ECB Legal Framework Volume III: The SSM Internal Rulebook, Mapped

ByRegReportingDesk

In August 2026 the European Central Bank issued a new edition of Volume III of its Legal Framework for Banking Supervision, the digital compilation that gathers the internal-organisation rules of the Single Supervisory Mechanism. Volume III is the part supervised banks meet when they interact with the ECB itself: it holds the rules of procedure of the ECB’s supervisory bodies, the SSM ethics framework, the regime for public access to ECB documents, and a set of other supervisory decisions that shape day-to-day oversight.

The edition carries one instruction that governs how it should be read. Its own disclaimer states that the text is meant purely as a documentation tool and has no legal effect, and that the authentic versions of the acts are those published in the Official Journal of the European Union and available on EUR-Lex. Since publication, the compilation warns, the acts may have been amended, recast or repealed. For a reporting or legal team, that turns Volume III into a navigation aid rather than a source of law: a fast way to find the right instrument, followed by a check against the consolidated EUR-Lex version.

Related reading: our briefing on the ECB’s SREP 2026 priorities.

The Legal Framework for Banking Supervision is organised in three volumes, and knowing which volume answers which question saves a lot of searching. Volume I holds the fundamentals: Council Regulation (EU) No 1024/2013 (the SSM Regulation), which confers the supervisory tasks on the ECB, and Regulation (EU) No 468/2014 (the SSM Framework Regulation, ECB/2014/17), which sets out how the mechanism actually functions between the ECB and national competent authorities. The Statute of the European System of Central Banks and of the European Central Bank sits alongside them.

Volume II is the operational core for most reporting officers. It collects the acts on the separation of monetary policy from supervision, the accountability framework, options and discretions under Union law, the delegation of supervisory decisions, reporting, supervisory fees and sanctions, together with the close-cooperation arrangements for non-euro Member States.

Volume III covers the internal organisation of the ECB’s supervisory function. The foreword groups its content under three headings, internal bodies and procedures, ethics, and public access to documents, and then adds a section of other relevant legal acts. The compilation was first published digitally in April 2021 and is refreshed at intervals; the August 2026 edition follows the previous December 2023 one. The foreword is candid about a boundary that matters for grounding: the compilation focuses primarily on ECB supervisory acts and foundational Union instruments, while the wider body of Union law applicable to ECB supervision sits outside it.

The edition at a glance

A short reference card for citation and version control:

  • Publication date of the current edition: August 2026.
  • Previous edition: December 2023.
  • First digital publication: April 2021, Frankfurt am Main.
  • Structure: three volumes; Volume III covers internal organisation of the supervisory function.
  • Identifier: PDF ISBN 978-92-899-7887-3, issued through the Publications Office of the European Union.
  • Status: documentation tool with no legal effect; EUR-Lex holds the authentic texts.

The supervisory bodies whose rules of procedure sit in Volume III

The first block of Volume III is about who decides, and how. Four sets of procedural rules are collected here. Decision 2004/257/EC (ECB/2004/2) adopts the Rules of Procedure of the European Central Bank, which govern the Governing Council and the Executive Board and, in their supervisory chapters, the mechanics that connect the Supervisory Board to the Governing Council. The Rules of Procedure of the Supervisory Board of 21 June 2014 sit beside them, with Decision (EU) 2014/427 (ECB/2014/4) on the appointment of the ECB’s representatives to that Board.

Two bodies in this block exist specifically to handle friction. The Administrative Board of Review is established by Decision 2014/360/EU (ECB/2014/16); the Mediation Panel by Regulation (EU) No 673/2014 (ECB/2014/26). The Mediation Panel, created under Article 25(5) of the SSM Regulation, resolves differences of view between national competent authorities of participating Member States over an objection by the Governing Council to a draft decision of the Supervisory Board. It is composed of one member per participating Member State, and its opinion binds neither the Supervisory Board nor the Governing Council.

One procedural detail from this block reaches every ECB supervisory decision. Under the non-objection procedure in Article 13g of the ECB’s Rules of Procedure, a draft decision put up by the Supervisory Board is deemed adopted unless the Governing Council objects within ten working days, a window cut to no more than 48 hours in an emergency. Article 13g is the non-objection route for Supervisory Board draft decisions submitted to the Governing Council, but it is not the route for every individual supervisory decision: Volume II separately contains delegated decision-making regimes, including for specified own-funds, fit-and-proper and on-site inspection decisions. The separation of the two functions runs through the same rules: Article 25 of the SSM Regulation establishes the principle, and the Rules of Procedure require the supervisory Governing Council meetings to be held separately, with separate agendas.

