Featured Product

    FSB Report on the Peer Review of France

    July 20, 2017

    FSB published a report on the peer review of France. The peer review examined the macro-prudential policy framework and public disclosures of financial sector data in France, focusing on the steps taken by French authorities to implement reforms in these areas. The report also offers recommendations for French authorities to address the certain identified issues.

    The peer review finds that, in recent years, significant progress has been made on the macro-prudential policy framework and public disclosures of financial sector; this reflects the initiatives undertaken at both the EU and the national level. Particularly, the July 2013 Banking Reforms Act provided the interagency Haut conseil de stabilité financière (HCSF) with an explicit mandate for financial stability and a broad range of macro-prudential powers. Financial stability mandates were also embedded in the objectives of the Banque de France (BdF), Autorité de Contrôle Prudentiel et de Résolution (ACPR), and the Autorité des marchés financiers (AMF).

     

    Additionally, there have been initiatives to enhance the disclosure requirements for banks, insurers, and other financial institutions; this is supported by guidance, reviews, and assessments from ESAs, national authorities, and active interaction with stakeholders. The HCSF and BdF have expanded their public reporting of conditions and risks to the French financial system, while detailed bank-by-bank data (including for 12 French banks, which account for 91% of the domestic banking sector) is disclosed by EBA. The review concludes that additional work needs to be done on:

     

    Macro-prudential framework. This involves continuing expansion of the scope of macro-prudential policy in the insurance and asset management sectors; enhancing systemic risk assessments and disclosing the data, methodologies, and assumptions underpinning them; and strengthening public communication on financial stability.

    Disclosures. This involves adopting EBA guidance to enhance transparency of capital treatment in complex banking groups; establishing a program to review and follow up on reports to be submitted by insurers under the EU’s Solvency II Directive for insurance firms; and considering the publication, on a regular basis, of comparable insurance company information.

     

    Related Link: Peer Review of France (PDF)

    Keywords: Europe, France, Banking, Securities, Insurance, Solvency II, Macro-prudential Policy Disclosures, FSB

    Featured Experts
    Related Articles
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3665