Banks relocating to the Euro Area will fall within the Single Supervisory Mechanism (SSM). The SSM divides supervisory roles and responsibilities between the ECB and national supervisors (National Competent Authorities, or NCAs), with the allocation determined by whether banks are deemed to be Significant Institutions (SIs) or Less Significant Institutions (LSIs).
This publication focuses on the supervisory implications of the relocation as well as on the key priorities outlined by the ECB since the Brexit vote. KPMG discusses each challenge in detail and explores the implications for banks and the steps they can take to meet supervisory expectations.
Key topics in this publication include:
- License application
- Booking models
- Internal governance
- Comprehensive assessment
- Internal models
- Internal audit
The main priority for banks over the past few months has been tackling the multi-faceted consequences of the COVID-19 pandemic. It is now crucial for banks to develop a strategy regarding their operations in the Euro Area, which may require important structural refinements.
Please find more details on this KPMG Publication here.
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