The Administrative Board of Review: what the one-month window really buys

For a supervised entity, the Administrative Board of Review is the most consequential item in Volume III, because it is the internal route to challenge an ECB supervisory decision. Article 24 of the SSM Regulation creates it, and Decision (EU) 2014/360 (ECB/2014/16) sets the operating rules. Any natural or legal person to whom an ECB supervisory decision is addressed, or who is directly and individually concerned by it, may ask for an internal administrative review.

The mechanics reward preparation. The notice of review must be filed within one month of notification of the decision to the applicant or, in the absence of notification, within one month of the day on which the decision came to the applicant’s knowledge. It must state the grounds relied on; under the current consolidated Article 7(4), the contested decision should be attached rather than being a mandatory annex. The Board examines the decision’s procedural and substantive conformity with the SSM Regulation; under the current Article 10(2), the review is limited to the grounds relied on by the applicant and to breaches of essential procedural requirements. The Board adopts an opinion no later than two months from receipt of a complete notice, proposing that the original decision be abrogated, replaced with one of identical content, or amended.

Where firms misread the process is on what a review suspends and settles. Filing does not stop the contested decision applying: the review has no suspensory effect unless the Governing Council, on a proposal from the Board, decides to suspend it where the request is admissible and not obviously unfounded and immediate application may cause irreparable damage. The Board’s opinion is not binding either; the Supervisory Board then proposes a new draft decision to the Governing Council within 30 working days, and the review is without prejudice to the right to bring proceedings before the Court of Justice. There is a cost dimension too: where the Governing Council abrogates the initial decision or amends its operative part as a consequence of the review, the ECB reimburses eligible applicant costs up to EUR 50 000 per review, subject to the exclusions in the Annex. Where the initial decision is replaced with identical content, only its non-operative part is amended, or the request is declared inadmissible, the applicant contributes EUR 500 if a natural person or EUR 5 000 if a legal person; following withdrawal, the applicant and ECB normally bear their own costs. A firm weighing a review is choosing a fast, bounded internal check on legality, with the court route preserved behind it.

Ethics, conflicts and inside information

The ethics block is frequently misattributed. Volume III reproduces Guideline (EU) 2015/856 (ECB/2015/12), but that Guideline has been repealed and recast. The current SSM Ethics Framework is Guideline (EU) 2021/2256 (ECB/2021/50), which applies to the ECB and national competent authorities in the performance of supervisory tasks; the ECB and NCAs were required to apply the implementing rules and measures from 1 June 2023. It is an integrity framework for supervisors, not a conduct rule imposed on supervised banks.

Volume III reproduces the 2019 Single Code (2019/C 89/03) and the 2014 Supervisory Board code, but neither is the current conduct code for Supervisory Board members. The 2019 Single Code replaced the previous Supervisory Board code from 1 January 2019, and the current Code of Conduct for high-level ECB officials (2022/C 478/03) replaced the 2019 Single Code from 1 January 2023. The current Code applies to members of the Supervisory Board, Governing Council and Executive Board, among others.

Public access to ECB supervisory documents

The third block is the one advisers reach for when they want a document the ECB has not published. Decision 2004/258/EC (ECB/2004/3) governs public access to European Central Bank documents, and Decision (EU) 2015/811 (ECB/2015/16) extends the logic to ECB documents held by the national competent authorities. The regime matters because supervisory files, letters and methodologies are often not public by default, and an access request is the formal channel to seek them, subject to the exceptions that protect confidentiality, professional secrecy and ongoing procedures.

The access regime interacts with the review regime in a way worth noting. During an Administrative Board of Review, an applicant is entitled to access the ECB’s file on the supervisory procedure, subject to the protection of business secrets and the exclusion of confidential internal documents and ECB-NCA correspondence. That right of access to the file inside a review is a separate mechanism from a public access request under Decision ECB/2004/3, and the two should not be conflated when a firm is planning how to obtain the paper trail behind a decision.

Volume III closes with a set of decisions and guidelines that do not fit the three headings but bear directly on supervision, and several of them land on reporting desks. The one that shapes the daily relationship is Decision (EU) 2019/976 (ECB/2019/14), which lays down the principles for defining objectives and sharing feedback in joint supervisory teams. The joint supervisory team is the bank’s standing interface with the ECB, so the decision that structures how it sets objectives and gives feedback is a useful reference when a supervisory dialogue turns contentious.

