Investigatory, Supervisory and Sanctioning Powers within the SSM

One of the most significative and innovative features of the establishment of the Single Supervisory Mechanism (SSM) is the attribution to a European institution of a complete set of investigative and (lato sensu) sanctioning powers. Analysing the extent of such powers – only partially grounded on EU legal basis – and the adequacy of the procedural safeguards attached to them becomes therefore crucial in understanding the impact of the new ECB prerogatives on the stability of the Eurozone financial market, as well as on the protection of fundamental rights in the interactions between EU and national legal frameworks, both in administrative and in criminal matters. To this aim, in the present Chapter, first SSM investigatory powers will be analysed. Then, all the aforementioned ECB supervisory powers will, to the extent possible, be separately examined, following a classification into: (i) “specific supervisory powers” (“common procedures” – Articles 14 and 15 SSM R); (ii) “other supervisory powers” (Article 16, and partially, Article 9 SSM R); and (iii) “sanctioning powers” (Article 18 SSM R). Although not present, as such, in the SSM legal framework, this labelling aims at highlighting the specificity of each category of ECB powers, both de iure condito and condendo, and at presenting reference model from which to examine the adequacy of the attached procedural safeguards.