ECB takes over banking supervision: ECB took over supervision of euro area banks from 4 November, under the Single Supervisory Mechanism (SSM). It will directly supervise 120 significant banking groups. For the other 3,500 banks it will set and monitor the supervisory standards and work closely with the national regulators. It has published an updated guide to banking supervision and the Regulation on its fees has appeared in the OJEU. (Source: ECB Takes Over Banking Supervision)