Three further acts have a reporting or own-funds edge. Decision (EU) 2015/656 (ECB/2015/4) sets the conditions under which credit institutions may include interim or year-end profits in Common Equity Tier 1 capital in accordance with Article 26(2) of Regulation (EU) No 575/2013, which is an own-funds question that flows straight into COREP own-funds reporting. Decision (EU) 2023/1680 (ECB/2023/19), a recast, governs the reporting of supervised entities’ funding plans by national competent authorities to the ECB, which connects to the wider supervisory data pipeline. Decision (EU) 2015/2218 (ECB/2015/38) sets the procedure to exclude staff members from the presumption of having a material impact on a credit institution’s risk profile, a point that reaches remuneration and identified-staff data.

The remainder of the block rounds out the internal machinery: Guidelines (EU) 2016/1993 (ECB/2016/37) and 2016/1994 (ECB/2016/38) on the recognition and coordinated monitoring of institutional protection schemes under Article 113(7) of the CRR; Decision (EU) 2022/134 (ECB/2022/2) on the transmission of supervisory information to other authorities and bodies; Decision (EU) 2021/1486 (ECB/2021/42) on restrictions of data subjects’ rights; and Decisions (EU) 2022/1981 (ECB/2022/33) and 2022/1982 (ECB/2022/34) on the use of European System of Central Banks services by competent and cooperating authorities. These are the plumbing of the mechanism rather than filing obligations, and that is exactly why they are easy to overlook until a specific question about data flows or scheme recognition arrives.

How to use the compilation without getting the law wrong

The value of Volume III is speed of navigation, and the risk is treating a navigation aid as the operative text. The disclaimer is explicit that the compilation has no legal effect and that the authentic versions live in the Official Journal and on EUR-Lex, where consolidated versions carry the amendments. An instrument reproduced in the August 2026 edition may already have been amended, recast or repealed, so use the PDF only as a starting reference and check the current EUR-Lex consolidation for the amended text. Consolidated texts are themselves documentation tools with no legal effect; for formal legal citation, use the authentic Official Journal act and, where relevant, its amending acts.

Two related habits keep the compilation useful. First, respect the volume boundaries: Volume III is not the source for prudential reporting templates or remittance dates. Volume II includes certain ECB supervisory-reporting acts, while prudential reporting templates, frequencies and reporting dates must be checked in the applicable Union supervisory-reporting legislation and technical reporting framework, together with relevant national law where applicable. Second, remember what the foreword concedes: the three volumes do not gather every rule the ECB applies, so the compilation maps the SSM’s own acts and points outward to the single rulebook that surrounds them. Used that way, Volume III becomes the index to the ECB’s supervisory rulebook, with EUR-Lex as the authority behind each entry.

Frequently Asked Questions

Is the Legal Framework for Banking Supervision itself legally binding on my bank?

No. The compilation is a documentation tool with no legal effect. The relevant acts derive their legal effect from the authentic texts published in the Official Journal. Use the current EUR-Lex consolidation to identify the amended text, but remember that consolidated texts are documentation tools without legal effect; for formal legal citation, cite the underlying Official Journal act and relevant amendments.

Which volume should I open for a reporting deadline or a supervisory fee question?

For ECB supervisory-reporting and supervisory-fee acts, start with Volume II. For prudential reporting templates, frequencies and reporting dates, check the applicable Union supervisory-reporting legislation and technical reporting framework; Volume III concerns the internal organisation of the supervisory function and is not the source for those filing specifications.

Does filing an Administrative Board of Review request pause the ECB decision I am challenging?

Not automatically. Under Decision 2014/360/EU the review has no suspensory effect; the decision continues to apply unless the Governing Council, on a proposal from the Board, suspends it where the request is admissible and not obviously unfounded and immediate application may cause irreparable damage. Plan for the decision to remain applicable unless such a suspension is granted.

How long do we have to lodge a review, and how long does it take?

The notice of review must be filed within one month of notification of the decision to the applicant or, in the absence of notification, within one month of the day on which it came to the applicant’s knowledge. The Administrative Board of Review adopts its opinion no later than two months from receipt of a complete notice, after which the Supervisory Board submits a new draft decision to the Governing Council within 30 working days.

Does the SSM Ethics Framework impose obligations on supervised institutions?

