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On November 4, 2014, the European Central Bank assumed its new
prudential supervisory role for banks in the Eurozone under the
Single Supervisory Mechanism ("SSM"). The SSM creates a
new system of financial supervision, under which the ECB will
directly supervise 120 significant banking groups, and will set and
monitor supervisory standards for other Eurozone banks by working
more closely with national regulators.
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