On October 15, the Council of the European Union announced that it had voted to adopt the proposed Regulation setting up single supervisory mechanism (SSM) legislation.

Under this Regulation, the ECB will supervise banks in EU member states which participate in the European banking union, while certain other functions would be given to competent national authorities of participant member states.

The European Parliament previously voted to adopt the SSM proposals on September 12.  The UK Prime Minister has stated that the UK will not participate in the SSM.  Announcement.