General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Articles
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 16, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News
News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News
News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News
News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News
News

OSFI Finalizes Guidelines on Liquidity Adequacy and NSFR Disclosures

OSFI published the final Liquidity Adequacy Requirements (LAR) guideline and the net stable funding ratio (NSFR) disclosure requirements guideline.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2920