international financial reforms: capital standards, resolution regimes and supervisory colleges, and...

7/30/2019 International Financial Reforms: Capital Standards, Resolution Regimes and Supervisory Colleges, and their Effect

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KACI Xormilh Zkpbr Ubribs

Iltbrlktiolk` Filkleik` Sbforns4Ekpitk` Utklakras, Sbso`utiolSbhinbs kla UupbrvisoryEo``bhbs, kla tgbir Bffbet olBnbrhilh Nkrmbts

Aulekl K`fora

Lo. 1:3Dklukry 3:;5

Ksikl Abvb`opnblt Cklm Ilstitutb


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Qgb Xormilh Zkpbr sbribs is k eoltiluktiol of tgb fornbr`y lknba Aiseussiol Zkpbr sbribs= tgbluncbrilh of tgb pkpbrs eoltiluba witgout iltbrruptiol or egklhb. KACIs wormilh pkpbrsrbf`bet ilitik` iabks ol k topie kla krb postba olìlb for aiseussiol. KACI bleourkhbs rbkabrs topost tgbir eonnblts ol tgb nkil pkhb for bkeg wormilh pkpbr (hivbl il tgb eitktiol cbòw).Uonb wormilh pkpbrs nky abvbòp ilto otgbr forns of pucìektiol.

Uuhhbstba eitktiol4

K`fora, A. 3:;5 Iltbrlktiolk` Filkleik` Sbforns4 Ekpitk` Utklakras, Sbsoùtiol Sbhinbs klaUupbrvisory Eo``bhbs, kla tgbir Bffbet ol Bnbrhilh Nkrmbts. KACI Xormilh Zkpbr 1:3. Qomyo4

Ksikl Abvbòpnblt Cklm Ilstitutb. Kvki`kc`b4 gttp4//www.kaci.orh/wormilh-pkpbr/3:;5/:;/;6/215:.iltbrlktiolk`.filkleik`.rbforns/

Z`bksb eoltket tgb kutgor for ilfornktiol kcout tgis pkpbr.

Bnki`4 k`foraaJ`kw.se.bau

Aulekl K`fora is kssoeiktb abkl kla kssoeiktb profbssor of `kw, Rlivbrsity of UoutgEkroìlk Uegoo` of @kw, Eoùncik, UE.

Qgb kutgor wisgbs to tgklm tgb kttblabbs kt tgb Ksikl Abvbòpnblt Cklm Ilstitutbeolfbrbleb bltit`ba Lbw Zkrkaihns for Filkleik` Sbhu`ktiol kla Nkero Zoìeibs4Bnbrhilh Nkrmbt Zbrspbetivbs gbà il Qomyo ol 5: Ubptbncbr 3:;;, for tgbir gb`pfuèonnblts. Qgb kutgor k`so wisgbs to tgklm Skegb` Ktmilsol, Knir Lowroozzkabg,Qkyòr Unitg kla Nbhkl Crowl for tgbir kssistkleb. K`` brrors or onissiols krb tgbkutgors kòlb. Qgis krtie`b is cksba ol rbsbkreg eolauetba tgrouhg 5: Abebncbr 3:;;.

K wormilh pkpbr eoltkililh kaaitiolk` aiseussiol kla klk`ysis kla norb abtki`ba sourebsis òektba ol UUSL kt gttp4//pkpbrs.ssrl.eon/so`5/pkpbrs.efn?kcstrket_ia>3::8989

Qgb vibws bxprbssba il tgis pkpbr krb tgb vibws of tgb kutgors kla ao lot lbebsskri`yrbf`bet tgb vibws or poìeibs of KACI, tgb Ksikl Abvbòpnblt Cklm (KAC), its Cokra ofAirbetors, or tgb hovbrlnblts tgby rbprbsblt. KACI aobs lot hukrkltbb tgb keeurkey oftgb aktk ileùaba il tgis pkpbr kla keebpts lo rbspolsiciìty for kly eolsbqublebs oftgbir usb. Qbrniloòhy usba nky lot lbebsskri`y cb eolsistblt witg KAC offieik` tbrns.

Ksikl Abvbòpnblt Cklm IlstitutbMksunihksbmi Cuiàilh 7F5-3-2 Mksunihksbmi, Egiyoak-muQomyo ;::-6::7, Dkpkl

Qb`4 +7;-5-5295-22::Fkx4 +7;-5-5295-228;RS@4 www.kaci.orhB-nki`4 ilfoJkaci.orh

3:;5 Ksikl Abvbòpnblt Cklm Ilstitutb


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KACI Xormilh Zkpbr 1:3 K`fora

Kcst rket

Qgis pkpbr foeusbs ol tgb rb`bvkleb to bnbrhilh beolonibs of tgrbb nkdor filkleik` rbfornsfo`òwilh tgb hòck` filkleik` erisis of 3::83::94 (;) tgb inprovba ekpitk` rbquirbnbltsiltblaba to rbaueb tgb rism of cklm fkiùrb (Cksb` III), (3) tgb inprovba rbeovbry kla rbsoùtiolrbhinbs for hòck` cklms, kla (5) tgb abvbòpnblt of supbrvisory eo``bhbs of eross-corabr

filkleik` ilstitutiols to inprovb supbrvisory eoopbrktiol kla eolvbrhbleb. Qgb pkpbr k`sokaarbssbs tgb inpìektiols of tgbsb rbhu`ktory rbforns for Ksikl bnbrhilh nkrmbts.

DB@ E`kssifiektiol4 H3, H37, O;6


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Eoltblts

;. Iltroauetiol ..................................................................................................................... 5

3. H-3: Uunnits kla Filkleik` Sbforns ............................................................................ 2

5. Cksb` III Ekpitk` Utklakra ............................................................................................... 8

5.; Nilinun Ekpitk` Utklakra .................................................................................... 85.3 @bvbrkhb Sktio kla @iquiaity Sktio ....................................................................... 75.5 Kaaitiolk` Ekpitk` Sbquirba for Hòck` UIFIs ......................................................... 9

1. Uupbrvisory Eo``bhbs .....................................................................................................;:

1.; Qgb Buropbkl Rliol kla Eo``bhbs of Uupbrvisors ...............................................;;

1.3

Qgb Buropbkl Rliols Sbforn of Filkleik` Uupbrvisiol

......................................;51.5 Cksb` Eonnittbb ol Uupbrvisory Eo``bhbs ..........................................................;6

2. Sbsoùtiol kla Ilso`vbley Sbhinbs ..............................................................................;8

2.; Buropbkl Rliol Zroposk` for k Sbsoùtiol Frknbworm ........................................;72.3 Cksb` Eonnittbb Eross-Corabr Sbsoùtiol Hroup ...............................................3:2.5 Mby Kttricutbs of Bffbetivb Sbsoùtiol Sbhinbs for Filkleik` Ilstitutiols .............3;2.1 Sbeovbry kla Sbsoùtiol Z`kls@ivilh Xi``s for Filkleik` Ilstitutiols ..............33

6. Eoleùsiol .....................................................................................................................31

6.; Cksb` IIIInpìektiols for Bnbrhilh Nkrmbts .......................................................326.3 Uupbrvisory Eo``bhbsInpìektiols for Bnbrhilh Nkrmbts ..................................366.5 Sbsoùtiol SbhinbsInpìektiols for Bnbrhilh Nkrmbts ....................................37

Sbfbrblebs ...............................................................................................................................5:

Kllbx K4 Buropbkl Rliol Filkleik` Uupbrvisiol @bhk` Frknbworm ..........................................51

Kllbx C4 Sbsoùtiol FrknbwormsInportklt Aoeunblts ........................................................52

Kllbx E4 Uystbniek``y Inportklt Filkleik` Ilstitutiols Uucdbet to Kaaitiolk` @oss KcsorcbleyEkpitk` ......................................................................................................................................56


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;. ILQSOAREQIOL

Xgi`b tgb 3::83::7 filkleik` erisis cbhkl il tgb Rlitba Utktbs, tgb erisis quiem`y sprbkahòck``y ekusilh aberbksbs il hross aonbstie proauet kla bnpòynblt `bvb`s kroula tgbworà.;

;. Uileb tgb fk`` of 3::7 wgbl tgb H-3: nbt il Xksgilhtol, AE, kt tgb cbhillilh of tgb filkleikèrisis, tgb Gbkasof Utktb of tgb H-3: gkvb proposba k fùrry of rbforns to tgb iltbrlktiolk`filkleik` systbn.

Qgb erisis rbvbk`ba lunbrous hblbrk` wbkmlbssbs il tgb supbrvisiol kla rbhu`ktiol of

hòck` cklms kla filkleik` ilstitutiols. Lktiolk` hovbrlnblts kla iltbrlktiolk` coaibs k`sorbeohlizba tgbsb wbkmlbssbs il tgb rbhu`ktory kla supbrvisory systbn of hòck` filkleikìlstitutiols kla gkvb cbhul to tkmb stbps to inprovb tgb systbn witg tgb gopb of kvoiailh, or kt`bkst nitihktilh, futurb filkleik` erisbs.

3 Qgbsb proposk`s eovbr k wiab rklhb of issubs kla rbf`bet k sbriousrbspolsb to tgb sbvbrb filkleik` erisis= gowbvbr, nkly portiols of tgb rbforns gkvb lot ybtcbbl fu``y inp`bnbltba. Qgb prileipk` proposk`s

5

3. K sihlifieklt ilerbksb il tgb knoult of tgb ekpitk` rbquirbnblt for iltbrlktiolk` cklms kòlhwitg k lbw ìquiaity rktio iltblaba to strblhtgbl cklm rbsiìbleb aurilh k filkleik` erisis, k``pkrt of tgb Cksb` III proposk`=

ileùab4

5. Iltblsifiba supbrvisiol of systbniek``y inportklt filkleik` ilstitutiols (UIFIs). Qgis proposkàbfilbs k UIFI kla proviabs for kaaitiolk` òss kcsorcbley ekpitk` to cb gbà cy tgb UIFIcbekusb of tgb systbnie rism posba if tgb ilstitutiol fki`s. Qgis iltblsifiba supbrvisiol wi`` k`soproviab for kl inprovba rbeovbry kla rbsoùtiol rbhinb for UIFIs kla tgb usb of supbrvisoryeo``bhbs to inprovb supbrvisory eoorailktiol foula kemilh aurilh tgb rbeblt filkleik` erisis.

1. Sbhu`ktiol of tgb sgkaow cklmilh sbetor. Qgis proposk` wi`` abfilb sgkaow cklmilh klaproposb supbrvisiol of tgis sbetor to rbspola to tgb eolebrl tgkt ilerbksba rbhu`ktiol klasupbrvisiol of tgb trkaitiolk` filkleik` sbetors (cklmilh, ilsurkleb, kla sbeuritibs) wi`` arivbfilkleik` ketivity to ulrbhu`ktba sbetors. Qgbsb rbhu`ktiols krb iltblaba to kaarbss tgbsystbnie rism posba cy tgb sgkaow cklmilh sbetor kla kly rbhu`ktory krcitrkhb rbsu`tilhfron rbeblt filkleik` rbforns.

2. Ilerbksba rbhu`ktiol kla supbrvisiol of ovbr-tgb eoultbr (OQE) kla eonnoaity abrivktivbs=

6. Inprovba nkeropruabltik` frknbworms kla too`s. Zrior to tgb filkleik` erisis, poìeynkmbrsfki`ba to abtbet (or ihlorba) systbnie risms, pkrtieu`kr`y nkerobeolonie risms.

8. Eolvbrhbleb of iltbrlktiolk` keeoultilh stklakras. Qgb Iltbrlktiolk` Keeoultilh UtklakrasCokra kla tgb Filkleik` Keeoultilh Utklakras Cokra proviab two eonpbtilh sbts ofstklakras, nkmilh tgb eonpkrisol of tgb filklebs of hòck` cklms aiffieu`t. Qgb H-3: gksurhba cotg coaibs to eolvbrhb tgbir stklakras to erbktb olb gihg-qukìty hòck` keeoultilhstklakra.

7. Sbnulbrktiol prketiebs. Qgis proposk` p`kebs ìnits ol eonpblsktiol prketiebs of filkleikìlstitutiols il orabr to rbaueb systbnie rism.

;Bawkra Gkaks, Is tgb Erisis Ovbr? Lbw Yorm Qinbs. 33 Kpri` 3::9, kt C3.

3Filkleik` Utkciìty Cokra, Zrohrbss il tgb Inp`bnbltktiol of tgb H3: Sbeonnblaktiols for Utrblhtgblilh Filkleik`

Utkciìty (Kpri` ;:, 3:;;).

5Ia.


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9. Inprovba kagbrbleb to khrbba iltbrlktiolk` filkleik` stklakras tgrouhg tgb usb of pbbrrbvibws of ilaiviauk` H-3: lktiols, ileùailh tgbnktie pbbr rbvibws, kla tgb usb ofsupbrvisory eo``bhbs for inportklt eross-corabr filkleik` ilstitutiols.

Qgis pkpbr wi`` foeus ol tgrbb of tgb kcovb proposba rbforns4 (;) tgb inprovba ekpitk`rbquirbnblts iltblaba to rbaueb tgb rism of cklm fkiùrb (Cksb` III), (3) tgb inprovba rbeovbrykla rbsoùtiol rbhinbs for hòck` cklms, kla (5) tgb abvbòpnblt of supbrvisory eo``bhbs ofeross-corabr filkleik` ilstitutiols to inprovb supbrvisory eoopbrktiol kla eolvbrhbleb. Il tgbfilk` sbetiol of tgis krtie`b, I wi`` kaarbss tgb inpìektiols of tgbsb rbhu`ktory rbforns for Ksiklbnbrhilh nkrmbts.

Il sonb wkys, tgbsb tgrbb proposk`s ekl cb sbbl ks tgb coom blas kla tgb cooms of krbfornba rbhu`ktory kla supbrvisory systbn. Qgb ekpitk` stklakras krb iltblaba to nilinizb tgbrism of cklm fkiùrbtgb cbhillilh coom bla. K rbeovbry kla rbsoùtiol rbhinb is iltblaba toproviab kl orabr`y soùtiol il tgb bvblt of k cklm fkiùrbtgb `kst coom bla. Uupbrvisoryeo``bhbs krb tgb cooms tgkt k`òw for eolsistblt kla bffbetivb inp`bnbltktiol of tgbsb coombla stklakras.

Zrior to tgb rbeblt filkleik` erisis, lunbrous eonnbltktors gka k`rbkay eoleùaba tgkt ekpitk``bvb`s gbà cy cklms wbrb sinp`y too òw. Qgb `kem of ekpitk` iltblsifiba tgb bffbets of tgbfilkleik` erisis kla ekusba lktiolk` hovbrlnblts to cki` out ebrtkil filkleik` ilstitutiols il orabrto prbsbrvb filkleik` stkciìty. Xgi`b supbrvisors, tgb filkleik` ilaustry, kla kekabnies abcktbtgb abtki`s of tgb proposba ilerbksb il ekpitk` rbquirbnblts for cklms, k`` sueg hroups, ileùailhtgb filkleik` ilaustry, khrbb tgkt sonb ilerbksb is lbebsskry.

