The Autorité de contrôle prudentiel et de résolution (formerly known as the Autorité de contrôle prudentiel), was established on 21 January 2010. Its creation stems from the reflections on the reform of the financial system that took place in the wake of the international financial crisis.
It creation fulfils the objective of setting up a strong supervisory authority with a global vision of the financial sector (banking and insurance).
Key milestones in the establishment process of the ACPR
August 2008: The so-called Law on the Modernisation of the Economy (LME) paved the way for a modification of the French supervisory system. Among other things, it authorised the government to take the necessary measures to bring together the licensing and supervisory authorities of the banking and insurance sectors, while redefining their missions, their powers and the way they operate, with a view to ensuring financial stability.
January 2009: Two reports by the French General Inspectorate of Finance recommended merging the licensing and supervisory authorities of the banking and insurance sectors and maintaining two separate authorities: one of them in charge of financial markets and the other in charge of the prudential supervision of regulated entities.
- Report following the mission carried out to study and make proposals on the organisation and functioning of the supervision of financial activities in France.
- Report following the advisory mission on the monitoring of compliance with professional obligations towards customers in the financial sector.
July 2009: The Minister for Economic Affairs publicly announced her guidelines for the organisation and operation of the future Autorité de contrôle prudentiel, following discussions with the authorities and professionals concerned.
21 January 2010: Order No. 2010-76, which establishes the ACP, was published on the Official Journal of the French Republic. It defines the tasks, organisation, composition and functioning of the new Authority.
Established in March 2010, the ACP is the result of the merger of the following licensing authorities:
Comité des entreprises d'assurance (Insurance undertakings Committee, CEA), Comité des établissements de crédit et des entreprises d'investissement (Credit institutions and investment firms Committee, also referred to as CECEI), along with the supervisory authorities of the banking and insurance sectors, namely Commission bancaire (Banking Commission) and Autorité de contrôle des assurances et des mutuelles, (supervisory authority in charge of insurance undertakings, also referred to as ACAM).
3 March 2010: Decree No. 2010-217, provided for in the aforementioned Order, specifies various elements as regards the organisation and procedures of the ACP, as well as the exercise of its supervisory functions. Several Orders appointing members of the College, the Sanctions Committee and the Secretary General of the ACP were published around the same time.
9 March 2010: The College of the Authority established by Christine Lagarde, Minister for Economic Affairs, met for the first time, holding its first plenary session.
22 October 2010: The Banking and Financial Regulation Act ratifies the Order establishing the ACP. Several amendments were made to it, notably as regards the composition of the College, procedures pertaining to the Sanctions Committee, and customer protection.
26 July 2013: French Law No. 2013-672 on the separation and regulation of banking activities entrusts the ACP (which becomes the ACPR, Autorité de Contrôle Prudentiel et de Résolution) with the duty to ensure the elaboration and implementation of measures for the prevention and resolution of banking crises.
Updated on: 08/19/2022 11:19