| Options and National Discretions |
The European Directives 2006/48/EC and 2006/49/EC contain a large number of options and national discretions, some of which may be exercised by the competent supervisory authorities and some by the supervised institutions themselves. Thus, differences that result from different supervisory practices, national circumstances or even individual strategies are allowed for in the Europe-wide implementation of the European Directives.
As there is no generally accepted definition of what constitutes an "Option" or "National Discretion", the Committee of European Banking Supervisors (CEBS) laid down a consistent terminology, for the sake of clarity, when designing the supervisory disclosure framework:
• "Option" refers to a situation in which competent authorities are given a choice on how to comply with a given provision selecting from a range of alternatives set forth in the European Directive.
• "Discretion" or "National Discretion" refers to a situation in which competent authorities are given a choice as to whether to apply or not to apply a given provision.
In certain cases, Directive 2006/48/EC explicitly provides for the possibility to mutually recognise the exercise of certain national discretions in another member state. The issue of mutual recognition is crucial especially for cross border groups.
According to Article 144 (b) of the Directive 2006/48/EC, competent authorities shall disclose the way of exercising the options and national discretions contained in Community legislation in the field of prudential supervision.
The information disclosed is in accordance with the tables prepared by CEBS. The tables do not include the options and national discretions available in the EU Directives to the supervised institutions. Similarly, they do not include the national discretions which the Cyprus and Securities and Exchange Commission may exercise on a case-by-case basis. For example, when the subject Directives refer to the need for an institution to obtain the competent authority's approval for a stated purpose, such approval, though might be discretionary, does not constitute a national discretion for supervisory disclosure purposes.
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| CRD-2001_GR |
Η πολιτική της Επιτροπή Κεφαλαιαγοράς σε σχέση με τις Διακριτικές Ευχέρειες και Επιλογές |
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| CRD-2002_GR |
Οι Διακριτικές Ευχέρειες και Επιλογές, για τις οποίες επιτρέπεται Αμοιβαία Αναγνώριση (Η Επιτροπή Κεφαλαιαγοράς ως Εποπτική Αρχή Κράτους Μέλους Προέλευσης) |
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