The recently created European Banking Authority has only limited powers over national supervisors, whose daily work is guided mainly by national considerations.

In parallel, the European Banking Authority will continue to perform its existing tasks, namely developing the single rulebook for the entire single market and ensuring convergent supervisory practice throughout the EU.

a. Considerations relating to the possibility of the United Nations serving as supervisory authority under the future protocol

a. Considerations relating to the possibility of the United Nations serving as supervisory authority under the preliminary draft protocol

The competent supervisory authority has also the power to impose a fine on anyone who

That is not the outcome favored by the European Commission, which has only just set up the European Banking Authority. The EBA is closely linked to the Commission itself, and is seen as the natural candidate for a broader role.

That delegation expressed the view that the assumption of the role of supervisory authority by the United Nations was totally inappropriate and in conflict with its fundamental mandate.

There were major overhauls in 1986, and again in 1997, when the Bank of England lost its banking supervision responsibilities as a delayed response to the collapse of Barings.

That is not the outcome favored by the European Commission, which has only just set up the European Banking Authority.

(c) The managerial competencies for supervisory staff so as to provide an assessment of their supervisory skills

Report of the Working Group on the question of the appropriateness of the United Nations serving as the supervisory authority under the future protocol on matters specific to space assets

Those delegations also expressed the view that there remained a risk that the United Nations might have to pay compensatory damages should it decide to assume the role of supervisory authority.

That seemed logical at the time, but not if the EBA s role is to be broadened.

The EBA is closely linked to the Commission itself, and is seen as the natural candidate for a broader role.

The oversight function of parliamentarians is an important tool in checking corruption and corrupt practices in the executive, the civil service, the judiciary, etc.

Working paper submitted by Canada, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Spain, Sweden and the United States of America

Some delegations expressed the view that there were no legal barriers to the United Nations serving as supervisory authority under the future protocol.

The view was expressed that the final decision regarding the identity of the supervisory authority remained with the diplomatic conference that would be convened to adopt the future protocol.

The view was expressed that, as there was no consensus on the United Nations assuming the role of supervisory authority, serious consideration should be given to alternative solutions.

First, the identity of the single European banking supervisor remains undecided, and the ECB has seen an opportunity for a power grab.

The view was expressed that those delegations which had objected to the United Nations serving as supervisory authority under the future protocol had not offered a detailed analysis of viable options.

Erdoğan came to power in 2003, after years of short term instability and banking crises.

Under the new rules, the Monetary Authority now recognizes limited purpose bank branches at which a limited range of services is offered.

Regulatory institutions such as bank supervisory agencies and bodies that oversee the telecommunications, food, and energy industries play a vital role by maintaining the always delicate balance between free markets and the actions of elected governments and legislatures.

Article 6 Supervisory Committee By its decision 16 CP.7, the COP recommended to the COP MOP that it establish an Article 6 Supervisory Committee to verify emission reduction units to be transferred and acquired pursuant to Article 6 of the Kyoto Protocol.

(d) Report on the question of the United Nations serving as the supervisory authority under the future protocol on matters specific to space assets (A AC.105 C.2 2005 CRP.7 Rev.1)

Some delegations expressed the view that there was no legal impediment to the United Nations assuming the role of supervisory authority, and that such a role was consistent with all the purposes of the United Nations detailed in its Charter.

The view was expressed that although proposals were made during the course of discussions regarding alternatives to the United Nations assuming the role of supervisory authority, those proposals were not the subject of a detailed analysis.

The view was expressed that if the United Nations did not assume the role of supervisory authority, it should still have unlimited access to all information in the registry to be set up under the future protocol.

The view was expressed that the decision of the Subcommittee should be delayed until the Unidroit subcommittee formed to develop proposals for the international registration system had completed its consideration of the role of the supervisory authority.

With regard to the possibility of the United Nations serving as supervisory authority, his delegation took note of the concerns of certain delegations and supported further consideration of that matter by the COPUOS.

Some delegations expressed the view that acceptance by the United Nations or any of its offices of the role of supervisory authority under the future protocol was inappropriate and in conflict with the fundamental mandate of the United Nations.

The view was expressed that given the complex institutional nature of the question of the United Nations assuming the role of supervisory authority, the matter should be referred to the Sixth Committee of the General Assembly before being referred to its Fourth Committee.

The view was expressed that a precondition to the United Nations assuming the functions of supervisory authority would be that the Organization should not be responsible for any cost associated with exercising those functions and that it should enjoy immunity from liability for damages.

During the political horse trading that preceded the creation of the EBA (together with two equivalent bodies for securities and insurance), it was agreed that the new authority would be based in London.

Some delegations noted that a number of options for the supervisory authority, such as ITU, were under consideration by delegations participating in the group of governmental experts convened by Unidroit to review the future protocol, as well as the possibility of creating a committee of States parties.

Bank secrecy

The Banking Conundrum

Banking

Bank signatories

The view was expressed that the functions of the supervisory authority should be entrusted to an existing international organization such as ITU or to an international ad hoc entity set up by the States parties to the Convention and the future protocol.

The supervisor of the home country (Italy) has the opposite interest.

Supervisors should be bound by a presumption that they will act.

The Subcommittee welcomed the establishment of the open ended ad hoc working group, which had carried out its work intersessionally under the coordination of the delegation of the Netherlands, and considered the appropriateness of the United Nations serving as supervisory authority under the future protocol.

Some delegations supported the assumption by the United Nations of the function of supervisory authority and hoped that the Subcommittee would decide at its current session to recommend to the General Assembly to agree, in principle, to the assumption of that role.