl-Philipp Wojcik

This is the first book to offer a profound, practical analysis of the framework for the judicial and pre-judicial protection of rights under the supranational banking supervision and resolution powers in the European Banking Union (EBU). It is also unique in its in-depth commentary on the developing case law from the European Court of Justice in this new field of EU litigation.
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Chapter 34: THE VQ CASE T-203/18: ADMINISTRATIVE PENALTIES BY THE ECB UNDER JUDICIAL SCRUTINY

Laura Wissink

Abstract

The VQ v ECB case is one of the first four judgments in relation to ECB decisions imposing pecuniary penalties. The penalty at issue was imposed for a breach of the obligation contained in Article 77(a) CRR to obtain the prior permission of the competent authority before repurchasing Common Equity Tier 1 instruments. The judgement clarifies the way that the Court assesses the legal basis of this obligation and whether this obligation was already in place even though not all capital requirements that are to be met in order to be granted permission, were applicable yet. It provides furthermore some preliminary insight into the relevant circumstances for assessing whether a publication of an ECB decision imposing a penalty must be anonymized, and whether the early publication of such a decision without anonymization is allowed. The case note discusses these points following a brief summary of the facts, procedure and judgement.

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