On 19 June 2014, the Regulation of the European Central Bank (ECB) concerning the establishment of a mediation panel and its rules of procedure (ECB/2014/26) (Regulation 673/2014) (SSM Mediation Regulation) was published in the Official Journal of the EU.
Article 25(5) of the Regulation establishing the single supervisory mechanism (Regulation 1024/2013) (SSM Regulation) requires the ECB to create a mediation panel with the responsibility of resolving differences of views expressed by the competent authorities of participating member states regarding an objection of the ECB's Governing Council to a draft decision by the SSM supervisory board. Article 25(5) also requires the ECB to adopt a regulation establishing the mediation panel and its rules of procedure.
The SSM Mediation Regulation covers:
- The mediation panel, including its establishment, composition and voting procedures.
- The mediation process, including the handling of requests for mediation and the panel's decision-making procedures.