Qgb rbeblt filkleik` erisis gihgìhgtba tgb ilbffbetivb supbrvisory eoopbrktiol knolh lktiolk`cklm supbrvisors rb`ktba to eross-corabr filkleik` ilstitutiols. Ks k rbsu`t, sbvbrk` iltbrlktiolk`hovbrlnbltk` orhklizktiols, lktiolk` hovbrlnblts kla eonnbltktors1gkvb ek``ba for tgb usbof supbrvisory eo``bhbs to supbrvisb hòck` filkleik` ilstitutiols, il pkrtieu`kr, tgosb UIFIs tgktgkvb cbbl tgb rbeipiblts of hovbrlnblt filkleik` support aurilh tgb erisis. Aurilh tgb filkleikèrisis, Nbncbr Utktbs of tgb Buropbkl Rliol (BR) eonnittba kia to cklms il tgb knoult ofkpproxinktb`y 5:%of BR hross aonbstie proauet (HAZ) kla pkia out knoults bquivk`blt to

;5% of BR HAZ.2

Ks Zrbsiablt Liego`ks Ukrmozy kla Zrinb Nilistbr Horaol Crowl lotba il3::9, Cbttbr rbhu`ktiol kla supbrvisiol krb tgb nbkls cy wgieg tgb rism to tgb tkxpkybr ekl cbrbaueba for tgb òlhbr tbrn.6

Kl iltbrlktiolk` rbhinb for tgb orabr`y wilailh up of ilso`vblt cklms is k lbebsskry eonpolbltfor tru`y bffbetivb iltbrlktiolk` rbhu`ktiol kla supbrvisory eoorailktiol. Xitgout sueg k rbhinb,poìeynkmbrs krb `bft witg two stkrm egoiebs4 fkiùrb of tgb filkleik` ilstitutiol witg tgb rbsu`tilh

1 Iltbrlktiolk` Nolbtkry Fula, Ilitik` @bssols of tgb Erisis for tgb Hòck` Kregitbeturb kla tgb INF (Fbcrukry ;7,

3::9), ktgttp4//www.inf.orh/bxtbrlk`/lp/pp/blh/3::9/:3;7:9.paf = Filkleik` Ubrviebs Kutgority, Qurlbr Sbvibw4 KSbhu`ktory Sbspolsb to tgb Hòck` Cklmilh Erisis (Nkreg 3::9), ktgttp4//www.fsk.hov.um/pucs/otgbr/turlbr_rbvibw.paf = Qgb Hroup of Qgirty, Filkleik` Sbforn4 K Frknbworm forFilkleik` Utkciìty (Dkl. 3::9), kvki`kc`b kt gttp4//www.hroup5:.orh= Qgb Hroup of Qgirty, Xormilh Hroup olFilkleik` Uupbrvisiol, Qgb Utrueturb of Filkleik` Uupbrvisiol4 Kpprokegbs kla Egk``blhbs il k Hòck` Nkrmbtp`keb17 (3::7), kvki`kc`b kt gttp4//www.abòittb.eon/kssbts/Aeon-RlitbaUtktbs/@oek`%3:Kssbts/Aoeunblts/us_fsi_cklmilh_H5:%3:Filk`%3:Sbport%3:;:-5-:7.paf.

2Gbrnkl vkl Sonpuy, Sbsgkpilh Buropbs BeolonyQgb So`b of tgb Filkleik` Ubetor, 5 (9 Fbc. 3:;;),(gttp4//www.eolsiìun.buropk.bu/ubaoes/ens_aktk/aoes/prbssaktk/bl/be/;;935;.paf).

6Horaol Crowl kla Lieo`ks Ukrmozy, For Hòck` Filkleb, Hòck` Sbhu`ktiol, Xk`` Utrbbt Dourlk`, ;: Abebncbr

3::9, kt K32.
http://www.imf.org/external/np/pp/eng/2009/021809.pdfhttp://www.fsa.gov.uk/pubs/other/turner_review.pdfhttp://www.group30.org/http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_fsi_banking_G30%20Final%20Report%2010-3-08.pdfhttp://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_fsi_banking_G30%20Final%20Report%2010-3-08.pdfhttp://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/119231.pdfhttp://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/119231.pdfhttp://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_fsi_banking_G30%20Final%20Report%2010-3-08.pdfhttp://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_fsi_banking_G30%20Final%20Report%2010-3-08.pdfhttp://www.group30.org/http://www.fsa.gov.uk/pubs/other/turner_review.pdfhttp://www.imf.org/external/np/pp/eng/2009/021809.pdf


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beolonie aisruptiol or tgb usb of tkxpkybr fulas to rbekpitkìzb tgb filkleik` ilstitutiol. Ubvbrkìltbrlktiolk` coaibs kla eonnbltktors gkvb proposba soùtiols for wilailh aowl ilso`vbltfilkleik` ilstitutiols. Qgis krtie`b k`so bxpòrbs sonb of tgbsb proposk`s.

3. H-3: URNNIQU KLA FILKLEIK@ SBFOSNU

Qgb H-3:, kssbrtilh itsb`f ks tgb prb-bnilblt forun for iltbrlktiolk` beolonie eoopbrktiol,8

Cbhillilh witg tgb Xksgilhtol sunnit il Lovbncbr 3::7 to kaarbss tgb filkleik` erisis, tgb H-

3:

gkskaarbssba tgb lbba for rbforn il tgb hovbrlkleb, rbhu`ktiol kla supbrvisiol of tgb iltbrlktiolk`filkleik` systbn. Qgb H-3: gks ek``ba ol its nbncbrs to inp`bnblt Cksb` III, eoltricutb to tgbbffbetivblbss of supbrvisory eo``bhbs, kla to kaopt k rbsoùtiol rbhinb for filkleik` ilstitutiols.

7

Uupbrvisors sgouà eo``kcorktb to bstkcìsg supbrvisory eo``bhbs for k`` nkdor eross-corabr filkleik` ilstitutiols, ks pkrt of tgb bfforts to strblhtgbl tgb survbi``kleb of eross-corabr firns. Nkdor hòck` cklms sgouà nbbt rbhu`kr`y witg tgbir supbrvisory eo``bhb for

eonprbgblsivb aiseussiols of tgb firns ketivitibs kla kssbssnblts of tgb risms it fkebs.

gks rbeonnblaba tgb bxpklaba usb of eo``bhbs of supbrvisors to supbrvisb UIFIs. Qgbireonnuliqu fron tgkt sunnit stktba tgkt cy 5; Nkreg 3::94

9

Aurilh tgb @olaol Uunnit ol 3 Kpri` 3::9, tgb H-3: `bkabrs bstkcìsgba tgb Filkleik` UtkciìtyCokra, ks sueebssor to tgb Filkleik` Utkciìty Forun (FUF), witg tgb hok` of bxtblailhrbhu`ktiol kla ovbrsihgt to k`` systbniek``y inportklt filkleik` ilstitutiols, ilstrunblts kla

nkrmbts

;:kla bnpgksizba tgb usb kla abvbòpnblt of eo``bhbs of supbrvisors il supbrvisilh

hòck` cklms. Furtgbrnorb, tgb Filkleik` Utkciìty Cokra wouà bxpkla its nbncbrsgip to

ileùab k`` H-3: eoultribs, FUF nbncbrs,;;

Upkil, kla tgb Buropbkl Eonnissiol,;3

8H-3:, @bkabrs Utktbnblt, Zittscurhg Uunnit, Zrbknc`b, pkrk. ;6 (3::9) ]gbrbilkftbr H3: Zittscurhg^

ilrbeohlitiol of tgb hòck` lkturb of tgb filkleik` systbn kla tgb hrowilh inportkleb of bnbrhilhnkrmbts il tgb worà beolony.

7 Qgb fo`òwilh eoultribs krb nbncbrs of tgb H-3:4 Krhbltilk, Kustrkìk, Crkzi`, Eklkak, tgb Sbpucìe of Egilk,

Frkleb, Hbrnkly, Ilaik, Ilaolbsik, Itk`y, Dkpkl, Nbxieo, tgb Lbtgbr`klas, tgb Sbpucìe of Morbk, Sussik, UkuaiKrkcik, Uoutg Kfriek, Qurmby, tgb Rlitba Milhaon, kla tgb Rlitba Utktbs. H-3:, Xgkt is tgb H-3:?,(gttp4//www.h3:.orh). Qgb H-3: rbprbsblts 79% of hòck` HAZ kla two-tgiras of tgb woràs popu`ktiol. Morbk-FUCFilkleik` Sbforn Eolfbrbleb, Kl Bnbrhilh Nkrmbt Zbrspbetivb 9 (3:;:).

9 H-3:,Abe`krktiol Uunnit ol Filkleik` Nkrmbts kla tgb Xorà Beolony (3::7), rbpriltba ilUtktbnblt fron H-3:

Uunnit, Lbw Yorm Qinbs, ;6 Lovbncbr 3::7.

;:H-3:, Abe`krktiol ol Utrblhtgblilh tgb Filkleik` Uystbn4 @olaol Uunnit ; (3::9), kvki`kc`b kt

gttp4//www.òlaolsunnit.hov.um ]gbrbilkftbr @olaol Eonnuliqu^.

;; Filkleb nilistribs kla ebltrk` cklms fron tgb fo`òwilh lktiols krb nbncbrs of tgb Filkleik` Utkciìty Cokra4Krhbltilk= Kustrkìk= Crkzi`= Eklkak= tgb Sbpucìe of Egilk= Frkleb= Hbrnkly= Golh Molh, Egilk= Ilaik= Ilaolbsik=Itk`y= Dkpkl= Nbxieo= tgb Lbtgbr`klas= tgb Sbpucìe of Morbk= Sussik= Ukuai Krkcik= Uilhkporb= Uoutg Kfriek=Upkil= Uwitzbr`kla= Qurmby= tgb Rlitba Milhaon= kla tgb Rlitba Utktbs. Filkleik` Utkciìty Cokra, NbncbrIlstitutiols. kvki`kc`b ktgttp4//www.filkleik`stkciìtycokra.orh/nbncbrs/ìlms.gtn.

;3@olaol Eonnuliqu, suprklotb ;;.
http://www.g20.org/http://www.londonsummit.gov.uk/http://www.financialstabilityboard.org/members/links.htmhttp://www.financialstabilityboard.org/members/links.htmhttp://www.financialstabilityboard.org/members/links.htmhttp://www.londonsummit.gov.uk/http://www.g20.org/


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Kt tgb bla of tgb H-3: Uunnit gbà il Qorolto il Dulb 3:;:, tgb Gbkas of Utktb rbeohlizba tgbinportkleb of k rbsoùtiol rbhinb kaarbssilh systbnie ilstitutiols kla eonnittba tgbnsb`vbsto absihl kla inp`bnblt k systbn wgbrb wb gkvb tgb powbrs kla too`s to rbstrueturb orrbso`vb k`` typbs of filkleik` ilstitutiols il erisis, witgout tkxpkybrs u`tinktb`y cbkrilh tgbcurabl, kla kaoptba prileip`bs tgkt wi`` huiab inp`bnbltktiol.;5

Qgb Gbkas of Utktb stktba tgbir e`bkr iltbltiol to rbaueb nork` gkzkra cy absihlilh klainp`bnbltilh k systbn wgbrb wb gkvb tgb powbrs kla too`s to rbstrueturb or rbso`vb k `` typbsof filkleik` ilstitutiols il erisis, witgout tkxpkybrs u`tinktb`y cbkrilh tgb curabl.

;1

Zropbr k`òektiol of òssbs to rbaueb nork` gkzkra kla protbet tkxpkybrs=

Klyrbsoùtiol rbhinb sgouà proviab for4

Eoltiluity of eritiek` filkleik` sbrviebs, ileùailh uliltbrruptba sbrvieb for ilsurbaabpositors=

Erbaiciìty of tgb rbsoùtiol rbhinb il tgb nkrmbt=

Nilinizktiol of eoltkhiol=

Kavkleba p`kllilh for orabr`y rbsoùtiol kla trklsfbr of eoltrketuk` rb`ktiolsgips= kla,

Bffbetivb eoopbrktiol kla ilfornktiol bxegklhb aonbstiek``y kla knolh durisaietiols iltgb bvblt of k fkiùrb of k eross-corabr ilstitutiol.;2

Kt tgb Ubou` Uunnit il Lovbncbr 3:;:, tgb H-3: Gbkas of Utktb eoltiluba tgbir eonnitnbltto tgb rbforn of tgb iltbrlktiolk` filkleik` systbn. Il tgbir Abe`krktiol, tgb `bkabrs pronisba toabìvbr tgb eorb b`bnblts of k lbw filkleik` rbhu`ktory frknbworm, ileùailh cklm ekpitk` klaìquiaity stklakras, ks wb`` ks nbksurbs to cbttbr rbhu`ktb kla bffbetivb`y rbso`vb systbniek``yinportklt filkleik` ilstitutiols, eonp`bnbltba cy norb bffbetivb ovbrsihgt kla supbrvisiol.;6Qgb H-3: `bkabrs blaorsba tgb poìey frknbworm, worm proebssbs, kla tinbìlbs proposba cytgb FUC to rbaueb tgb nork` gkzkra risms posba cy systbniek``y inportklt filkleik` ilstitutiols

kla kaarbss tgb too-cih-tofki` proc`bn.

;8

Il pkrtieu`kr, tgb H-3: khrbba tgkt hòck` UIFIssgouà cb sucdbet to k sustkilba proebss of nklaktory iltbrlktiolk` rbeovbry kla rbsoùtiolp`kllilh,;7

;5

H-3:, Qorolto Uunnit Abe`krktiol 2 (36 Dulb 3:;:).

kla tgkt lktiols sgouà inp`bnblt tgb Cksb` Eonnittbbs eross-corabr rbsoùtiolrbeonnblaktiols.

;1Ia. kt ;5.

;2Ia.

;6H-3: Ubou` Uunnit, @bkabrs Abe`krktiol (Ubou`) 3 (;; Lovbncbr 3:;:) ]gbrbilkftbr Ubou` Abe`krktiol^.

;8Ia.

;7Ia.


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5. CKUB@ III EKZIQK@ UQKLAKSA

Aurilh tgb filkleik` erisis of 3::83::7, tgb `bkabrs of tgb H-3: tksmba tgb Cksb` Eonnittbb olCklmilh Uupbrvisiol (Cksb` Eonnittbb) to inprovb tgb ekpitk` stklakras of iltbrlktiolk`cklms ks tgb wbkmlbss of iltbrlktiolk` ekpitk` stklakras (Cksb` II) wks sbbl ks k nkdor ekusb

of tgb erisis. Il Abebncbr 3:;:, tgb Cksb` Eonnittbb issuba tgis inportklt rbforn proposk`klbw, norb strilhblt ekpitk` stklakra for cklms mlowl ks Cksb` III. ;9

5.; Nilinun Ekpitk` Utklakra

Qgb Gbkas of Utktb of tgbH-3: prbvious`y blaorsba tgis proposk` kt tgb Lovbncbr 3:;: Uunnit gbà il Ubou`.

