ECB/ESCB Legal Conference 2026 - Panel 3

Panel 3 Connecting banking supervision with market authorities Under the SSM Regulation, the Council has conferred upon the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions. However, the legal framework governing the activities of credit institutions extends far beyond prudential requirements. Key areas such as the supervision of markets in financial instruments, the prevention of money laundering and terrorist financing, and consumer protection in financial services remain under the supervision of national authorities. This division of responsibilities in markets in financial instruments raises intricate questions about the boundaries between prudential rules and market rules, as well as the distinction between prudential supervision and supervision of financial markets. This panel discusses cooperation between banking and market supervisors within the European financial supervisory framework, looking also at the potential evolution of their interaction within the further development of capital market integration and supervision within the Union in the context of the Savings and Investments Union. Chair: Bruna Szego, Chair, Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) Panellists: • Filippo Annunziata, Professor, Università Luigi Bocconi • Sophie Vuarlot-Dignac, Head of Legal & Enforcement Department, ESMA • Andrea Biondi, Advocate General, Court of Justice of the European Union Discussion with questions from the audience --- ‘Independence, not isolation: central banks and their connections with other authorities’. Monday, 28 and Tuesday, 29 September 2026, Hybrid event – by invitation only. This year’s conference focuses on the connections between central banks and other authorities. These relationships are often framed through the concepts of accountability and independence. The 2026 Legal Conference aims to revisit this debate by emphasizing cooperation and by discussing the arrangements that define modern central banking and banking supervision as collaborative endeavours. See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20260928_ECB_ESCB_legal_conference.en.html