Edited by Chiara Zilioli and Karl-Philipp Wojcik
Chapter 37: THE VTB CASE: ADMINISTRATIVE PENALTIES AND ADMINISTRATIVE MEASURES
The preliminary ruling by the ECJ in case C-52/17 VTB Bank (Austria) AG v Finanzmarktaufsichtsbehörde taken in the context of the transfer of competences from the NCAs to the ECB after the beginning of the administrative activity of the Single Supervisory Mechanism on 4 November 2014, in the particular area of administrative penalties and other administrative measures for a breach of directly applicable Union law (Article 395 Regulation (EU) 575/2013), gives an overview of the questions faced by the ECB and the NCAs regarding the remit of the banking supervision framework and the subsistence of pure national powers and the allocation of competences between the ECB and the NCAs.
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