Qgb Cksb` Eonnittbb proposba tgkt iltbrlktiolk` cklms goà totk` ekpitk` bquivk`blt to 7% ofrism-wbihgtba kssbts ks opposba to tgb eurrblt `bvb` of 3% of rism-wbihgtba kssbts. Qgbabfilitiol of rism-wbihgtba kssbts k`so egklhba. Norb strilhblt eritbrik wbrb kppìba to typbs ofkssbts kla tgb rism-wbihgts kppìba to ebrtkil kssbts ilerbksba. Qgb iltblt of tgb rbvisiols of tgbCksb` ekpitk` frknbworm wks to ekpturb k`` nktbrik` risms of k filkleik` ilstitutiol. Aurilh tgbrbeblt filkleik` erisis, tgb Cksb` II frknbworm fki`ba to ekpturb ol kla off-ck`kleb sgbbt risms

kla abrivktivb-rb`ktba bxposurbs of filkleik` ilstitutiols. Rlabr tgb prior stklakra, Cksb` II, tgbabfilitiol of rism-wbihgtba kssbts ulabrbstinktba rism bxposurbs, tgb abfilitiol of ekpitk` aia lotrbf`bet tgb ilstitutiols kciìty to kcsorc òssbs, kla tgb rbquirba nilinun ekpitk` rktios wbrb tooòw. 3: Qgis fkiùrb kla tgb rbsu`tilh `kem of ekpitk` iltblsifiba tgb filkleik` erisis. Cksb` IIIrbquirbs norb ekpitk` cotg il qukìty kla il knoult. Qgb bffbet of tgb Cksb` III rbvisiols to rismeovbrkhb is to ilerbksb tgb ekpitk` egkrhbs kssoeiktba witg bxposurb to eoultbrpkrtibs to OQEabrivktivbs, rbpos kla stoem `blailh trklsketiols, il bkeg eksb wgieg krb lot e`bkrba tgrouhgebltrk` eoultbrpkrtibs kla tgus proviab ilebltivbs to bnpòy norb stklakraizba abrivktivbs tocb e`bkrba ebltrk``y.3;

Ekpitk` ulabr Cksb` III eolsists of tgrbb eonpolblts4 eonnol bquity Qibr ; ekpitk`, kaaitiolk`Qibr ; ekpitk`, kla Qibr 3 ekpitk`. Cksb` III bnpgksizbs tgb inportkleb of eonnol bquity ksekpitk`. Qgb hok` of tgb Cksb` Eonnittbb is to abvbòp k nilinun stklakra= lktiolk`

supbrvisors krb frbb to kpp`y norb strilhblt ekpitk` rbquirbnblts. Qgb nilinun `bvb` ofeonnol bquity Qibr ; ekpitk` wi`` cb 1.2% of rism-wbihgtba kssbts witg totk` Qibr ; ekpitk` cbilh6% kla totk` ekpitk` ileùailh Qibr 3 ekpitk` cbilh 7% kftbr tgb pgksb il pbrioa. Iltbrlktiolk`cklms nust nbbt tgbsb ekpitk` rbquirbnblts cy ; Dklukry 3:;2 (Qkc`b ;).

Qkc`b ;4 Lbw ekpitk` rbquirbnblts kla Zgksb-il pbrioa ulabr Cksb` III

Fron ; Dkl.3:;5

Fron ; Dkl.3:;1

Fron ; Dkl.3:;2

Eonnol Bquity Qibr ; Ekpitk` / SismXbihgtba Kssbts (SXK)

5.2% 1.:% 1.2%

Qibr ; Ekpitk` / SXK 1.2% 2.2% 6.:%

Qotk` Ekpitk` /SXK 7.:% 7.:% 7.:%

;9Cksb` Eonnittbb ol Cklmilh Uupbrvisiol, Cksb` III4 K Hòck` Sbhu`ktory Frknbworm for Norb Sbsiìblt Cklms klaCklmilh Uystbns (Abe. 3:;:, rbvisba Dulb 3:;;), kvki`kc`b ktgttp4//www.cis.orh/puc`/cecs;79.gtn.

3:Ugkaow Filkleik` Sbhu`ktory Eonnittbb, Utktbnblt 3:8, kt ; (Fbcrukry ;1, 3:;;).

3;Norrisol & Fobrstbr, Cksb` III4 Qgb (Lbkr`y) Fu`` Zieturb 1 (Abebncbr 35, 3:;:), kvki`kc`b ktgttp4//www.nofo.eon/fi`bs/Rpòkas/Inkhbs/;:;335-Cksb`-III-Qgb-Lbkr`y-Fu``-Zieturb.paf.
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Uoureb4 Kutgor.

Il kaaitiol to tgis eorb ekpitk` stklakra, iltbrlktiolk` cklms nust k`so nbbt kl kaaitiolk` ekpitkèolsbrvktiol cuffbr bquivk`blt to 3.2% of rism-wbihgtba kssbts. K`so, kt tgb aiserbtiol of lktiolk`supbrvisors, cklms nky cb rbquirba to goà kl kaaitiolk` knoult of ekpitk` ks k eoultbreyeìek`cuffbr bquivk`blt to 3.2% of rism-wbihgtba kssbts. Qgus, tgb totk` ekpitk` rbquirba foriltbrlktiolk` cklms eouà potbltik``y ilerbksb fron 3% of rism-wbihgtba kssbts ulabr tgbprbvious stklakra to ;5% ulabr tgb lbw, norb strilhblt Cksb` III stklakra.

5.3 @bvbrkhb Sktio kla @iquiaity Sktio

Qgb Cksb` Eonnittbb k`so proposba k `bvbrkhb rktio for iltbrlktiolk` cklms. Qgis rktio isekèu`ktba ks tgb knoult of ekpitk` gbà cy tgb cklm aiviaba cy tgb knoult of bxposurb of tgbcklm. Bxposurb ileùabs tgb vkùb of cklm kssbts kla tgb vkùb of abrivktivbs kla off-ck`klebsgbbt itbns. Khkil, tgb iltblt is to ekpturb k`` risms, cotg ol kla off-ck`kleb sgbbt, for wgieg tgbcklm is ìkc`b. Qgb rktio wi`` cb tbstba kt k `bvb` of 5% fron ; Dklukry 3:;5 to ; Dklukry 3:;8.Qgb Cksb` Eonnittbb stktba tgkt tgis rktio nky egklhb abpblailh ol tgb Eonnittbbsbvkùktiol of its bffbet ol cklm opbrktiols.

Qgb Cksb` Eonnittbb k`so rbeonnblaba k ìquiaity stklakra for iltbrlktiolk` cklms ks pkrt oftgb lbw Cksb` III stklakratgb first tinb tgb Cksb` Eonnittbb gks kaarbssba ìquiaity. Qgbìquiaity stklakra wi`` cb nbksurba cy two sbpkrktb rktios4 k @iquiaity Eovbrkhb Sktio kla k LbtUtkc`b Fulailh Sktio. Qgb @iquiaity Eovbrkhb Sktio is tgb vkùb of gihg qukìty ìquia kssbtsovbr tgb totk` lbt eksg fòw of tgb cklm for k tgirty-aky pbrioa. Qgis rktio sgouà cb hrbktbr tgklor bquk` to olb kla sgouà cb rbportba noltg`y to tgb kppropriktb supbrvisor.

Il eoltrkst to tgb @iquiaity Eovbrkhb Sktio, tgb Lbt Utkc`b Fulailh Sktio is iltblaba to pronotbtgb rbsiìbleb of tgb cklm ovbr k òlhbr tinb pbrioa of olb ybkr. Qgis rktio is tgb cklms

Kvki`kc`b Utkc`b Fulailh ovbr its Sbquirba Utkc`b Fulailh. Qgb Sbquirba Utkc`b Fulailh is klknoult abtbrnilba cy tgb kppropriktb supbrvisor usilh kssunptiols rbhkrailh tgb ìquiaity rismprofi`b of tgb cklm. Qgb Kvki`kc`b Utkc`b Fulailh is tgb sun of k cklms ekpitk`, prbfbrrba stoemwitg k nkturity ovbr olb ybkr, lol-nkturilh abposits, tbrn abposits, kla wgo`bsk`b fulailh tgkt

is bxpbetba to rbnkil witg tgb cklm il tgb bvblt of k filkleik` erisis. Qgis Lbt Utkc`b FulailhSktio sgouà cb hrbktbr tgkl or bquk` to olb kla nust cb rbportba qukrtbr`y. Qgb supbrvisor iltgb gonb durisaietiol typiek``y blforebs tgis rktio keeorailh to tgb gonb durisaietiols stklakras.Xitg rbspbet to rbtki` kla snk`` cusilbss abposits, tgb ìquiaity stklakras of tgb gost durisaietiolkrb kppìba.

Uupbrvisors nust ck`kleb tgb tblsiol cbtwbbl ilerbksilh cklm ekpitk` to pronotb filkleik`stkciìty khkilst tgb bffbet of aberbksba beolonie hrowtg ekusba cy k rbauetiol il cklm `blailhlbebssitktba cy tgb gihgbr ekpitk` `bvb`s. Qgb [ukltitktivb Inpket Utuay eolauetba cy tgb CksbÈonnittbb ks pkrt of tgb abvbòpnblt of Cksb` III sgowba tgkt 288 ci`ìol wbrb lbbaba tonbbt tgbsb lbw ekpitk` stklakras for k sknp`b of iltbrlktiolk` cklms.33

33Cksb` Eonnittbb ol Cklmilh Uupbrvisiol, [ukltitktivb Inpket Utuay (;6 Abebncbr 3:;:), kvki`kc`b kt

Qgis sknb sknp`bbkrlba kftbr-tkx profits of 3:9 ci`ìol il 3::9. Sbtkilba bkrlilhs kòlb nky lot cb suffieiblt to

fula tgbsb lbw ekpitk` stklakras.

gttp4//www.cis.orh/puc`/cecs;76.gtn.
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5.5 Kaai tiolk` Ekpitk` Sbquirba for Hòck` UIFIs

Qgb Cksb` Eonnittbb gks k`so proposba kaaitiolk`, norb strilhblt ekpitk` stklakras for hòckÙIFIs. Qgbsb cklms krb k sucsbt of tgb iltbrlktiolk` cklms sucdbet to Cksb` III hblbrk``ycbekusb tgby posb systbnie risms to tgb worà beolony kla tgus wi`` rbebivb norb iltblsbsupbrvisiol. Qgb Cksb` proposk` is iltblaba to erbktb k frknbworm for iabltifyilh tgbsbsystbniek``y inportklt cklms kla lot to erbktb k fixba ìst of sueg ilstitutiols. Qgb CksbÈonnittbb proposba kl ilaiektor cksba nbksurbnblt kpprokeg, eolsistilh of fivb ilaiektorsof bquk` wbihgt. Qgb fivb ilaiektors krb4

(;) Eross-Durisaietiolk` Ketivity wgieg wi`` cb nbksurba cy tgb knoult of eross-durisaietiolkè`kins kla eross-durisaietiolk` ìkciìtibs witg tgb iabk tgkt tgb hrbktbr tgb eross-

durisaietiolk` ketivity of tgb ilstitutiol tgb norb aiffieu t it wi`` cb to rbso`vb tgb ilstitutiol.

(3) Uizb wgieg wi`` cb nbksurba cy tgb totk` bxposurbs of tgb cklm usba il tgb ekèu`ktiol oftgb `bvbrkhb rktio ulabr Cksb` III. Qgb tgbory is tgkt tgb `krhbr tgb cklm, tgb norb ìmb`yits fkiùrb wouà aknkhb tgb hòck` beolony.

(5) Iltbreollbetbalbss rbfbrs to tgb lbtworm of eoltrketuk` ocìhktiols witgil wgieg tgb

cklm opbrktbs kla is nbksurba cy tgrbb suc-ilaiektors4 iltrk-filkleik` systbn kssbts,iltrk-filkleik` systbn ìkciìtibs, kla tgb wgo`bsk`b fulailh rktio.

(1) Uucstitutkciìty rbfbrs to wgbtgbr tgbrb krb sucstitutbs or k`tbrlktivbs for nkdor ìlbs ofcusilbss or sbrviebs of tgb cklm kla is nbksurba cy tgb knoult of kssbts ulabreustoay, tgb knoult of pkynblts e`bkrba kla sbtt`ba tgrouhg pkynblt systbns, kla tgbvkùb of ulabrwrittbl trklsketiols il abct kla bquity nkrmbts.

(2) Eonp`bxity is nbksurba cy tgb lotiolk` vkùb of OQE abrivktivbs, tgb knoult of @bvb` 5kssbts (wgosb fkir vkùb ekllot cb abtbrnilba cy usilh ocsbrvkc`b nbksurbs), kla tgbtrkailh coom vkùb kla kvki`kc`b for sk`b vkùb. Qgis eritbriol rbeohlizbs tgkt tgbsystbnie inpket of tgb fkiùrb of k cklm wouà typiek``y cb norb sbvbrb ks tgbeonp`bxity of tgb cklm ilerbksbs.35

Il Lovbncbr 3:;; tgb Filkleik` Utkciìty Cokra absihlktba 39 filkleik` ilstitutiols to cbsystbnie kla tgbrbforb sucdbet to tgb kaaitiolk` ekpitk` rbquirbnblt.

31

Qgis kaaitiolk` ekpitk` for hòck` UIFIs nust eolsist of eonnol bquity Qibr ; ekpitk`. Qgb CksbÈonnittbb eolsiabrba tgb ileùsiol of cki`-il ekpitk`

Qgbsb cklms nust goàkl kaaitiolk` knoult of ekpitk` rklhilh fron ;% to k potbltik` 5.2% of rism-wbihgtba kssbts,abpblailh ol tgb cklms rktilh. Qgb gihgbr tgb rktilh, tgb norb systbniek``y inportklt tgbcklm, kla, tgus, norb ekpitk` nust cb gbà. Qgis òss kcsorcbley ekpitk` is il kaaitiol to tgbotgbr forns of ekpitk` rbquirba cy Cksb` III.

32

35

Norrisol & Fobrstbr, Abfililh Hòck` Uystbniek``y Inportklt Cklms kla Kaaitiolk` @oss KcsorcbleySbquirbnblts, ;3 Kuhust 3:;;.

cut abeiaba lot to ileùab tgbsbilstrunblts. Sktgbr, il its vibw, cki`-il ekpitk` eouà cb usba to nbbt otgbr typbs of ekpitk`rbquirba to cb gbà cy cklms. Qgb bffbet of tgis proposk` is to ilerbksb tgb ekpitk` rbquirba to cb

31Filkleik` Utkciìty Cokra, FUC klloulebs poìey nbksurbs to kaarbss systbniek``y inportklt filkleik` ilstitutiols(UIFIs) kla lknbs ilitik` hroup of hòck` UIFIs (1 Lovbncbr 3:;;), kvki`kc`b ktgttp4//www.filkleik`stkciìtycokra.orh/prbss/pr_;;;;:1ee.paf Qgbsb 39 filkleik` ilstitutiols krb ìstba il

Kllbx E.

32Cki`-il ekpitk` rbfbrs to abct tgkt eolvbrts to bquity upol tgb trihhbrilh of ebrtkil bvblts.
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;:

gbà cy hòck` systbniek``y inportklt cklms fron 3% of rism-wbihgtba kssbts to potbltik``y;6.2% if k`` typbs of Cksb` III ekpitk` krb inposba il kaaitiol to tgb òss kcsorcbley ekpitk` for khòck` UIFI.

I wi`` kaarbss tgb inpìektiols of tgb rbforn of ekpitk` stklakras ol bnbrhilh nkrmbts il tgbeoleùsiol of tgis egkptbr.

1. URZBSVIUOSY EO@@BHBU

Olb too` usba to inprovb tgb iltbrlktiolk` `bhk` frknbworm for filkleik` supbrvisiol is tgbeo``bhb of supbrvisors or supbrvisory eo``bhbs for eross-corabr filkleik` ilstitutiols. Qgbsb kagoehroups krb iltblaba to inprovb tgb bxegklhb of ilfornktiol knolh supbrvisors witg tgbhok` of blsurilh skfb kla soula cklmilh prketiebs, rbaueilh tgb possiciìty of hovbrlnbltk`kssistkleb to filkleik` ilstitutiols, kla cuiàilh eolfiableb hblbrk``y il tgb iltbrlktiolk`filkleik` systbn. Qgb gopb is tgkt tgbsb eo``bhbs, wgieg nbbt ol k rbhu`kr cksis to aiseuss tgbsupbrvisiol of k pkrtieu`kr filkleik` ilstitutiol, wi`` iabltify issubs or proc`bns bkr`y, tgblkaarbss tgbn quiem`y kla tgus rbaueb tgb rism of k cki` out or k cklm fkiùrb.

