European banks and their lawyers are adjusting to life under a new pan-European banking supervisor. The European Central Bank took the reins last November as the top regulator for big banks in the eurozone, replacing a long-standing patchwork of national authorities. The shakeup, lawyers say, is bringing in plenty of work from bank clients with questions about the new regime.
From their Frankfurt base, 1,000 financial supervisors are charged with implementing a single rulebook for the eurozone’s 123 biggest lenders. It’s a big job. “The European single rulebook still has a lot of gaps,” says Markus Krüger, a corporate partner at Latham & Watkins in Frankfurt. “And because it’s so new, it creates a lot of questions and work for us.”
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