No. 92 - Pandectae. Digest of the case-law on the Banking Union

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by Raffaele D'Ambrosio, Francescopaolo Chirico, Leonardo Droghini and Giuseppe PalaDecember 2022

"Pandectae. Digest of the case-law on the Banking Union" aims to offer a periodical review - normally semi-annual - of the case law on the Banking union, focusing on the interpretation of the directly applicable Union law and national law transposing directives concerning the prudential regulation, supervision and resolution of credit institutions. Not surprisingly, not only does it take into account the interpretation of the rules contained in the SSM regulation, the SRM regulation and the CRR, but also that of national legislation transposing CRD and BRRD.

The Digest is made up of three parts. The first part is devoted to the judgments of the Court of Justice of the European Union (CJEU). The second one focuses on the case law of the EU administrative review bodies (fundamentally, the Appeal Panel of the SRB). The third part collects the judgments of the national apical courts, focusing in particular on the Italian ones (Corte di Cassazione and Consiglio di Stato). Each judgment and decision bears the keywords under which it is classified, the relevant summary, the rules referred therein and, where available, references to the "notes de doctrine". The most important Courts' judgments and EU administrative review bodies' decisions are also complemented by a short commentary. In order to facilitate the search for summaries, said judgments and decisions are classified by both the keywords and the provisions of EU and national law referred to therein.

By providing the state of the art of the interpretation of the banking law in the context of the SSM and SRM, regardless of its European or national source, "Pandectae" aims to facilitate the relevant participating authorities (both UE and national) in the legitimate fulfilment of the tasks entrusted to them. Apart from this undeniable benefit, "Pandectae" also helps verify the fulfilment of an important precondition for the realization of an effective Banking Union. Allowing an easy check of the orientations of the EU and national Courts in interpreting the banking law in the context of the SSM and SRM, the Digest makes it possible to show whether and to what extent a homogeneous interpretation has been reached, which help achieving a genuine level playing field and an equal treatment of the supervised entities.

Among the judgments of which this first issue of "Pandectae" reports the summaries and comments (those from January to June 2022), the pilot cases related to the resolution of Banco Popular stand out first. Worth mentioning is also the General Court's ruling on the Fininvest case concerning the acquisition of a qualifying holding in Banca Mediolanum. The issue also reports two preliminary rulings on the compatibility with EU law of the Portuguese law on resolution and on the rights of shareholders of a resolved entity. As for the case law of the EU administrative review bodies, the issue includes the Appeal Panel's decisions on MREL. Finally, worth mentioning are some rulings of the Italian Corte di Cassazione on the administrative sanctions applied by Banca d'Italia to members of management and controlling bodies of credit institutions.

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