Qgb H-3: kla tgb Buropbkl Rliol gkvb cbbl pkrtieu`kr`y ketivb il abvbòpilh tgbsb eo``bhbskla eoaifyilh cbst prketiebs for tgbir opbrktiol. Gowbvbr, eo``bhbs of supbrvisors krb k ìnitba,ileonp`btb rbspolsb to tgb ilkabquktb eoorailktiol of supbrvisiol of hòck` filkleikìlstitutiols. Iltbrlktiolk` supbrvisory eoorailktiol is lbebsskri`y gilabrba cbekusb bkeglktiolk` supbrvisor wi`` strivb to nilinizb its usb of tkxpkybr rbsourebs to eovbr kly òssbs froncklm fkiùrbs. Kt tinbs of erisis, lktiolk` supbrvisors tbla to rilh-fbleb kssbts kla lbh`bet (orihlorb) bfforts kt supbrvisory eoorailktiol.

Eolvbrhbleb of tgb typbs kla bxtblt of powbrs of supbrvisory kutgoritibs is lbbaba to inprovbeoorailktiol of supbrvisiol of eross-corabr filkleik` ilstitutiols. Eurrblt`y, tgb `bhk` powbrs ofsupbrvisors vkry wiab`y knolh lktiols. Xgbl tgb supbrvisors pkrtieipktilh il k eo``bhb gkvbsini`kr `bhk` powbrs kla kutgority, tgb eo``bhb ekl cb norb bffbetivb. Uini`kr`y, tgb smi``s klaekpkeity of supbrvisors vkribs wiab`y, pkrtieu`kr`y wgbl olb eonpkrbs tgb typiek` abvbòpba

lktiol to tgb typiek` bnbrhilh nkrmbt. @imbwisb, tgb supbrvisory kpprokeg ekl vkry knolhlktiols= for bxknp`b, sonb eoultribs prbfbr ol-sitb supbrvisiol wgi`b otgbrs rb`y ol off-sitbsurvbi``kleb. Zkst bxpbribleb witg supbrvisory eo``bhbs i`ùstrktbs tgkt tgby krb lot k eonp`btbsoùtiol to tgb issub of bffbetivb supbrvisiol of hòck` cklms.

Uupbrvisory eo``bhbs wbrb lot first erbktba ks k rbsu`t of tgb 3::83::7 filkleik` erisis.Filkleik` supbrvisors gkvb prbvious`y fornba tgbsb hroups to nolitor filkleik` ilstitutiols witgeross-corabr opbrktiols. For bxknp`b, il tgb `ktb ;97:s, k eo``bhb of supbrvisors, ileùailhkutgoritibs fron tgb Rlitba Milhaon, @uxbncourh, kla otgbr Buropbkl lktiols, supbrvisba tgbCklm of Erbait kla Eonnbreb Iltbrlktiolk` (CEEI), k cklm witg opbrktiols il sbvbrk` aozbleoultribs. Gowbvbr, tgis eo``bhb provba ilbffbetivb ks tgb cklm wks u`tinktb`y ìquiaktbacbekusb of iltbrlk` frkuau`blt ketivitibs.36

Qo eonpblsktb for tgb wbkm supbrvisory rbsourebs airbetba towkras CEEI, cklm supbrvisorsfron tgb Ekynkl Is`klas= Frkleb= Golh Molh, Egilk= @uxbncourh= Upkil= Uwitzbr`kla= tgbRlitba Krkc Bnirktbs= kla tgb Rlitba Milhaon erbktba k eo``bhb of supbrvisors il ;978 toeoorailktb tgbir supbrvisory bfforts. Il tgb bla, tgis segbnb provba ulwormkc`b kla k`òwbasupbrvisors to sgift rbspolsiciìty for kly CEEI trklshrbssiol knolh tgbnsb`vbs. Lo silh`b

36Ubb hblbrk``y Aulekl K`fora, ;993 Cks`b Eonnittbb Nilinun Utklakras4 Iltbrlktiolk` Sbhu`ktory

Sbspolsb to tgb Fkiùrb of CEEI, 36 Hbo. Xksg. D. Ilt. @. & Beol. 31; (;993).


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supbrvisor gka kly ilebltivb to supbrvisb CEEI propbr`y, kla tgb supbrvisors aia lot eoopbrktbkabquktb`y knolh tgbnsb`vbs il sgkrilh ilfornktiol ol CEEI opbrktiols. Il k 3::1 spbbeg,Ek`ùn NeEkrtgy, tgbl Gbka of tgb Filkleik` Ubrviebs Kutgority il tgb Rlitba Milhaon,eoleùaba tgkt il sonb eksbs tgb rbsourebs ]of k supbrvisor^ krb sinp`y lot up to tgb tksm ofketilh ks k gonb rbhu`ktor for k `krhb hroup kla, il tgb eksb of CEEI, tgb rbsourebs tgblkvki`kc`b il @uxbncourh, tgb gonb supbrvisor, wbrb lot suffieiblt.38

1.; Qgb Buropbkl Rliol kla Eo``bhbs of Uupbrvisors

Qgb BR gks cbbl pkrtieu`kr`y ketivb il utiìzilh eo``bhbs to supbrvisb filkleik` ilstitutiolsopbrktilh il nu`tip`b Nbncbr Utktbs. Qgbir bxpbribleb ekl cb ilstruetivb for otgbr filkleik`supbrvisors, ileùailh tgosb fron bnbrhilh nkrmbts abspitb tgb aiffbrblebs il abvbòpnblt oftgbir rbspbetivb beolonibs.

Qgb Buropbkl Cklmilh Kutgority (BCK), kla its prbabebssor, tgb Eonnittbb of BuropbklCklmilh Uupbrvisors (EBCU), gkvb tgb ocdbetivb to fostbr supbrvisory eolvbrhbleb keross

tgb Eonnulity.37

Il furtgbrkleb of tgis ocdbetivb, EBCU wks ketivb il supportilh tgbabvbòpnblt of supbrvisory eo``bhbs of eross-corabr cklms witgil tgb Buropbkl Rliol kla gks

rbeblt`y stktba4 ]Q^gb bstkcìsgnblt of supbrvisory eo``bhbs kla tgbir fuletiolilh is keorlbrstolb of tgb lbw ilstitutiolk` frknbworm.

39

Qgb rbeblt filkleik` erisis foeusba rblbwba kttbltiol ol eo``bhbs of supbrvisors ks olb ofsbvbrk` too`s to rbaueb rism witgil tgb iltbrlktiolk` filkleik` systbn. Il Dklukry 3::9, EBCUupaktba its huiakleb ol supbrvisory eo``bhbs kla proviaba norb spbeifie abtki` ol tgbopbrktiols kla cbstprketiebs of tgb eo``bhbs of supbrvisors. Il its Eo``bhbs of Uupbrvisors;:

Eonnol Zrileip`bs,

5:

38

Ek`ùn NeEkrtgy, Gow Ugouà Iltbrlktiolk` Filkleik` Ubrvieb Eonpklibs Cb Sbhu`ktba? pkrk. ;5 (33Ubptbncbr 3::1), kvki`kc`b kt

EBCU kla its sistbr khbley EBIOZU proviab tgkt k eo``bhb of supbrvisorssgk`` supbrvisb kly eross-corabr ilsurkleb hroup, cklmilh hroup or filkleik` eolhònbrktb. Qgbeo``bhbsf`bxic`b, pbrnklblt fork for eoopbrktiol kla eoorailktiol knolh filkleik` supbrvisorykutgoritibssgk`` gkvb khrbbnblts il p`keb absericilh tgb eoopbrktiol cbtwbbl tgb supbrvisorskla tgb prketiek` orhklizktiol of tgb supbrvisory ketivitibs of tgb filkleik` ilstitutiol. For cklmilhhroups, tgb eolsoìaktilh supbrvisor ks abfilba il tgb Ekpitk` Sbquirbnblts Airbetivb sgk`ìlitiktb tgb eoopbrktiol proebss. Qgb eo``bhbs sgk`` k`so pronotb gkrnolizktiol of supbrvisorykpprokegbs, eoorailktb k`` nkdor supbrvisory abeisiols, p`kl kla eoorailktb supbrvisory ol-sitbilspbetiols, kla sgkrb tgb filailhs fron sueg visits witg otgbr nbncbrs of tgb eo``bhb.

gttp4//www.fsk.hov.um/Zkhbs/@icrkry/Eonnuliektiol/Upbbegbs/3::1/UZ;96.sgtn`.

37Eonnissiol Abeisiol of 35 Dklukry 3::9 bstkcìsgilh tgb Eonnittbb of Buropbkl Cklm Uupbrvisors, 3::9 O.D. (@32) 35, pkrk. ;3. Ubb hblbrk``yAulekl B. K`fora, Qgb @knfkùssy Zroebss kla BR Cklm Sbhu`ktiol4 Klotgbr

Utbp ol tgb Soka to Zkl-Buropbkl Sbhu`ktiol?,32 Kll. Sbv. Cklmilh & Fil. @. 579 (3::6).

39EBCU, Klluk` Sbport, 6 (3:;:), kvki`kc`b kt gttp4//bck.buropk.bu/Zucìektiols/Otgbr-Zucìektiols/Klluk`-Sbport.kspx

5:Eonnittbb of Buropbkl Cklm Uupbrvisors & Eonnittbb of Buropbkl Ilsurkleb kla Oeeupktiolk` ZblsiolUupbrvisors, Eo``bhb of Uupbrvisors;: Eonnol Zrileip`bs, EBCU Lo. 3::7 ;31 (3::9), kvki`kc`b ktgttp4//www.e-bcs.orh/hbtaoe/kbbekf;k-7;c2-186k-92aa-299e2b968698/E`bkl-V5-fornkttba-EBCU-3::7-;31-EBIOZU-UBE-:7-21-.kspx.
http://www.fsa.gov.uk/Pages/Library/Communication/Speeches/2004/SP196.shtmlhttp://www.fsa.gov.uk/Pages/Library/Communication/Speeches/2004/SP196.shtmlhttp://www.c-ebs.org/getdoc/aeecaf1a-81b5-476a-95dd-599c5e967697/Clean-V3-formatted-CEBS-2008-124-CEIOPS-SEC-08-54-.aspxhttp://www.c-ebs.org/getdoc/aeecaf1a-81b5-476a-95dd-599c5e967697/Clean-V3-formatted-CEBS-2008-124-CEIOPS-SEC-08-54-.aspxhttp://www.c-ebs.org/getdoc/aeecaf1a-81b5-476a-95dd-599c5e967697/Clean-V3-formatted-CEBS-2008-124-CEIOPS-SEC-08-54-.aspxhttp://www.c-ebs.org/getdoc/aeecaf1a-81b5-476a-95dd-599c5e967697/Clean-V3-formatted-CEBS-2008-124-CEIOPS-SEC-08-54-.aspxhttp://www.fsa.gov.uk/Pages/Library/Communication/Speeches/2004/SP196.shtml


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Qgb BR Sbhu`ktiol erbktilh tgb Buropbkl Cklmilh Kutgority hrklts tgb BCK tgb kutgority to

nbaiktb aisputbs cbtwbbl tgb lktiolk` supbrvisory kutgoritibs.5;

Qgb rbhu`ktiol stktbs tgkt if tgblktiolk` supbrvisors ekllot rbkeg kl khrbbnblt kftbr k eoleiìktiol pbrioa, tgb BCK nky . . .tkmb k abeisiol rbquirilh tgbn to tkmb spbeifie ketiol or to rbfrkil fron ketiol il orabr to sbtt`btgb nkttbr, witg cilailh bffbets for tgb eonpbtblt kutgoritibs eolebrlba, il orabr to blsurb

eonpìkleb witg Rliol `kw.53

Qgb BR gks tkmbl kaaitiolk` stbps to cuttrbss eo``bhbs ks k supbrvisory too`. Il sbvbrkàirbetivbs, tgb BR ilstitutiolkìzba hrbktbr eoopbrktiol knolh supbrvisors supbrvisilh eross-corabr cklms. Il tgb kaoptiol of tgb Cksb` II airbetivb abkìlh witg ekpitk` rbquirbnblts of erbaitilstitutiols,

Qgis powbr is iltblaba to pronotb eolvbrhbleb of supbrvisory

prketieb kla cuiàs upol tgb nbaiktiol powbrs prbvious`y hrkltba to EBCU.

55 tgb Buropbkl Rliol spbeifiek``y erbktba ru`bs abkìlh witg eoopbrktiol knolhsupbrvisors of eross-corabr cklms opbrktilh il tgb BR. Il tgis airbetivb, Egkptbr 1 (Krtie`bs ;31tgrouhg ;11) of tgis airbetivb `kys out ru`bs abtbrnililh wgieg supbrvisor, k`somlowl ks tgb`bka supbrvisor, bxbreisbs eolsoìaktba supbrvisiol ovbr tgb eross-corabr cklm. 51Krtie`bs ;32kla ;36 sbt fortg abtki`ba ru`bs iabltifyilh tgb `bka supbrvisor, abpblailh ol tgb strueturb of tgberbait ilstitutiol kla its rb`ktiolsgip to kly pkrblt filkleik` goàilh eonpkly. Qgb nbncbrsgipof tgb eo``bhb sgk`` ileùab supbrvisors fron k`` BR Nbncbr Utktbs wgbrb tgb erbait ilstitutiol

gks k sucsiaikry. Rlabr Krtie`b ;36(5), tgb supbrvisors nky wkivb tgbsb ru`bs, kppoilt k `bkasupbrvisor sb`betba knolh tgbnsb`vbs to supbrvisb tgb erbait ilstitutiol, kla lotify tgbEonnissiol of sueg kppoiltnblt. Il kaaitiol, Krtie`b ;5; of tgb ESA rbquirbs tgkt tgbsupbrvisors sgk`` gkvb writtbl eoorailktiol, eoopbrktiol khrbbnblts il p`keb. 52

Rlti` tgb blketnblt of tgb BCK rbhu`ktiol, olb wbkmlbss of tgb eo``bhb of supbrvisors witgil tgbBR wks tgb `kem of k nklaktory nbaiktiol proebss if tgb supbrvisors eouà lot khrbb ol klketiol witg rbspbet to tgb supbrvisiol of tgb filkleik` ilstitutiol. Ks sbbl il tgb rbeblt filkleikèrisis, tgis `kem of nbaiktiol k`òwba supbrvisors to ket ol tgbir owl kla lot il eoorailktiol witgtgbir pbbrs. For bxknp`b, il tgb fk`` 3::7 rbseub of Fortis, tgb filkleik` hroup witg opbrktiols il

Cb`hiun, tgb Lbtgbr`klas, kla @uxbncourh, tgb lktiolk` supbrvisors struhh`ba to eoorailktbtgbir ketiols.

Xitgil tgb BR,tgbsb eo``bhbs ekrry out tgb tksms sbt fortg il tgb ESA, hblbrk``y ìnitba to rbhu`ktilh ekpitk`rbquirbnblts of filkleik` ilstitutiols. Il prketieb, eo``bhbs of supbrvisors nky bxpkla tgbirpurvibw to ileùab otgbr supbrvisory nkttbrs.

56

5;

Sbhu`ktiol ;:95/3:;:, O.D. (@ 55;) ;3 (;2 Abebncbr 3:;:).

Kt first, tgb Cblbùx hovbrlnblts puregksba 19% of tgb bquity of Fortis. Qgbl kfbw akys `ktbr, tgb Auteg hovbrlnblt sbizba tgb Auteg opbrktiols of Fortis kla tgb Cb`hikl kla

53Ia. kt krt. 3:(5).

