ACPR Issues Multiple Regulatory and Reporting Updates
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)
- Press Release on Functional Business Cards, March 2022
- Press Release on Functional Business Cards, April 2022
- List of Optional Statements (XLSX)
- Research on Digital Transformation
- Notification on Fintech Charter
Keywords: Europe, France, Banking, Insurance, Basel, Reporting, OneGate, SSM, Fintech, Insurtech, Fintech Charter, Regtech, License Applications, CRD5, Remuneration, COREP, ACPR
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
HM Treasury Sets Out Approach to Cryptoassets, Stablecoins, and DLTNext Article
BoE Updates Statistical Reporting GuidanceRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BCBS Issues Climate Risk Principles while HKMA Expresses Its Support
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.
