The ACPR’s statutory objectives are set out in Article L. 612-1 of the Monetary and Financial Code.
Ensuring the stability of the financial system
It is responsible for:
- issuing licences and authorisations as laid down in legislation and regulations;
- conducting ongoing supervision of the financial position and operating conditions of the institutions subject to its supervision, including in particular their compliance with solvency requirements and liquidity maintenance rules. The ACPR ensures that insurance institutions are in a position to honour their commitments to policyholders, members, beneficiaries and reinsured companies at all times, and that they actually honour those commitments in practice;
- ensuring that reporting entities comply with the rules governing the procedures for doing business, whether they are operating by themselves or through subsidiaries, and with the rules governing acquisitions and equity investments;
- supervising the preparation and implementation of measures to prevent and resolve banking crises, with a view to safeguarding financial stability, maintaining the continuity of the activities, services and operations of institutions whose failure would have a serious impact on the economy, protecting depositors, and avoiding, or limiting to the greatest possible extent, any recourse to public financial aid.
It is responsible for:
- supervising compliance with rules designed to protect customers, whether these rules stem from legislation and regulations, codes of conduct approved at the request of a professional association or industry best practices that the Authority either observes or recommends;
- The ACPR also checks that reporting institutions have adequate resources and appropriate procedures in place to comply with these rules. In relation to this statutory objective, it cooperates with the Autorité des marches financiers (AMF) through an entity common to both institutions, the Joint Unit.
To represent France in the international and European bodies
Cooperating closely with the Banque de France and relevant government agencies, the ACPR represents France in the international and European bodies responsible for supervising the insurance and banking industries. It thus contributes to achieving financial stability goals within the European Economic Area and to promoting convergence in national and European supervisory practices.