55Airbetivb 3::6/19/BE, 3::6 O.D. (@ ;88) 3:;= Airbetivb 3::6/17/BE, 3::6 O.D. (@ ;8) ;. Eoulei` Airbetivb3::6/19/BE, 3::6 O.D. (@;88) 3:;= Eoulei` Airbetivb 3::6/17/BE, 3::6 O.D. (;88) ;.

51 Eoulei` Airbetivb 3::6/17/BE, krt. ;32 ;53, 3::6 O.D. (;88) ;, kvki`kc`b kt gttp4//bur-

`bx.buropk.bu/@bxRriUbrv/@bxRriUbrv.ao?uri>OD4@43::64;884:::;4:::;4BL4ZAF , ks knblaba cy Airbetivb3::9/;;;, 3::9 O.D. (@ 5:) 98.

52 Ia.kt krt. ;5;.

56Limmi Qkit & Dbllifbr Guhgbs, Qriegbt Ek``s for Uupbrvisiol of K`` Ilstitutiols, Filkleik` Qinbs, 31 Fbcrukry 3::7.
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:177:0001:0001:EN:PDF


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@uxbncourhikl opbrktiols wbrb soà to CLZ Zkricks. 58

1.3 Qgb Buropbkl Rliols Sbforn of Filkleik` Uupbrvisiol

Qgbsb bvblts i`ùstrktb k `kem ofbffbetivb supbrvisory eoopbrktiol, pkrtieu`kr`y aurilh tinbs of erisis. Bvbl knolh supbrvisorswgo gkvb k òlh prketieb of eoopbrktiol, lknb`y, tgb Cblbùx kutgoritibs, eoopbrktiol eklcrbkm aowl il tinbs of erisis ks lktiolk` iltbrbsts eonb to tgb forb. Sbeohlizilh tgbwbkmlbssbs il tgb supbrvisory systbn gihgìhgtba cy tgb filkleik` erisis, tgb BR rbspolaba witg`bhis`ktivb proposk`s to rbforn tgb BR systbn.

57

Ol 35 Fbcrukry 3::9, k gihg `bvb` hroup of kavisors, egkirba cy Dkequbs ab @krosirb, fornbrHovbrlor of tgb Cklqub ab Frkleb, issuba its rbport ol tgb rbforn of tgb BR systbn of filkleik`

supbrvisiol, k`so mlowl ks tgb @krosirb Sbport.

59Kppoiltba cy Dosb Ckrroso, tgb Zrbsiablt of

tgb Buropbkl Eonnissiol, il tgb fk`` of 3::7, tgb Gihg-@bvb` Hroup wks egkrhba witg k crokanklaktb to nkmb proposk`s to strblhtgbl Buropbkl supbrvisory krrklhbnblts eovbrilh k``filkleik` sbetors, witg tgb ocdbetivb to bstkcìsg k norb bffieiblt, iltbhrktba kla sustkilkc`b

Buropbkl systbn of supbrvisiol.1:

Xgi`b k eonp`btb klk`ysis of tgis rbport is cbyola tgbseopb of tgis krtie`b, tgis krtie`b wi`` foeus ol tgb rbports rbeonnblaktiols rb`ktba tosupbrvisory eoopbrktiol witgil tgb BR. Qgb @krosirb Sbport il Sbeonnblaktiol;7 kavisba

tgkt eo``bhbs of supbrvisors wouà cb sbt up for k`` nkdor eross-corabr ilstitutiols.1;For eross-corabr ilstitutiols, tgb eo``bhbs of supbrvisors iltroaueba cy tgb rbvisba Ekpitk` Sbquirbnblts

Airbetivb (ESA) kla tgb Uo`vbley II Airbetivb sgouà tkmb tgb `bka il supbrvisiol.13

Qgb rbport k`so stktba tgkt tgb rb`ktivb`y rbstrietivb usb of supbrvisory eo``bhbs sgouà cb

bxpklaba innbaiktb`y.

15Cy tgb bla of 3::9, supbrvisory eo``bhbs sgouà cb bstkcìsgbafor k``

nkdor eross-corabr firns witgil tgb BR, bstinktba to cb kt `bkst 2: filkleik` ilstitutiols.11

Qgb

@bvb` 5 eonnittbbs12

58

R`rieg Vo`z, Buropb Lbbas k Rlitba Kpprokeg to tgb Erbait Eruleg, Xk`` Utrbbt Dourlk`, 8 Oetocbr 3::7, kt K38.

wouà pkrtieipktb il tgis proebss cy abfililh tgb supbrvisory prketiebs kla

57K tinbìlb of tgb eurrblt bffort to rbforn tgb Buropbkl Rliol `bhk` frknbworm for filkleik` supbrvisiol is kttkegbaks Kllbx K.

59 Dkequbs Ab @krosibrb bt k`, Qgb Gihg-@bvb` Hroup ol Filkleik` Uupbrvisiol il tgb BR (3::9),

kvki`kc`b kt gttp4//be.buropk.bu/iltbrlk`_nkrmbt/filklebs/aoes/ab_`krosibrb_rbport_bl.paf. ]gbrbilkftbr@krosirb Sbport^. Qgis hroup gbà ;; pucìe nbbtilhs kla eolsu`tba wiab`y to abvbòp its 5;rbeonnblaktiols to inprovb filkleik` sbrviebs rbhu`ktiol witgil tgb BR.

1: Zrbss Sb`bksb, Gihg @bvb` Bxpbrt Hroup, Gihg @bvb` Bxpbrt Hroup ol BR Filkleik` Uupbrvisiol to Goà FirstNbbtilh ol ;3 Lovbncbr ;Z/:7/;689 (;; Lovbncbr 3::7), kvki`kc`b ktgttp4//buropk.bu/rkpia/prbssSb`bksbsKetiol.ao?rbfbrbleb>IZ/:7/;689&fornkt>GQN@&khba>:&`klhukhb>BL&hui@klhukhb>bl.

1;@krosirb Sbport, suprklotb 1:, kt 17.

13@krosirb Sbport, suprklotb 1:, kt 18.

15@krosirb Sbport, suprklotb 1:, kt 2;.

11 Ia.
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1679&format=HTML&aged=0&language=EN&guiLanguage=enhttp://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1679&format=HTML&aged=0&language=EN&guiLanguage=enhttp://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1679&format=HTML&aged=0&language=EN&guiLanguage=enhttp://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1679&format=HTML&aged=0&language=EN&guiLanguage=en


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krrklhbnblts for tgb fuletiolilh of tgb eo``bhbs of supbrvisors kla wouà tgbnsb`vbspkrtieipktb il supbrvisory eo``bhbs. Qgb e`bkr iltblt is to bxpkla tgb nklaktb of EBCU to cbnorb ileùsivb of tgb supbrvisory p`kybrs kla to crokabl tgb tksms of eo``bhbs cbyola tgosbstktba il tgb ESA. Qgb rbport rbeonnblaba trklsfornilh tgb @bvb` 5 eonnittbbs ilto tgrbbsupbrvisory kutgoritibs, olb for bkeg filkleik` sbetor4 cklmilh, sbeuritibs kla ilsurklebtgbBuropbkl Cklmilh Kutgority (tgb BCK), tgb Buropbkl Ubeuritibs Nkrmbts Kutgority (tgb

BUNK) kla tgb Buropbkl Ilsurkleb kla Oeeupktiolk` Zblsiols Kutgority (tgb BIOZK).

Kftbr ovbr k ybkr of lbhotiktiol, tgb Eoulei` kla tgb Buropbkl Zkrìknblt il Ubptbncbr 3:;:khrbba ol filk` vbrsiols of `bhis`ktiol rbfornilh tgb BR filkleik` rbhu`ktory systbn. I wi`` foeusol tgb BCK Sbhu`ktiol wgieg trklsfornba EBCU ilto k Buropbkl supbrvisory kutgority, tgbBuropbkl Cklmilh Kutgority.16

Qgb BCK gks tgb kutgority to sucnit cotg rbhu`ktory tbegliek` stklakras kla inp`bnbltilhtbegliek` stklakras to tgb Buropbkl Eonnissiol for kpprovk`.

18

Nbncbr Utktbs tgrouhgout tgb lbhotiktiols wbrb eolebrlba kcout tgb powbr of tgb BCK toissub abeisiols airbet`y kppìekc`b to filkleik` ilstitutiols. Uonb Nbncbr Utktbs kla lktiolk`supbrvisors, pkrtieu`kr`y il tgb Rlitba Milhaon, wbrb eolebrlba tgkt tgb BCK wouà eireunvblttgb kutgority of lktiolk` supbrvisors. Qgb filk` rbhu`ktiol aobs k`òw, ulabr ebrtkil ìnitbaeolaitiols, tgb BCK to issub abeisiols airbet`y kppìekc`b to filkleik` ilstitutiols.

Oleb sucnittba, tgbEonnissiol ekl rbdbet or rbqubst knblanblts to tgb stklakra. Gowbvbr, tgb Eonnissiolekllot egklhb tgb tbxt of tgb stklakras witgout eoorailktilh witg tgb BCK. Xgi`b tgis `bhis`ktiolaobs lot proviab rbhu`ktiol-nkmilh kutgority bquivk`blt to tgkt of lktiolk` supbrvisory khbleibs,it aobs proviab tgb BCK witg sihlifieklt ilfùbleb il erbktilh tgb stklakras. Qgb Sbhu`ktiol

bxpìeit`y proviabs tgkt tgb Eoulei` or tgb Buropbkl Zkrìknblt ekl rbvomb tgis ab`bhktiol ofpowbr to issub tbegliek` stklakras.

Qgb BCK k`so gks tgb powbr to sbtt`b aiskhrbbnblts cbtwbbl lktiolk` supbrvisors of eross-corabr filkleik` ilstitutiols. Qgb rbhu`ktiol rbquirbs tgb BCK to kttbnpt kt first to nbaiktb klyaisputb. If tgb lktiolk` supbrvisors ekllot rbkeg kl khrbbnblt, tgbl tgb BCK cy k nkdority votbof its Cokra of Nklkhbrs issubs k abeisiol sbttìlh tgb nkttbr. Qgb BCK abeisiol supbrsbabs

kly bkrìbr abeisiol issuba cy tgb lktiolk` supbrvisor. Qgis aisputb sbtt`bnblt powbr eoup`bawitg tgb suprbnkey of tgb BCK abeisiol ovbr lktiolk` supbrvisors wi`` blkc`b tgb BCK to erbktbk soula, bffbetivb kla eolsistblt `bvb` of rbhu`ktiol kla supbrvisiol witgil tgb BRolb of tgbhok`s of tgis Sbhu`ktiol. Gowbvbr, tgis powbr to sbtt`b aisputbs is ìnitba cy tgb skfbhukra

12 Qgb @bvb` 5 eonnittbbs rbfbr to tgb Eonnittbb of Buropbkl Cklmilh Uupbrvisors (EBCU), tgb Eonnittbb ofBuropbkl Ubeuritibs Sbhu`ktors (EBUS), kla tgb Eonnittbb of Buropbkl Ilsurkleb kla Oeeupktiolk` ZblsiolUupbrvisors (EBIOZU). Qgbsb eonnittbbs wbrb sbt up ulabr tgb @knfkùssy proebss to kavisb tgb Eonnissiolkla its eonnittbbs ol inp`bnbltilh nbksurbs lbba to bffbetuktb filkleik` rbhu`ktiol.

16Sbhu`ktiol (BR) Lo. ;:95/3:;: of tgb Buropbkl Zkrìknblt kla of tgb Eoulei` of 31 Lovbncbr 3:;: Bstkcìsgilhk Buropbkl Uupbrvisory Kutgority (Buropbkl Cklmilh Kutgority), Knblailh Abeisiol Lo. 8;6/3::9/BE klarbpbkìlh Eonnissiol Abeisiol 3::9/87/BE, 3:;: O.D. (@ 55;) ;3, 312, kvki`kc`b kt gttp4//bur-

`bx.buropk.bu/@bxRriUbrv/@bxRriUbrv.ao?uri>OD4@43:;:455;4::;34::184BL4ZAF ]gbrbilkftbr BCK Sbhu`ktiol^.Sbhu`ktiol (BR) Lo. ;:93/3:;: of tgb Buropbkl Zkrìknblt kla of tgb Eoulei` of 31 Lovbncbr 3:;: Bstkcìsgilhk Buropbkl Uystbnie Sism Cokra, 3:;: O.D. (@ 55;) ;= Sbhu`ktiol (BR) Lo. ;:91/3:;: of tgb Buropbkl Zkrìknbltkla of tgb Eoulei` of 31 Lovbncbr 3:;: Bstkcìsgilh k Buropbkl Uupbrvisory Kutgority (Buropbkl Ilsurkleb klaOeeupktiolk` Zblsiols Kutgority), 3:;: O.D. (@ 55;) 17= Sbhu`ktiol (BR) Lo. ;:92/3:;: of tgb BuropbklZkrìknblt kla of tgb Eoulei` of 31 Lovbncbr 3:;: Bstkcìsgilh k Buropbkl Uupbrvisory Kutgority (BuropbklUbeuritibs kla Nkrmbts Kutgority), 3:;: O.D. (@ 55;) 71.

18 BCK Sbhu`ktiol, suprklotb 18, kt 3132.
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0012:0047:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0012:0047:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0012:0047:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:331:0012:0047:EN:PDF


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provisiol proviailhtgkt lo sueg abeisiol inpilhbs il kly wky ol tgb fisek` rbspolsiciìtibs ofNbncbr Utktbs.17

Qgb Sbhu`ktiol proviabs for tgb BCK to cb eòsb`y ilvo`vba il tgb opbrktiol of eo``bhbs ofsupbrvisors. Qgb BCK iskc`b to pkrtieipktb il tgb ketivitibs of eo``bhbs of supbrvisors, ileùailhol-sitb bxknilktiols.

19 Qgb filk` rbhu`ktiol blunbrktbs spbeifie tksms of tgb BCK rb`ktba to

eo``bhbs of supbrvisors.

2:

For ilstkleb, tgb BCK nky abvbòp arkft rbhu`ktory kla inp`bnbltilhtbegliek` stklakras rb`ktba to tgb opbrktiol of eo``bhbs of supbrvisors. Filk``y, tgb BCK sgk``gkvb k `bhk``y cilailh nbaiktiol ro`b to rbso`vb aisputbs cbtwbbl eonpbtblt kutgoritibs.2;

Qgb BCKs kutgority to issub abeisiols rbso`vilh k aisputb knolh lktiolk` supbrvisors or il tgbbvblt of k filkleik` bnbrhbley is sucdbet to k croka skfbhukra. Qgb BCK sgk`` lot issub kabeisiol tgkt inpilhbs il kly wky ol tgb fisek` rbspolsiciìtibs of tgb Nbncbr Utktb.

23If kNbncbr Utktb cbìbvbs tgkt kl BCK abeisiol aobs inpilhb ol its fisek` rbspolsiciìtibs, it eklkppbk` to tgb Eoulei` of tgb Buropbkl Rliol to rbvibw tgb abeisiol. Abpblailh ol tgb typb ofabeisiol, tgb Eoulei` cy its ketiol or ilketiol ekl rblabr tgb abeisiol ilbffbetivb.25Kaaitiolk``klhukhb wks kaaba stktilh kly kcusb of tgb skfbhukra, pkrtieu`kr`y wgbrb tgbrb is lo nktbrik`fisek` inpket, sgk`` cb progicitba ks ileonpktic`b witg tgb iltbrlk` nkrmbt. 21

Qgb BCK is lot optink``y ilabpblablt for k rbhu`ktory khbley. Lktiolk` supbrvisors wgo krbsucdbet to its abeisiols sbrvb ol tgb BCK cokra. Qgb hroulas for aisnissk` of tgb gbka of tgbBCK krb lot spbeifiba. K rbprbsbltktivb of tgb Buropbkl Eonnissiol sbrvbs ol tgb cokra il klol-votilh ekpkeity cut lbvbrtgb`bss rkisbs tgb issub of potbltik` poìtiek` iltbrfbrbleb ol tgb]BCKs^ poìey abeisiols.

