Michel Prada (born 2 April 1940) is a lawyer and administrator who became a French civil servant, holding a number of senior positions.

Background

Prada was born on 2 April 1940 in

Bordeaux Bordeaux ( , ; Gascon oc, Bordèu ; eu, Bordele; it, Bordò; es, Burdeos) is a port city on the river Garonne in the Gironde department, Southwestern France. It is the capital of the Nouvelle-Aquitaine region, as well as the prefect ...

. He attended the

Institut d'études politiques de Bordeaux Institut d'études politiques de Bordeaux, also known as Sciences Po Bordeaux, is a French grande école located on the university campus of Pessac, Bordeaux. It is attached to the University of Bordeaux. Established in 1948, Sciences Po Bordeau ...

, and then the Ecole Nationale d'Administration from 1964 to 1966. He graduated from the University of Law and Economics with a master's degree in Law. Prada is married and has 5 children. He has been awarded the titles of Commander of the "

Légion d'Honneur The National Order of the Legion of Honour (french: Ordre national de la Légion d'honneur), formerly the Royal Order of the Legion of Honour ('), is the highest French order of merit, both military and civil. Established in 1802 by Napoleon ...

" and Great Officer of the "

Ordre National du Mérite The Ordre national du Mérite (; en, National Order of Merit) is a French order of merit with membership awarded by the President of the French Republic, founded on 3 December 1963 by President Charles de Gaulle. The reason for the order's estab ...

" and is also Chevalier of the "

Ordre des Arts et Lettres The ''Ordre des Arts et des Lettres'' (Order of Arts and Letters) is an order of France established on 2 May 1957 by the Minister of Culture. Its supplementary status to the was confirmed by President Charles de Gaulle in 1963. Its purpose is ...

". He has been Chairman of the Board of the

Orchestre de Paris The Orchestre de Paris () is a French orchestra based in Paris. The orchestra currently performs most of its concerts at the Philharmonie de Paris. History In 1967, following the dissolution of the Orchestre de la Société des Concerts du ...

and of the Board of the Institut d'Etudes Politiques de Bordeaux.

Career

Prada was appointed an Inspecteur des Finances, holding this position from 1966 to 1970. He was then transferred to the Ministry of the Economy in the Directorate of Public Accounting, becoming a Director of Accounting in 1978. He was appoint Budget Director in 1985. In 1987 he was promoted to Inspector General of Finance. From 1988 to 1995 he was Chairman of Crédit d'Equipement des Petites et Moyennes Entreprises (Credit Facilities for Small and Medium Businesses), a bank. He was a member of the Economic and Social Council and of the National Credit Council between 1994 and 1995. Prada was Chairman of the French Securities Regulator from 1995 until 2002. He was Chairman of the Executive Committee of the

International Organization of Securities Commissions The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world's securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdic ...

(IOSCO) from September 1996 to September 1998, and Chairman of the Technical Committee from September 1998 to May 2000. He was again Chairman of the Technical Committee from 2006 to 2008. In November 2003 he became Chairman of the Autorité des Marchés Financiers, which regulates the stock market. Prada was a founding member of the

Financial Stability Forum The Financial Stability Forum (FSF) was a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. It was first convened in April 1999 in Washington. At the 2009 G20 ...

, the Forum of European Securities Commissions and the Committee of European Securities regulators. In the wake of a series of corporate scandals including the collapse of

Enron Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional compani ...

and

WorldCom MCI, Inc. (subsequently Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunic ...

in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

and of Parmalat in

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...

, Prada led a collaborative effort by members of the international financial regulatory community to establish the

Public Interest Oversight Board The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC) and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, ...

(PIOC) in 2005. The PIOC would oversee standards-setting activities of the

International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...

to ensure they were in compliance with the public interest. Prada was appointed a member of the Financial Crisis Advisory Group set by the International Accounting Standards Board and the US Financial Accounting Standards Board, with the mandate of considering financial reporting issues uncovered by the

global financial crisis Global means of or referring to a globe and may also refer to: Entertainment * ''Global'' (Paul van Dyk album), 2003 * ''Global'' (Bunji Garlin album), 2007 * ''Global'' (Humanoid album), 1989 * ''Global'' (Todd Rundgren album), 2015 * Bruno ...

. After retiring from the Autorité des Marchés Financiers in December 2008, Prada became chair of the Conseil de Normalisation des Comptes Publics (Public Sector Accounting Standard Council) at the Budget Ministry of France. He was also appointed chairman of the Board of Trustees of the

International Valuation Standards Council The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international techn ...

a post he held until December 2011 when he was appointed as chairman of the International Financial Reporting Standards Foundation. He is a board member of the International Centre for Financial Regulation (ICFR) and co-chair of the Council on Global Financial Regulation.

Bibliography

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References

{{DEFAULTSORT:Prada, Michel Living people 1940 births People from Bordeaux French economists French accountants