René Smits appointed alternate member of review panel for ECB supervisory decisions
ACELG member René Smits has been appointed as an Alternate Member of the Administrative Board of Review (ABoR) of the European Central Bank. ABoR is a panel of five members and two alternates who are to provide independent reviews of supervisory decisions of the European Central Bank (ECB).
In the context of ‘banking union’ in the EU, the ECB will, as of 4 November 2014, assume direct powers in the prudential supervision of significant banks and be responsible for granting and withdrawing authorisations of all banks, and of holdings in all banks, operating in the Euro Area. Banks and other directly concerned parties may challenge the ECB’s supervisory decisions directly before the Court of Justice of the European Union or, first, request an independent review of the decision from ABoR.
René Smits is Professor of the Law of the Economic and Monetary Union at the University of Amsterdam.