Qgis croka`yworaba skfbhukra provisiol sihlifieklt`y wbkmbls tgb BCKs kutgority. Gowbvbr, tgis krtie`b

aobs lot kpp`y to abeisiols issuba cy tgb BCK kla blaorsba cy tgb Eonnissiol rb`ktba to tgbcrbkeg of BR `kw. If tgb ketiol of k lktiolk` supbrvisor crbkegbs BR `kw, tgb skfbhukraprovisiol kla its ab`kyilh proebaurb ao lot kpp`y.

22

Eo``bhbs of supbrvisors krb erueik` for gkrnolizba supbrvisiol witgil tgb BR. Zropbrsupbrvisiol is lot possic`b ul`bss tgb ]lktiolk`^ supbrvisors rbspolsic`b for nolitorilh tgb

17 Ia. kt krt. 57.

19 Ia. kt krt. 3;(;).

2:Qgb BCK is bxpbetba to eo``bet k`` rb`bvklt ilfornktiol lbbaba for tgb bffbetivb opbrktiol of tgb eo``bhbs kla toilstitutb BR-wiab strbss tbsts of filkleik` ilstitutiols. Qgb BCK ekl rbqubst furtgbr abìcbrktiols cy eo``bhbs, nkyrbquirb tgb eolsoìaktilh supbrvisor to segbau`b k nbbtilh of tgb eo``bhb, kla ekl kaa itbns to tgb khblak of tgbeo``bhb.

2; Ia.kt krt. 3;(1).

23 Ia. kt krt. 57(;).

25 Ia. kt krt. 57(3)(1)

21 Ia.kt krt. 57(2).

22Aolkto Nkseiklaoro, Nkrik D. Lbito & Nkre [uiltyl, Qgb Buropbkl Cklmilh Kutgority4 Krb Its HovbrlklebKrrklhbnblts Eolsistblt witg Its Ocdbetivbs, Vox, 8 Fbcrukry 3:;;, kvki`kc`b ktgttp4//www.voxbu.orh/ilabx.pgp?q>loab/6:71
http://www.voxeu.org/index.php?q=node/6084http://www.voxeu.org/index.php?q=node/6084


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sucsiaikribs (kla bvbl crklegbs) of tgosb hroups krb fu``y ilvo`vba il tgb supbrvisiol bxbreisbacy tgb gonb supbrvisor ovbr tgb pkrblt eonpkly.26

Qgb prbvious bxp`klktiol of tgb abvbòpnblts witgil tgb BR i`ùstrktbs tgb aiffieu`ty ililtbhrktilh tgb supbrvisiol of eross-corabr filkleik` ilstitutiols. Bvbl witgil tgb BR wgbrb tgbrbis k `bhk` frknbworm to blket rbforn, gkrnolizilh filkleik` rbhu`ktiol kla supbrvisiol gks cbblaiffieu`t kla is sti`` ileonp`btb, kftbr sbvbrk` abekabs of bffort. Qgb BCK is lot k trubsuprklktiolk` rbhu`ktory khbley. Nbncbr Utktbs ekl kppbk` its abeisiols, ileùailh tgosbissuilh tbegliek` stklakras, to tgb Buropbkl Eoulei`. Qgb BCKs bxpklaba nbaiktiol ro`b is klinprovbnblt ovbr pkst prketieb, cut lot k abfilitivb soùtiol. K`` abeisiols krb sucdbet to tgbcroka skfbhukra provisiol wgieg wks absihlba to protbet lktiolk` sovbrbihlty.

Qgbrb krb two potbltik` aklhbrs witgeo``bhbs4 olb, ileolsistblt abeisiols cbtwbbl eo``bhbs kla, sbeola, fkiùrb to tkmb kly ketiol iltgb bvblt of aiskhrbbnblt witgil k eo``bhb. Qgb BUKs wi`` rbaueb ileolsistbley cy kttblailh tgbeo``bhbs ks k eoorailktor kla iabltifyilh kla eonnuliektilh cbst prketiebs knolh eo``bhbs.Qgb BCKs powbrs to issub rbhu`ktory kla inp`bnbltilh tbegliek` stklakras rbhkrailh tgb

opbrktiol of supbrvisory eo``bhbs, to nbaiktb aisputbs knolh supbrvisors il k eo``bhb, to issubcilailh abeisiols to k lktiolk` supbrvisor, kla to issub k abeisiol airbet`y to k filkleikìlstitutiol if tgb supbrvisor fki`s to eonp`y witg tgb abeisiol wi`` strblhtgbl tgb BCKs kciìty toabvbòp norb ulifornity il cklmilh supbrvisiol witgil tgb BR. Gowbvbr, k`` sueg abeisiols krbsucdbet to tgb croka skfbhukra provisiol.

Kly iltbrlktiolk` khrbbnblt to gkrnolizb tgb rbhu`ktiol kla supbrvisiol of filkleik` ilstitutiolswi`` cb bvbl norb aiffieu`t to kegibvb cbekusb tgbrb is lo `bhk` frknbworm ol wgieg to rb`y ksbxists il tgb BR. Qgb ilebltivb to nkiltkil lktiolk` sovbrbihlty is bvbl hrbktbr il tgbiltbrlktiolk` krblk witgout k vbgie`b sini`kr to tgb BR trbkty strueturb supportilh tgb beolonieiltbhrktiol of Buropb kla kl bvbr eòsbr uliol knolh tgb pbop`bs of Buropb.28Gowbvbr, tgbBuropbkl supbrvisory kutgoritibs sueg ks tgb BCK erbktba cy tgb BR offbr inportklt `bssolsfor bfforts to erbktb k eonpkrkc`b coay outsiab tgb Buropbkl Rliol.27

1.5 Cksb` Eonnittbb ol Uupbrvisory Eo``bhbs

Il its Oetocbr 3:;: Hooa Zrketieb Zrileip`bs ol Uupbrvisory Eo``bhbs29(tgb Zrileip`bs), tgbCksb` Eonnittbb issuba bihgt hblbrk` prileip`bs ol tgb opbrktiol of eo``bhbs of supbrvisors.Qgb Cksb` Eonnittbb stktba tgkt supbrvisory eo``bhbs krb lot k sucstitutb for bffbetivb lktiolk`supbrvisiol of filkleik` ilstitutiols. Furtgbrnorb, supbrvisory eo``bhbs krb lot abeisiol-nkmilhcoaibs cut rktgbr proviab k frknbworm to blgkleb bffbetivb supbrvisiol of iltbrlktiolk` cklmilhhroups.6:

26

@krosirbSbport, suprk lotb 22, kt 2.

Qgb Cksb` Eonnittbb lotbs tgkt supbrvisory eo``bhbs proviab k usbfu` forun il wgiegto sgkrb ilfornktiol rbhkrailh tgb ovbrk`` rism kssbssnblt of k cklmilh hroup kla il wgieg toaiseuss kla p`kl tgb supbrvisory kssbssnblt of k filkleik` hroup. R`tinktb`y, tgb rbhu`kr

28

Qrbkty ol Buropbkl Rliol, Zrbknc`b, 3:;: O.D. (E 75) 5, ;2 (5: Nkreg 3:;:).

27Brie Zkl, Four Egk``blhbs to Filkleik` Sbhu`ktory Sbforn, 22 Vi``klovk @. Sbv. 815, 88; (3:;:).

29Cksb` Eonnittbb ol Cklmilh Uupbrvisiol, Hooa Zrketieb Zrileip`bs ol Uupbrvisory Eo``bhbs, (3:;:) kvki`kc`b ktgttp4//www.cis.orh/puc`/cecs;8:.paf.

6:Ia. kt ;.
http://www.bis.org/publ/bcbs170.pdfhttp://www.bis.org/publ/bcbs170.pdf


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iltbrketiol kla bxegklhb of ilfornktiol knolh supbrvisors witgil k eo``bhb sgouà blgkleb tgbnutuk` trust kla ulabrstklailh knolh tgb supbrvisors.

Qgb Zrileip`bs ao lot prbsericb k pkrtieu`kr strueturb of k supbrvisory eo``bhb= rktgbr, tgb eo``bhbstrueturb sgouà cb f`bxic`b kla proportiolktb to tgb sizb kla eonp`bxity of tgb filkleikìlstitutiol. Qgb Zrileip`bs ao rbeohlizb tgkt tgb gonb supbrvisor wgo `bkas tgb eo``bhb sgouà

absihlktb nbncbrs of k eorb eo``bhb kla k hblbrk` eo``bhb. Qgb gonb supbrvisor sgouà gkvbrbhu`kr, eoltiluous eonnuliektiol witg nbncbrs of tgb eorb eo``bhb wgo rbprbsblt tgbdurisaietiols il wgieg sihlifieklt opbrktiols of tgb filkleik` ilstitutiol bxist. Nbncbrs of tgbhblbrk` eo``bhb rbprbsblt durisaietiols wgbrb tgb filkleik` ilstitutiol gks `bss sihlifiekltopbrktiols. Qgb eo``bhb sgouà goà rbhu`kr pgysiek` nbbtilhs knolh tgb supbrvisors kla tgbeorb eo``bhb sgouà nbbt kt `bkst oleb klluk``y. Qgb Cksb` Eonnittbb rbeohlizbs tgkt tgbopbrktiol of supbrvisory eo``bhbs kla erisis nklkhbnblt hroups krb aistilet cut eonp`bnbltkryketivitibs.

Qgb inpìektiols fron bnbrhilh nkrmbts of tgb abvbòpnblt of supbrvisory eo``bhbs wi`` cbbxpòrba il tgb eoleùsiol.

2. SBUO@RQIOL KLA ILUO@VBLEY SBHINBUKt tgb urhilh of tgb H-3:, cotg tgb FUC kla tgb Cksb` Eonnittbb gkvb proposba tgb erbktiol ofk rbsoùtiol rbhinb for UIFIs. Aurilh tgb rbeblt filkleik` erisis, tgb `kem of sueg k rbhinblbebssitktba tgb cki` out of filkleik` ilstitutiols cy lktiolk` hovbrlnblts il orabr to prbsbrvbfilkleik` stkciìty kla prbvblt kl bvbl norb sbvbrb beolonie aowlturl. Qgb erbktiol of krbsoùtiol rbhinb, pkrtieu`kr`y il k eross-corabr eoltbxt, gks provbl aiffieu`t kla, abspitb tgburhilh of tgb H-3: kla eolsiabrkc`b bffort cy vkrious iltbrlktiolk` coaibs kla kekabnies, fbweolerbtb ketiols gkvb cbbl tkmbl tgus fkr.

Il erbktilh k cklm rbsoùtiol rbhinb, tgb aiffbrblt ocdbetivbs of k eorporktb ilso`vbley rbhinbkla k cklm ilso`vbley rbhinb nust cb rbeohlizba. Eorporktb ilso`vbley `kws kttbnpt to rbkegk fkir klaprbaietkc`b trbktnblt of erbaitors kla tgb nkxinizktiol of kssbts to sktisfy erbaitors

e`kins. 6; Ol tgb otgbr gkla, tgb cklm ilso`vbley rbhinb nust blsurb tgb protbetiol of(ilsurba) abpositors kla tgb eoltiluity of cklmilh kla pkynblt sbrviebs kla nilinizb tgbeoltkhiol of k cklm fkiùrb.63

Eonnbltktors gkvb prbsbltba tgrbb tgborbtiek` kpprokegbs for tgb rbsoùtiol of filkleikìlstitutiols4 ulivbrskìsn, tbrritorikìty, kla noaifiba ulivbrskìsn.

Ks òlh ks tgbsb hok`s krb kttkilba, k cklm sgouà cb k`òwba tofki` il orabr to kvoia nork` gkzkra.

65

6;

Cksb` Eonnittbb Eross-Corabr Sbsoùtiol Hroup, Sbport kla Sbeonnblaktiols of tgb Eross-Corabr CklmSbsoùtiol Hroup, 9 (3:;:), kvki`kc`b ktgttp4//www.cis.orh/puc`/cecs;69.paf.

Rlabr tgb ulivbrskìstkpprokeg, UIFIs krb sucdbet to k silh`b rbsoùtiol proebss. Qgb gonb eoultry `kws witg rbspbetto cklmruptey kla rbsoùtiol wouà kpp`y to k`` kssbts of tgb UIFI wgbrbvbr òektba. Qgiskpprokeg wouà rbquirb sonb sort of bx kltb curabl sgkrilh khrbbnblt knolh tgb rb`bvkltlktiolk` kutgoritibs. Fron tgb supbrvisors poilt of vibw, tgb iabk` strueturb of k UIFI ulabr tgis

63 Ia.

65Utidl E`kbssbls, Siegkra D. Gbrrilh kla Airm Uegoblnkmbr, K Ukfbr Xorà Filkleik` Uystbn4 Inprovilh tgbSbsoùtiol of Uystbnie Ilstitutiols 3 (Croomilhs Ilstitutb, Iltbrlktiolk` Ebltbr for Nolbtkry kla Cklmilh Utuaibs3:;:).


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kpprokeg wouà cb k silh`b bltity. Rlabr tgis kpprokeg, lktiolk` rbhu`ktory kutgority,pkrtieu`kr`y tgb kutgority of tgb gost supbrvisor, is lot prbsbrvba.

Rlabr tgb tbrritorikìty kpprokeg, tgbrb wouà cb lo sgkrilh of kssbts cbtwbbl supbrvisors ilaiffbrblt eoultribs il tgb bvblt of k UIFI fkiùrb. Qgb iabk` UIFI strueturb for tgis kpprokeg wouàcb stkla kòlb sucsiaikribs witgil bkeg eoultry of opbrktiol. Qgis kpprokeg bleourkhbs tgb

rilh-fbleilh of kssbts aurilh k erisis. Il otgbr woras, lo trklsfbr of kssbts keross durisaietiols isk`òwba. Qgis kpprokeg fki`s to kttkil bffieiblt eross-corabr filkleik` iltbhrktiol ks bkegsucsiaikry is sbpkrktb`y ekpitkìzba kla iltrk-hroup trklsfbrs krb rbstrietba.

Rlabr tgb noaifiba ulivbrskìst kpprokeg, tgb gonb eoultry kaarbssbs tgb ovbrk`` rbsoùtiol oftgb UIFI wgi`b tgb gost eoultry is rbspolsic`b for tgb rbsoùtiol of tgb òek` gost opbrktiol. Qgiskpprokeg is sini`kr to tgb cklmruptey proebaurb wgbrb tgbrb is k nkil proebbailh kla klei``kryproebbailhs il otgbr durisaietiols. Rlabr tgis systbn, tgb nutuk` rbeohlitiol kla crokagkrnolizktiol of supbrvisory kla rbsoùtiol rbhinbs wouà cb gb`pfu`. Rlabr tgis kpprokeg,sonb lktiolk` rbhu`ktory kutgority is ebaba cy tgb gost durisaietiol to tgb gonb durisaietiol.

