In the Single Supervisory Mechanism (SSM), decisions to grant or oppose an acquisition of a qualifying holding in a bank are adopted in a so-called composite procedure. First, the national... Show moreIn the Single Supervisory Mechanism (SSM), decisions to grant or oppose an acquisition of a qualifying holding in a bank are adopted in a so-called composite procedure. First, the national competent authority (NCA) assesses the proposed acquisition based on five criteria enshrined in Art. 23(1) of the Capital Requirements Directive IV (CRD IV) and implemented into national law. Then, it forwards a proposal for a decision to the European Central Bank (ECB). The ECB adopts the final decision. One of the criteria requires an assessment of whether, in connection with the proposed acquisition, there are reasonable grounds to suspect (potential) breaches of rules on the prevention of money laundering (AML) or financing of terrorism (CFT). While the NCAs have the competence to assess such (potential) breaches, the SSM Regulation did not confer AML and CFT-related supervisory tasks on the ECB. The ECB must thus to a certain extent rely on the national AML/CFT assessment. The question is how to reconcile the ECB’s lacking AML/CFT competence with its sole responsibility and legal accountability for the final decision on a proposed acquisition. This contribution suggests that the general principle of duty of care can be calibrated to allow the ECB to review the AML/CFT assessments made by the NCA without exceeding the limits of its competence and ensure a judicial review by the EU courts. Show less
The commercial space sector in the United States of America (USA) is large and vibrant, encompassing a wide diversity of large and small actors conducting a wide array of space activities. The... Show moreThe commercial space sector in the United States of America (USA) is large and vibrant, encompassing a wide diversity of large and small actors conducting a wide array of space activities. The regulation of this sector is correspondingly robust and complex. A number of national regulatory agencies, including the Federal Communications Commission (FCC), the Federal Aviation Administration (FAA) Office of Commercial Space Transportation, and the Department of Commerce (DoC) Office of Space Commerce all play key roles in the licensing, authorization, and oversight of US national space activities. This chapter provides an overview of the relevant national agencies, as well as the federal laws and implementing regulations governing commercial space activities. Additionally, various recent Space Policy Directives (SPDs) are summarized and placed in context of the current American regulatory framework. Show less
