The formal establishment of the Supervisory Board will take place shortly after these preparations and mark the start of a transition period of approximately one year until the SSM becomes operational. During this transition period, the Supervisory Board will adopt draft decisions on a number of legal acts and also decide about key organisational matters.
Given that most of these processes can only start formally once the SSM Regulation enters into force, a delay of its adoption would constitute a risk to the timely start of the SSM’s operations in mid-2014. Conclusion  Let me conclude. The establishment of the SSM must be seen in a broader perspective.