Gistoriek``y, tgb tbrritorikìty kpprokeg gks prbvki`ba. Fo`òwilh tgb tbrritorikìty kpprokeg ihlorbsiltbrlktiolk` eoorailktiol kla tgb rbkìtibs of hòckìzktiol. Qgb ulivbrsk` kpprokeg is loteurrblt`y fbksic`b cbekusb tgbrb is lo poìtiek` eolsblsus or wi`` to erbktb k hòck` filkleik`rbhu`ktor or rbsoùtiol kutgority. Bvbl il tgb BR wgbrb filkleik` iltbhrktiol gks prohrbssbasihlifieklt`y kla tgbrb is kl ovbrkregilh `bhk` frknbworm for filkleik` iltbhrktiol, tgb erbktiol ofk trub pkl-Buropbkl rbhu`ktor or rbsoùtiol kutgority gks lot oeeurrba.

2.; Buropbkl Rliol Zroposk` for k Sbsoùtiol Frknbworm

Il Oetocbr 3::9, tgb Buropbkl Eonnissiol proposba tgb erbktiol of k rbsoùtiol frknbworm forBuropbkl eross-corabr cklms. Lotilh tgkt tgb rbeblt erisis gks bxposba tgb BRs `kem of klbffbetivb erisis nklkhbnblt ]frknbworm^ for eross-corabr filkleik` ilstitutiols, 61

Eurrblt BR `kws rbhkrailh tgb rbsoùtiol of BR filkleik` ilstitutiols krb nilink`. Qgb Airbetivbol tgb Sborhklizktiol kla Xilailh Rp of Erbait Ilstitutiols (tgb Xilailh Rp Airbetivb)

tgbEonnissiol souhgt eonnblts ol kl BR gkrnolizba rbsoùtiol kla ilso`vbley rbhinb foreross-corabr filkleik` ilstitutiols.

62tkmbsk noaifiba ulivbrsk` kpprokeg to tgb rbsoùtiol of BR eross-corabr ilstitutiols66

61

Eonnuliektiol fron tgb Eonnissiol to tgb Buropbkl Zkrìknblt, tgb Eoulei`, tgb Buropbkl Beolonie kla

Uoeik` Eonnittbb, tgb Buropbkl Eourt of Dustieb kla tgb Buropbkl Ebltrk` Cklm4 Kl BR Frknbworm for Eross-Corabr Erisis Nklkhbnblt il tgb Cklmilh Ubetor, kt 3, EON (3::9) 26; filk`, kvki`kc`b kt

kla proviabstgkt eourts òektba il tgb sknb durisaietiol ks tgb gonb supbrvisor hovbrl tgb rbsoùtiol of tgbpkrblt ilstitutiol kla kly crklegbs. Gowbvbr, tgb Xilailh Rp Airbetivb aobs lot kpp`y tofilkleik` ilstitutiols tgkt opbrktb ks sucsiaikribs il Nbncbr Utktbs. Nkly Buropbkl filkleikìlstitutiols opbrktb ks sucsiaikribs il tgbir eross-corabr opbrktiols kla tgus lktiolk` `kws, witgsihlifieklt vkriktiols, hovbrl tgb rbsoùtiol of tgb sucsiaikribs of kl ilso`vblt pkrblt filkleikìlstitutiol. Qgb Xilailh Rp Airbetivb prileipk``y foeusbs ol abtbrnililh wgieg lktiolk` eourt gks

gttp4//bur-`bx.buropk.bu/@bxRriUbrv/@bxRriUbrv.ao?uri>EON43::94:26;4FIL4BL4ZAF. ]gbrbilkftbr 3::9 Eonnuliektiol^.

62Airbetivb 3::;/31/BE of tgb Buropbkl Zkrìknblt kla of tgb Eoulei` of 1 Kpri` 3::; ol tgb Sborhklizktiol klaXilailh Rp of Erbait Ilstitutiols, 3::; O.D. (@;32) ;2, kvki`kc`b kt gttp4//bur-`bx.buropk.bu/@bxRriUbrv/@bxRriUbrv.ao?uri>OD4@43::;4;324::;24::354BL4ZAF.

66Cksb` Eonnittbb Eross-Corabr Cklm Sbsoùtiol Hroup, suprk lotb 63, kt 35.
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2009:0561:FIN:EN:PDF.%20http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2009:0561:FIN:EN:PDF.%20http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2001:125:0015:0023:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2001:125:0015:0023:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2001:125:0015:0023:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2001:125:0015:0023:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2009:0561:FIN:EN:PDF.%20http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2009:0561:FIN:EN:PDF.%20


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durisaietiol ovbr tgb proebbailhs il k pkrtieu`kr eksb kla iltblas to blsurb tgkt tgbrb is ol`y olbsbt of ilso`vbley proebbailhs for k aistrbssba filkleik` ilstitutiol= it aobs lot proviab keonp`btb, BR-wiab systbn for rbso`vilh il kl orabr`y nkllbr tgb e`kins khkilst k fkiìlh erbaitilstitutiol. Qgb Airbetivb aobs lot kpp`y to lol-BR ileorporktba ilstitutiols kla nkmbs lokttbnpt to gkrnolizb lktiolk` ilso`vbley `bhis`ktiol.68

Gistory rbvbk`s tgkt, il k filkleik` erisis, lktiolk` `kw prbaonilktbs. Hivbl tgb vkriktiols illktiolk` ilso`vbley `kws, tgb rbsoùtiol of eross-corabr ilstitutiols cbeonbs aiffieu`t klailbffieiblt. Xitgout k pkl-Buropbkl rbsoùtiol rbhinb, Nbncbr Utktbs tbla to rilh-fbleblktiolk` kssbts. For bxknp`b, tgb ketiols tkmbl rbhkrailh Fortis il 3::7 i`ùstrktb tgb strolhilebltivb to rilh-fbleb kssbts bvbl knolh cklm supbrvisors tgkt gkvb k sihlifieklt gistory ofeoopbrktiol.

67 Ks tgb Eonnissiol lotbs, If ilso`vbley `kw is lktiolk`, aonbstie kutgoritibsgkvb k `bhitinktbks wb`` ks strolh poìtiek` iltbrbst to rilh-fbleb tgb lktiolk` kssbts of klkiìlh cklm il orabr to protbet lktiolk` abposits kla nkxinizb tgb kssbts kvki`kc`b to tgberbaitors of tgb lktiolk` bltity.69

Kftbr rbebivilh kla eolsiabrilh pucìe eonnblts, tgb Buropbkl Eonnissiol il Kl BRFrknbworm for Erisis Nklkhbnblt il tgb Filkleik` Ubetor

8: sbts fortg il hblbrk` tbrns tgbeoltblt of `bhis`ktiol rb`ktba to erisis nklkhbnblt witgil tgb BR filkleik` sbetor. Qgb

frknbworm iltblas tgkt filkleik` ilstitutiols sgouà cb k`òwba to fki` witgout rism to filkleik`stkciìty kla witgout eost to tkxpkybrs. Qgis erisis nklkhbnblt frknbworm is cksba ol tgbfo`òwilh sbvbl prileip`bs4 (;) put prbvbltiol kla prbpkrktiol first, (3) proviab erbaic`brbsoùtiol too`s, (5) blkc`b fkst kla abeisivb ketiol, (1) rbaueb nork` gkzkra, (2) eoltricutb to ksnootg rbsoùtiol of eross-corabr hroups, (6) blsurb `bhk` ebrtkilty, kla (8) ìnit aistortiols ofeonpbtitiol. 8; Qgb Eonnissiols frknbworm is eonprisba of tgrbb stbps4 (;) k `bhis`ktivbproposk` for k gkrnolizba rbhinb for erisis prbvbltiol kla cklm rbeovbry kla rbsoùtiol, (3)furtgbr gkrnolizktiol of cklm ilso`vbley rbhinbs witgil tgb BR, kla (5) tgb erbktiol of kliltbhrktba rbsoùtiol rbhinb tgkt eouà ileùab k silh`b Buropbkl rbsoùtiol kutgority. 83Qokeeonpìsg tgis ocdbetivb, tgb Eonnissiol is abvbòpilh tgrbb e`kssbs of nbksurbsprbpkrktory kla prbvbltktivb nbksurbs= bkr`y supbrvisory iltbrvbltiol= kla rbsoùtiol too`s klapowbrs.85

68

3::9 Eonnuliektiol, suprklotb 62, kt 9.

Uonb Nbncbr Utktbs possbss tgbsb too`s low= for sonb Nbncbr Utktbs, tgbsb

too`s wi`` cb lbw. Bkeg Nbncbr Utktb wi`` cb rbquirba to absihlktb k rbsoùtiol kutgority tobxbreisb tgbsb powbrs. Qgb rbsoùtiol kutgority sgouà cb kl kanilistrktivb coay rktgbr tgkl k

67Ubb footlotbs 5857 kla tgb keeonpklyilh tbxt.

69Ia.

8: Eonnuliektiol fron tgb Eonnissiol to tgb Buropbkl Zkrìknblt, tgb Eoulei`, tgb Buropbkl Beolonie klaUoeik` Eonnittbb, tgb Eonnittbb of tgb Sbhiols kla tgb Buropbkl Ebltrk` Cklm4 Kl BR Frknbworm for ErisisNklkhbnblt il tgb Filkleik` Ubetor 5, EON (3:;:) 289 filk`, , kvki`kc`b kt

gttp4//be.buropk.bu/iltbrlk`_nkrmbt/cklm/aoes/erisis-nklkhbnblt/frknbworm/eon3:;:_289_bl.paf

8;Ia. kt 51.

83AH Iltbrlk` Nkrmbt kla Ubrviebs, Qbegliek` Abtki`s of k Zossic`b BR Frknbworm for Cklm Sbeovbry klaSbsoùtiol (Dklukry 3:;;).

85Ia. kt 1.
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duaieik` coay. Il nost eksbs, kl bxistilh kutgority, sueg ks tgb ebltrk` cklm, tgb filkleb nilistry,or k abposit hukrkltbb segbnb, ekl cb absihlktba tgb rbsoùtiol kutgority.

Qo nbbt its stktba hok`s, tgb Eonnissiol proposbs k lbw typb of bltityk rbsoùtiol eo``bhb.Qgb rbsoùtiol eo``bhb wi`` cuià upol tgb bxistilh eo``bhbs of supbrvisors cy ileùailh tgbrbsoùtiol kutgoritibs for eross-corabr hroups. Qgb Eonnissiol rbeohlizba tgkt iabk``y tgbrb

wouà cb k silh`b pkl-Buropbkl kutgority tgkt wouà abìvbr k rkpia, abeisivb kla bquitkc`brbsoùtiol proebss for Buropbkl filkleik` hroups, kla cbttbr rbf`bet tgb pkl-BR lkturb ofcklmilh nkrmbts.81

Il orabr for k rbsoùtiol rbhinb to cb erbaic`b, tgbrb nust cb rbsoùtiol fulas kvki`kc`b. QgbEonnissiol rbeohlizbs tgkt nueg norb worm is lbbaba to erbktb k erbaic`b fulailhnbegklisn kla tgkt frknbworm nust ileùab k nbegklisn to filkleb kly rbsoùtiol witg tgbeost cbilh prinkri`y corlb cy tgb sgkrbgoàbrs kla erbaitors of tgb filkleik` ilstitutiol. QgbEonnissiol rbeonnblas sonb sort of bx kltb fulailh cy filkleik` ilstitutiols for klyrbsoùtiol rbhinb. Qgb Buropbkl Eonnissiol is eurrblt`y rbvibwilh eonnblts fron k

eolsu`tktiol ol tgb erbktiol of k rbsoùtiol frknbworm for filkleik` ilstitutiols witgil tgb BR.

Gowbvbr, tgb Eonnissiol rbeohlizbs tgkt it wouà cb aiffieu`t poìtiek``y toerbktb sueg kl iltbhrktba systbn. Qgb rbsoùtiol eo``bhbs krb k norb noabrktb kla rbkìstiekpprokeg to cklm rbsoùtiol. Qgb BCK wouà sbrvb ks kl ocsbrvbr ol tgb rbsoùtiol eo``bhbsnueg ks it aobs witg tgb eo``bhbs of supbrvisors.

2.3 Cksb` Eonnittbb Eross-Corabr Sbsoùt iol Hroup

Otgbr iltbrlktiolk` stklakra sbttilh coaibs gkvb k`so issuba huiabìlbs rb`ktba to erisisnklkhbnblt. Qgb Cksb` Eonnittbb ol Cklmilh Uupbrvisiol tgrouhg its Eross-CorabrSbsoùtiol Hroup k`so issuba k rbport tgkt sbbms to eonp`bnblt tgb worm of tgb FUC cyproviailh prketiek` abtki`ba kpprokegbs to inp`bnblt tgb FUCs Zrileip`bs for Eross-corabrEoopbrktiol ol Erisis Nklkhbnblt82rb`ktba to tgb rbsoùtiol of eross-corabr cklms. 86Uini`krto tgb Buropbkl Eonnissiol, tgb Cksb` Eonnittbb toom k niaa`b hroula kpprokeg, rbeohlizilhtgkt tgb stktus quowks lot keebptkc`b kla tgkt kl iltbrlktiolk` khrbbnblt ol tgb rbsoùtiol ofeross-corabr cklms wks cotg ulìmb`y kla ulblforebkc`b ks tgb prketiek` inpìektiols of curabl

sgkrilh hivb risb to eolsiabrkc`b egk``blhbs.88Qgb rbport nkmbs tbl rbeonnblaktiols rb`ktbato inprovilh tgb eoorailktiol of tgb rbsoùtiol of eross-corabr filkleik` ilstitutiols. Qgb rbportrbeonnblas tgkt lktiolk` supbrvisory kutgoritibs sgouà gkvb tgb lbebsskry too`s for tgborabr`y rbsoùtiol of k eross-corabr ilstitutiol. Bkeg lktiol sgouà gkvb k lktiolk` frknbwormproviailh for tgb rbsoùtiol of filkleik` hroups. Ovbr tinb, supbrvisory kutgoritibs sgouà sbbmtgb eolvbrhbleb of tgbsb rbsoùtiol too`s to k`òw for cbttbr eoorailktiol of rbsoùtiol klasgouà eolsiabr proebaurbs tgkt wouà fkeiìtktb tgb nutuk` rbeohlitiol of erisis nklkhbnbltkla rbsoùtiol proebbailhs.87

81

Ia.kt ;3.

Eoltilhbley p`kls of UIFIs sgouà kaarbss k pbrioa of filkleik`

82Filkleik` Utkciìty Forun, FUF Zrileip`bs for Eross-Corabr Eoopbrktiol ol Erisis Nklkhbnblt (3::9), kvki`kc`b ktgttp4//www.filkleik`stkci itycokra.orh/pucìektiols/r_:9:1e.paf. ]gbrbilkftbr FUF Zrileip`bs^.

86Cksb` Eonnittbb Eross-Corabr Cklm Sbsoùtiol Hroup, Sbport kla Sbeonnblaktiols of tgb Eross-Corabr CklmSbsoùtiol Hroup 7 3:;:), kvki`kc`b ktgttp4//www.cis.orh/puc /cecs;69.paf.

88Ia.kt ;9.

87Ia. kt ;.


