Article 118 Procedure in case of disagreement with the Supervisory Board’s draft decision pursuant to Article 7(8) of the SSM Regulation

1. Overview

Summary	Regulation
Article 118 1	1. The ECB shall inform the NCA in close cooperation of the Supervisory Board’s complete draft decision in relation to a supervised entity or supervised group located in a participating Member State in close cooperation, subject to confidentiality requirements under Union law.
Article 118 2	2. If the NCA in close cooperation disagrees with the Supervisory Board’s complete draft decision, it shall, within five working days of receipt of the complete draft decision, notify the Governing Council in writing of the reasons for its disagreement.
Article 118 3	3. The Governing Council shall decide on the matter within five working days of receipt of such notification, taking the reasons stated for the disagreement fully into account, and it shall provide the NCA in close cooperation with written reasons for its decision.
Article 118 4	4. A participating Member State in close cooperation may request the ECB to terminate its close cooperation with immediate effect and shall then not be bound by any ensuing decision of the Governing Council.

Requirements
Source	Requirement

Standards
Source	Requirement

Builddate: 14.05.2014 00:00:00 -Doknr: CELEX:32014R0468
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