French Prudential Supervision and Resolution Authority


The French Prudential Supervision and Resolution Authority, formerly known as Prudential Supervision Authority, is a financial supervisory authority within the Bank of France, which exercises prudential supervision of regulated French financial firms such as banks and insurance companies.
Under European Union policy frameworks, the ACPR is the national competent authority for France within European Banking Supervision. It is a voting member of the respective Boards of Supervisors of the European Banking Authority and European Insurance and Occupational Pensions Authority, It is France's designated National Resolution Authority and plenary session member of the Single Resolution Board. It provides the permanent single common representative for France in the Supervisory composition of the General Board of the Anti-Money Laundering Authority. It is also a member of the European Systemic Risk Board.
WWW acpr.banque-france.fr

History

Background

A number of financial supervisory authorities were created in France over the years and with various mandates. These included:
  • the Bank Supervisory Commission, established in 1941 and renamed in 1984 the
  • the Insurance Supervisory Commission and the Mutual Insurance and Health Care Supervisory Commission, merged by law of to form the Commission de contrôle des assurances, des mutuelles et des institutions de prévoyance, renamed in 2005 as
  • the and Committee for Insurance Companies, separate licensing authorities, respectively, for credit institutions and investment services providers and for insurers

Formation and development

In January 2010, the ACP was formed by executive order through the merger of the Banking Commission, ACAM, and CECEI.
A new executive order in July 2013 granted it resolution authority, in the context of the formation of the European Single Resolution Mechanism, and correspondingly changed its name from ACP to ACPR.
In 2017, the ACPR lost its previous status of independent administrative authority, and thus became more directly integrated into the Bank of France.
From July 2020 to April 2021, the ACPR conducted the first assessment of financial risks resulting from climate change, which included 22 insurance organizations and 9 banking groups.

Operations

The ACPR's stated purposes include supervision and control, preservation of the stability of the financial system and protection of clients, insured participants and beneficiaries who are subject to its control. The ACPR have supervisory powers, the power to impose administrative enforcement measures, and disciplinary powers with respect to entities under its jurisdiction. It may also make public any information that it deems necessary to discharge its duties.
The ACPR has three different decision-making bodies: the Supervisory College, the Resolution College and the Sanctions Committee, as well as some consultative bodies, such as the Audit Committee and the Scientific Consultative Committee. It occasionally launches public consultations on different issues, as was the case in 2013, when it drafted the regulations for crowdfunding following a public consultation launched alongside the Autorité des marchés financiers and the French Ministry of the Economy and Finance.

Leadership

The ACPR's chairman is the Governor of the Bank of France. The Secretary-General is the ACPR's chief executive officer. The successive Secretaries-General of ACP, then ACPR have been:
  • Danièle Nouy, previously Secretary-General of the Banking Commission since 2003
  • Edouard Fernandez-Bollo
  • Dominique Laboureix
  • Nathalie Aufauvre
  • Emmanuelle Assouan