The French Prudential Supervision and Resolution Authority (, ACPR), formerly known as Prudential Supervision Authority (, ACP), is a

financial regulatory authority A financial regulatory authority or financial supervisory authority is a public authority whose role is to ensure the proper implementation of financial regulation within its scope of responsibility. Financial regulatory authorities include t ...

within the

Bank of France The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de F ...

, which exercises prudential supervision of regulated French financial firms such as

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s and

insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

. Since 2014, it has been France's national competent authority within

European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...

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 (, CCB), established in 1941 and renamed in 1984 the () * the Insurance Supervisory Commission (, CCA, est. 1990) and the Mutual Insurance and Health Care Supervisory Commission (, CCMIP, est. 1990), merged by law of to form the (CCAMIP), renamed in 2005 as (ACAM, ) * the (, CECEI, est. 1984) and Committee for Insurance Companies (, CEA, est. 2003), 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 The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's European Union banking union, banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolutio ...

, and correspondingly changed its name from ACP to ACPR. In 2017, the ACPR lost its previous status of independent administrative authority (Article 24 of Law 2017-55 of 20 January 2017), and thus became more directly integrated into the

. From July 2020 to April 2021, the ACPR conducted the first assessment of

financial risk Financial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financi ...

s resulting from

climate change Present-day climate change includes both global warming—the ongoing increase in Global surface temperature, global average temperature—and its wider effects on Earth's climate system. Climate variability and change, Climate change in ...

, 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 (March 2010 - December 2013), previously Secretary-General of the Banking Commission since 2003 * Edouard Fernandez-Bollo (January 2014 - September 2019) * Dominique Laboureix (October 2019 - 2023) * Nathalie Aufauvre (2023–present)

References

External links

*
Official site
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France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

Government agencies of France

French economic policy