EU banking regulation: legal peculiarity

Abstract

Specific system of credit institutions regulation has been established in the EU by secondary legislation. The objective of this system is creation of the single banking market in this union. The reform of EU banking regulation was carried out in 2011-2014; in its framework initially the European Banking Authority was established, and then the substantial scope of supervisory tasks were transferred from the national competent authorities to the European Central Bank. Creation of the Banking Union results in further centralization of the rule-making and supervisory tasks on the EU level; these tasks cover not only banking supervision but also bank resolution and deposit insurance.