ECB’s Regulation on the exercise of options and discretions available in Union law has been published in the OJEU. It sets out legal obligations under the Single Supervisory Mechanism for significant credit institutions with regard to the general options and discretions available to competent authorities under the fourth Capital Requirements Directive, the CRR and their delegated acts. The text of the Regulation was subject to consultation as part of efforts to harmonise EU-wide banking law (see FReD 13 November 2015). It enters into force on 1 October. However, provisions concerning a defaulting obligor and outflows from stable retail deposits apply from 31 December and 1 January 2019 respectively. (Source: ECB regulation on options and discretions published in OJEU)