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    ACPR Issues Multiple Regulatory and Reporting Updates

    April 11, 2022

    The French Prudential Supervisory Authority (ACPR) published reporting updates under the fifth Capital Requirements Directive (CRD5), information on its fintech charter, and the results of its research on digital transformation in banking and insurance sectors.

    Below are the key details of the recent updates:

    • ACPR released new versions of the "functional business cards" in March and April 2022 on the OneGate portal. The March 2022 version of "the functional business cards," covers adjustments with respect to institutions not subject to the Single Supervisory Mechanism. A revision of the configuration of the information system has been carried out to allow integration of reporting elements under CRD5. These modifications apply from the March 2022 decree. The April 2022, ACPR version of "the functional business cards" incorporates changes related to the requirements for the Remuneration Benchmarking statements and the Remuneration High Earners statements for the December 2021 deadline. The April version also incorporates modifications to the list of optional statements for the COREP OWN FUND (COREP_OF) module. ACPR also published the updated list of optional statements.
    • With respect to the research on digital transformation, ACPR interviewed 12 insurance organizations and 8 banks to understand the transformation underway. For both banks and insurers, artificial intelligence appeared to be a driving force of digital transformation. The research also characterized the way in which the actors envisage their relations with the innovative ecosystem. In the banking sector, entities are encouraged to strengthen the use of new technologies and adopt new business models integrating innovative players, via partnerships or acquisitions, with a view to retaining the relationship with the customer. In the insurance sector, however, “insurtech” firms are perceived more as partners or niche competitors.
    • ACPR drew “Fintech charter” to facilitate the approval process for start-ups in the financial sector. The charter applies to authorization requests from fintech project leaders and describes the commitments and expectations of the supervisory authority. The charter is accompanied by documents explaining the applicable regulations, which will be evaluated one year after its publication.

     

    Related Links (in French)

     

    Keywords: Europe, France, Banking, Insurance, Basel, Reporting, OneGate, SSM, Fintech, Insurtech, Fintech Charter, Regtech, License Applications, CRD5, Remuneration, COREP, ACPR

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