Featured Product

    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

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206