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3;

aistrbss kla sgouà cb k rbhu`kr pkrt of tgb supbrvisory proebss. 89 Mby gonb kla gostsupbrvisors of systbnie ilstitutiols sgouà khrbb, eolsistblt witg lktiolk` `kw kla poìey, olkrrklhbnblts tgkt blsurb tgb tinb`y proauetiol kla sgkrilh of lbbaba ilfornktiol. 7:Qgbarkftbrs rbeohlizb tgkt k tbrritorik` kpprokeg cy supbrvisors prbaonilktbs cbekusb of tgbkcsbleb of k nu`tilktiolk` frknbworm for sgkrilh fisek` curabls for ]filkleik`^ erisbs orilso`vbleibs kla tgb fket tgkt `bhk` systbns kla tgb fisek` rbspolsiciìty krb lktiolk`.7;

2.5 Mby Kttricutbs of Bffbetivb Sbsoùt iol Sbhinbs for FilkleikÌlstitutiols

Cuiàilh ol its bkrìbr Du`y 3:;; rbport 73 kla il prbpkrktiol for tgb H-3: Ekllbs Uunnit ilLovbncbr 3:;;, tgb Filkleik` Utkciìty Cokra issuba Mby Kttricutbs of Bffbetivb SbsoùtiolSbhinbs for Filkleik` Ilstitutiols (Mby Kttricutbs) sbttilh fortg its nilinun stklakra for krbsoùtiol rbhinb kppìekc`b to hòck` UIFIs. 75 Qgb FUCs ocdbetivb il issuilh tgis lbwiltbrlktiolk` stklakra is to nkmb fbksic`b tgb rbsoùtiol of filkleik` ilstitutiols witgout sbvbrbsystbnie aisruptiol kla witgout bxposilh tkxpkybrs to òss. 71

Erbaitors sgouà gkvb k rihgt to eonpblsktiol wgbrb tgby ao lot rbebivb kt k nilinun wgkttgby wouà gkvb rbebivba il k ìquiaktiol of tgb firn.

Qgb Mby Kttricutbs abìlbktbtwb`vb bssbltik` fbkturbs for k rbsoùtiol rbhinb. If k filkleik` ilstitutiol is systbniek``ysihlifieklt, it nust cb sucdbet to k rbsoùtiol rbhinb. Bkeg lktiol nust absihlktb k rbsoùtiolkutgority. If tgbrb krb sbvbrk` possic`b kutgoritibs, tgb lktiol nust absihlktb k `bka kutgority.Qgb rbsoùtiol kutgority nust gkvb opbrktiolk` ilabpblableb kla tgb kciìty to bltbr iltokhrbbnblts witg rbsoùtiol kutgoritibs fron otgbr durisaietiols. Qgb rbsoùtiol kutgority nustgkvb k croka rklhb of powbrs, ileùailh tgb kciìty to rbp`keb sblior nklkhbnblt of tgb UIFI, totbrnilktb eoltrkets, to ovbrriab sgkrbgoàbr rihgts, to trklsfbr or sb`` kssbts, to erbktb criahbcklms kla to erbktb kl kssbt nklkhbnblt vbgie`b. Kly sbtoff or lbttilh rihgts nust cb e`bkrkla trklspkrblt. Qgb rbsoùtiol rbhinb nust rbspbet tgb gibrkregy of erbaitors e`kins witgsonb f`bxiciìty ol tgb pkrt of tgb kutgority il orabr to eoltkil tgb systbnie inpket of tgbrbsoùtiol of tgb filkleik` ilstitutiol.

72

Gowbvbr, duaieik` ketiol sgouà lot

inpbab tgb inp`bnbltktiol of tgb rbsoùtiol. Erbaitors sgouà sbbm eonpblsktiol, rktgbr tgklilduletivb rbìbf. Sbsoùtiol sgouà lot rb`y ol pucìe owlbrsgip or pucìe ckiòut fulas. Qgb

89Ia.kt 3.

7:Ia.

7;Ia.kt 1.

73Filkleik` Utkciìty Cokra, Bffbetivb Sbsoùtiol of Uystbniek``y Inportklt Filkleik` Ilstitutiols (;9 Du`y 3:;;),kvki`kc`b ktgttp4//www.filkleik`stkciìtycokra.orh/pucìektiols/r_;;:8;9.paf

75Filkleik` Utkciìty Cokra, Mby Kttricutbs of Bffbetivb Sbsoùtiol Sbhinbs for Filkleik` Ilstitutiols(Oetocbr 3:;;).Qgb @bkabrs of tgb H-3: kpprovba tgb Mby Kttricutbs kt tgb Lovbncbr 3:;; Uunnit il Ekllbs, Frkleb. H-3:@bkabrs Uunnit, Filk` Eonnuliqu, ;5 (1 Lovbncbr 3:;;).

71Ia. kt 5.

72Ia. kt ;;.
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rbsoùtiol kutgority sgouà gkvb tgb kciìty to eoopbrktb witg rbsoùtiol kutgoritibs fron forbihldurisaietiols kla tgb kutgoritys stktutory nklaktb sgouà strolh`y bleourkhb tgb kutgoritywgbrbvbr possic`b to kegibvb k eoopbrktivb soùtiol witg forbihl rbsoùtiol kutgoritibs. 76Lktiolk` ilso`vbley `kw sgouà lot aiserinilktb khkilst erbaitors cksba ol tgbir lktiolkìty.Gonb kla mby gost kutgoritibs sgouà nkiltkil kla pkrtieipktb il erisis nklkhbnblt hroups forbkeg UIFI. Erisis nklkhbnblt hroups sgouà bltbr ilto ilstitutiol-spbeifie eross-corabr

eoopbrktiol khrbbnblts.78

Qgb gonb rbsoùtiol kutgority il eoopbrktiol witg otgbr nbncbrs of tgb erisis nklkhbnblthroup sgouà eolauet rbhu`kr rbso`vkciìty kssbssnblts of tgb filkleik` ilstitutiol. Socust klaerbaic`b rbeovbry kla rbsoùtiol p`kls sgouà cb il p`keb

77

QgbMbyKttricutbskrb kl iltbrlktiolk` stklakra for rbsoùtiol rbhinbs il tgb bvblt of tgb fkiùrbof k UIFI.

witg tgb gonb rbsoùtiol kutgority`bkailh tgb abvbòpnblt of tgb rbsoùtiol p`kl kla upaktilh tgb p`kl klluk``y. Filk``y, tgbrbsgouà cb lo `bhk`, kanilistrktivb or poìtiek` inpbainblts to bxegklhilh ilfornktiol witgforbihl rbsoùtiol kutgoritibs. Qgb UIFI nust nkiltkil nklkhbnblt ilfornktiol systbns ekpkc`bof proaueilh lbbaba filkleik` ilfornktiol to supbrvisors ol k tinb`y cksis.

79

2.1 Sbeovbry kla Sbsoùtiol Z`kls @ivilh Xi``s for FilkleikÌlstitutiols

Qgis lbw stklakra rbilforebs tgb ro`b of tgb gonb rbsoùtiol kutgority kla kttbnptsto proviab ilebltivbs for lktiolk` kutgoritibs to eoopbrktb il p`kllilh kla eolauetilh tgb

rbsoùtiol of k UIFI.

Uupbrvisors krb rbquirilh filkleik` ilstitutiols to abvbòp ìvilh wi``s ks pkrt of tgb p`kllilh for kfilkleik` erisis. Il tgb Rlitba Utktbs, tgb Aoaa-Frklm Ket rbquirbs systbniek``y sihlifiekltfilkleik` eonpklibs to rbport k p`kl for rkpia kla orabr`y rbsoùtiol il tgb bvblt of nktbrik`filkleik` aistrbss or fkiùrb.9:R.U. rbhu`ktors kla Eolhrbss gkvb tgus kaoptba ìvilh wi``s ks ktoo` to kvoia futurb cklm fkiùrbs. Qgb Fbabrk` Sbsbrvb kla tgb FAIE rbeblt`y pronu`hktbarbhu`ktiols stktilh tgb abtki`s tgkt filkleik` ilstitutiols nust aiseòsb il tgbsb p`kls.9;

76

Ia. kt ;5.

78Mby Kttricutbs, suprk lotb 71. Kllbx I of tgb Mby Kttricutbs absericbs tgb bssbltik` b`bnblts of sueg klkhrbbnblt.

77Ia. kt ;6.

79Filkleik` Utkciìty Cokra, Ovbrvibw of Zrohrbss il tgb Inp`bnbltktiol of tgb H3: Sbeonnblaktiols forUtrblhtgblilh Filkleik` Utkciìty 8 (1 Lovbncbr 3:;;), kvki`kc`b ktgttp4//www.filkleik`stkciìtycokra.orh/pucìektiols/r_;;;;:1hh.paf.

9:Aoaa-Frklm Xk`` Utrbbt Sbforn kla Eolsunbr Zrotbetiol Ket, ;3 R.U.E. 2532(a)(;) (3:;;). Qgb stktutb kppìbsto lol-cklm filkleik` eonpklibs supbrvisba cy tgb Fbabrk` Sbsbrvb kla `krhb, iltbreollbetba cklm goàilheonpklibs. Ubbk`soAkvia Tkrilh,K @kem of Sbsoùtiol,6: BNOSY @.D. 98, ;38 (3:;:).

9; FAIE Kaopts @ivilh Xi``s Sbhu`ktiols, EEG Fbabrk` Cklmilh @kw Sbports, Lo. 3152 (;2 Ubptbncbr 3:;;).Filkleik` rbhu`ktory khbleibs il tgb Rlitba Utktbs gkvb rbeblt`y issuba rbhu`ktiols rbhkrailh rbeovbry klarbsoùtiol p`kls tgkt nust cb fi`ba cy cklms opbrktilh il tgb Rlitba Utktbs. ;3 E.F.S. Zkrt 315 (3:;3)= ;3 E.F.S.Zkrt 57; (3:;3).
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Filkleik` eolhònbrktbs gkvb gularbas sonbtinbs tgousklas of sucsiaikribs, erbktilh vbryeonp`bx ilstitutiols.93 Qgis eonp`bxity is k rbf`betiol of rbhu`ktory krcitrkhb, kla kly orabr`ywila-aowl is gknpbrba cy tgb `kem of iltbrlktiolk` khrbbnblt ol eross-corabr rbsoùtiol. 95@krhb filkleik` ilstitutiols sgouà gkvb k wila-aowl p`kl tgkt wi`` kssurb its rbhu`ktors kla itseo``bhb of supbrvisors tgkt tgb ilstitutiol ekl cb woula aowl witgout ulkeebptkc`b eoltkhiolbffbets. Uueg k p`kl wi`` nkmb tgb prinkry supbrvisorkla tgb eo``bhb of supbrvisors kwkrb of

wgkt tgby lbba to ao if k UIFI kpprokegbs cklmruptey.91

Kl outstklailh issub is wgbtgbr rbhu`ktors wi`` rbquirb filkleik` ilstitutiols to rbstrueturb itsopbrktiols kla rb`ktba eorporktb bltitibs il kavkleb to k`òw for k norb orabr`y wila-aowlproebbailh. Il kly bvblt, rbhu`ktors nust gkvb spbeik` rbsoùtiol kutgority il orabr to kvoia k`kst nilutb hovbrlnblt ckiòut. Qgb rbsoùtiol kutgority nust support nkrmbt aiseipìlb k`òwilhfor wipilh out sgkrbgoàbrs, egklhilh nklkhbnblt, kla pkyilh off erbaitors (pronpt`y) ktbstinktba rbeovbry eost (lot kt pkr).

92

K ìvilh wi`` is k rbeovbry kla rbsoùtiol p`kl for k filkleik` ilstitutiol.

96Qypiek``y tgb cklm wi`àrkft tgb ilitik` p`kl to cb rbvibwba kla egk``blhba cy tgb supbrvisors. 98

@ivilh wi``s iabk``y sgouà ileùab k curabl sgkrilh p`kl knolh tgb ilstitutiols supbrvisors.

Bkeg eoultrys curabl wi`` cb kìhlba to tgb cblbfit tgb eoultry wouà rbebivb il tgb bvblt offilkleik` aistrbsstgb beolonie vkùb of tgb nkiltblkleb of filkleik` stkciìty.

Qgb eorb supbrvisoryeo``bhbtgb gonb supbrvisory kla mby gost supbrvisorstypiek``y eolauet tgis rbvibw. Qgbìvilh wi`` sgouà eovbr k`` opbrktiols of tgb cklm= tgbrbforb, tgbrb sgouà cb olb p`kl rktgbr

tgkl sbpkrktb lktiolk` p`kls. Qgb abvbòpnblt of ìvilh wi``s nky `bka to tgb sinpìfiektiol ofeonp`bx `bhk` strueturbs of hòck` filkleik` ilstitutiols.

97Qgb eorbsupbrvisory eo``bhb wouà prbpkrb tgb curabl-sgkrilh khrbbnblt. Cbekusb bkeg eoultry wouàgkvb k filkleik` ocìhktiol pursuklt to tgb curabl-sgkrilh khrbbnblt, it gks kl ilebltivb tonkmb surb tgkt supbrvisiol is propbr`y aolb to nilinizb tgb possiciìty of fkiùrb. 99

93For ilstkleb, @bgnkl Crotgbrs gka k prbsbleb il sonb 2: eoultribs kla eonprisba k`nost 5::: `bhk` bltitibs

cbforb tgb erisis. Vitor Eolstkleio, K Buropbkl Uoùtiol for Erisis Nklkhbnblt kla Cklm Sbsoùtiol, ;1Lovbncbr 3:;;, kvki`kc`b kt gttp4//www.cis.orh/rbvibw/r;;;;;8e.paf

Gowbvbr,ìvilh wi``s wi`` lot cb ks bffbetivb ks iltblaba witgout k gkrnolizba ilso`vbley proebaurb forfilkleik` ilstitutiols keross lktiols,wgieg aobs lot eurrblt`y bxist.

95Norris Hoàstbil, Iltbhrktilh Sbforn of Filkleik` Sbhu`ktiol witg Sbforn of tgb Iltbrlktiolk` Nolbtkry Uystbn,XZ-;;, ;: (Zbtbrsol Ilstitutb for Iltbrlktiolk` Beolonies, 3:;;), kvki`kc`b ktgttp4//www.iib.eon/pucìektiols/wp/wp;;-2.paf.

91Ia.kt ;5.

92Ia.kt ;1.

96

Bniìol Kvhou`bks, Egkr`bs Hooagkrt, Airm Uegoblnkmbr, @ivilh Xi``s ks k Ektk`yst for Ketiol 3 (3:;:) kvki`kc`bktgttp4//fie.wgkrtol.upbll.bau/fie/pkpbrs/;:/;:-:9.paf.

98Ia.

97Ia.kt 6.

99Ia.
http://www.iie.com/publications/wp/wp11-5.pdfhttp://fic.wharton.upenn.edu/fic/papers/10/10-09.pdfhttp://fic.wharton.upenn.edu/fic/papers/10/10-09.pdfhttp://fic.wharton.upenn.edu/fic/papers/10/10-09.pdfhttp://www.iie.com/publications/wp/wp11-5.pdf


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Il kssbssilh tgb eurrblt stktus of eross-corabr rbsoùtiol rbeonnblaktiols, tgb CksbÈonnittbb, lotba tgkt, ovbrk``, rbeblt rbforns sgow k e`bkr trbla towkras tgb iltroauetiol ofspbeik` rbsoùtiol rbhinbs (USSs) kla too`s kinba kt pucìe iltbrbst ocdbetivbs, ;::tgouhgsueg rbforns krb cbilh inp`bnbltba cy durisaietiols kt k vkriba pkeb. Qgbsb rbforns kaarbsstgb hkp il lktiolk` rbsoùtiol rbhinbs wgieg `kem ebrtkil bssbltik` powbrs, ileùailh tgb powbrto tbrnilktb ullbebsskry eoltrkets, eoltilub lbbaba eoltrkets, sb`` kssbts kla trklsfbr

ìkciìtibs.;:;

Abspitb eoultribs gkvilh inp`bnbltba