On November 4, 2014, the European Central Bank assumed its new prudential supervisory role for banks in the Eurozone under the Single Supervisory Mechanism (“SSM”). The SSM creates a new system of financial supervision, under which the ECB will directly supervise 120 significant banking groups, and will set and monitor supervisory standards for other Eurozone banks by working more closely with national regulators.

The ECB’s new banking supervision website is available at: https://www.bankingsupervision.europa.eu/home/html/index.en.html.