No. The current SSM Ethics Framework is Guideline (EU) 2021/2256 (ECB/2021/50), which applies to the ECB and national competent authorities in the performance of supervisory tasks. It is not a conduct standard imposed on supervised banks.

How do I obtain a supervisory document the ECB has not published?

Through the public access regime in Decision 2004/258/EC, extended to documents held by national competent authorities by Decision (EU) 2015/811, subject to the confidentiality and professional-secrecy exceptions. If you are a party to an Administrative Board of Review, a separate right of access to the ECB’s file on that procedure applies, with business secrets and confidential internal documents carved out.

Where does the August 2026 edition differ from the previous edition?

The August 2026 edition follows the December 2023 edition, but its contents are not a consolidated statement of all amendments or replacements affecting the reproduced acts. Treat it as a navigation snapshot: use it to locate an instrument, then verify the current governing act and amendments on EUR-Lex before relying on it.

Key Takeaways

  • Volume III of the ECB Legal Framework for Banking Supervision collects the SSM’s internal-organisation acts: supervisory bodies, ethics and public access to documents, in the August 2026 edition that replaces December 2023.
  • The compilation has no legal effect; treat it as a navigation aid, use the current EUR-Lex consolidation to identify amendments, and use the authentic Official Journal act and relevant amendments for formal legal citation.
  • To challenge an ECB supervisory decision, file an Administrative Board of Review notice within one month of notification or, in the absence of notification, within one month of the day on which the decision came to the applicant’s knowledge; the opinion follows no later than two months from receipt of a complete notice.
  • A review has no automatic suspensory effect and its opinion is non-binding, and the right to bring proceedings before the Court of Justice is preserved; where the Governing Council abrogates the initial decision or amends its operative part as a consequence of the review, eligible applicant cost reimbursement is capped at EUR 50 000 per review.
  • An ECB supervisory decision is adopted through the non-objection procedure unless the Governing Council objects within ten working days (Article 13g of the ECB’s Rules of Procedure), but Article 13g is not the route for every individual supervisory decision: Volume II contains delegated regimes for specified decisions.
  • The current SSM Ethics Framework is Guideline (EU) 2021/2256 (ECB/2021/50); it applies to the ECB and national competent authorities in the performance of supervisory tasks, not to supervised banks as a banking-conduct rule.
  • Reporting-adjacent items sit in Volume III too: joint supervisory team feedback (ECB/2019/14), interim-profit inclusion in CET1 under Article 26(2) CRR (ECB/2015/4) and funding-plan reporting (ECB/2023/19).
  • For ECB supervisory-reporting and fee acts, start with Volume II; for prudential templates, frequencies and reporting dates, use the applicable Union supervisory-reporting legislation and technical reporting framework. Volume III is not the source for supervised institutions’ prudential filing specifications.

Sources and References

  • European Central Bank, Legal Framework for Banking Supervision, Volume III (August 2026 edition): bankingsupervision.europa.eu
  • ECB Banking Supervision, ECB legal framework overview: bankingsupervision.europa.eu/framework
  • Council Regulation (EU) No 1024/2013 (SSM Regulation): EUR-Lex
  • Regulation (EU) No 468/2014 (SSM Framework Regulation, ECB/2014/17): EUR-Lex
  • Decision 2014/360/EU (ECB/2014/16) establishing the Administrative Board of Review and its Operating Rules, as amended by Decision (EU) 2023/864; Regulation (EU) No 673/2014 (ECB/2014/26) establishing the Mediation Panel: EUR-Lex (Decision 2023/864)
  • Guideline (EU) 2021/2256 (ECB/2021/50), the current recast SSM Ethics Framework, together with the repealed Guideline (EU) 2015/856 (ECB/2015/12) reproduced in Volume III; Code of Conduct for high-level ECB officials (2022/C 478/03); Decision 2004/258/EC (ECB/2004/3) on public access to ECB documents; Decision (EU) 2015/811 (ECB/2015/16): EUR-Lex (Guideline 2021/2256)

Reading Volume III as an index to the rulebook

Volume III is the ECB’s own map of how the supervisory mechanism is run and how a bank engages with it, from the non-objection pipeline that produces a decision to the one-month window for asking the Administrative Board of Review to look again. The next time an ECB supervisory decision lands, the practical move is to open Volume III to identify the governing instrument, then pull the consolidated version from EUR-Lex before you draft the response.

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.

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