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    Annual Report

    2013 ACPR

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  • 1

    ACPR 2013 ANNUAL REPORT

    T he annual report reviews the activity of

    the Autorité de contrôle prudentiel et

    de résolution and its departments and

    provides information about its budget (dues paid

    to cover supervision and other main items of

    expenditure).

    It also presents noteworthy developments in

    terms of authorisations and restructurings of

    existing firms, arranged by banking and insurance

    sector, during the year under review.

    A statistical section will be added in

    September-October 2013, allowing for current

    constraints in production of statistics.

  • 2

    Contents

    Christian Noyer’s editorial, ACPR Chairman and Governor of the Banque de France 4 Édouard Fernandez-Bollo’s interview, ACPR Secretary General 8

    CHAPTER 1 Overview of the ACPR 13

    1. Statutory objectives and structure 14 2. ACPR General Secretariat 25 3. Activities of the ACPR Supervisory College 30 4. Introduction of the single supervisory mechanism in the banking sector 37

    CHAPTER 2 Ensuring the stability of the financial system 41

    1. Licences and authorisations 42 2. Risk exposure of the financial system: 2013 assessment 58 3. Prudential supervision 66 4. Resolution of banking crises 92

    CHAPTER 3 Customer protection in banking and insurance 95

    1. The main on-site inspection themes in 2013 96 2. Questionnaires on implementation of customer protection rules 100 3. Processing customer requests 102 4. Specific instruments 106

    CHAPTER 4 Anti-money laundering and counter-terrorist financing 109

    1. ACPR supervision 110 2. Work on legal instruments related to AML/CTF 112

    CHAPTER 5 Punishing violations 115

    1. Activity of the Sanctions Committee 116 2. Other highlights 123

    CHAPTER 6 Contributing to the development of the international, European and French regulatory framework 125

    1. ACPR involvement in European and international bodies 126 2. Legislative and regulatory developments at national level 142

    CHAPTER 7 Budget and performance monitoring 147

    1. Budget 148 2. Performance monitoring 156

    GLOSSARY 166

    APPENDIX 176

  • 3

    ACPR 2013 ANNUAL REPORT

    CHAPTER 1 Overview of the ACPR

    ACPR jurisdiction 15

    Composition of the ACPR Supervisory College 18

    Composition of the Resolution College 20

    Composition of the Audit Committee 21

    Composition of the Consultative Committee

    on Prudential Affairs 21

    Composition of the Consultative Committee on Anti-Money Laundering and Counter-Terrorist Financing 22

    Composition of the Consultative Committee on Business Practices 23

    Composition of the Scientific Consultative Committee 24

    Communicating to keep the market regularly informed 27

    CHAPTER 2 Ensuring the stability of the financial system

    Concentration among employee savings scheme account-keepers 46

    ACPR opinions on the appointment of statutory auditors and special auditors 51

    Mutual insurers governed by Book II of the Mutual Insurance Code and “statutory” risks 55

    Interview with Martin Rose and Romain Bernard, Research Directorate 59

    Main risks to which the ACPR paid particular attention in 2013 60

    Activities of the ACPR’s Scientific Consultative Committee in 2013 62

    Interview with Jean-Baptiste Feller of the ACPR Research Directorate on data collection linked to the introduction of the SSM 70

    The European Banking Authority’s recommendation of 22 July 2013 71

    The new status of finance company 73

    European Market Infrastructure Regulation (EMIR) 75

    Adapting the regulatory framework to the specific features of crowdfunding 82

    The ACPR is strongly committed to the French market’s active preparations for Solvency II 83

    The 2013 Solvency II market preparedness survey 84

    Q&A with Romain Paserot, head of the Solvency II project at the ACPR 85

    Greater focus in 2013 on compliance with filing deadlines for regulatory disclosures 87

    Pre-application for use of an internal model and the evaluation framework for the model 89

    CHAPTER 3 Customer protection in banking and insurance

    Unclaimed life insurance policies 99

    Monitoring and supervising advertising 101

    Action by the ACPR/AMF Joint Unit in 2013 107

    CHAPTER 4 Anti-money laundering and counter-terrorist financing

    Responses to the AML/CTF questionnaire for the banking and life insurance sectors 110

    Implementation of AML/CTF obligations by institutions based in overseas departments and territories 111

    The work of the Anti-Money Laundering and Counter- Terrorist Financing Consultative Committee in 2013 112

    CHAPTER 5 Punishing violations

    Membership of the Sanctions Committee 117

    CHAPTER 6 Contributing to the development of the international, European and French regulatory framework

    The CRD IV legislative package 128

    Work by the ACPR to strengthen AML/CTF at international level 131

    The proposed Omnibus II Directive 133

    The Sub-Committee on Consumer Protection and Financial Innovation 135

    Global systemically important banks 137

    Implementation timetable for measures applicable to G-SIIs 138

    Netting rules under IFRS and US GAAP 140

    CHAPTER 7 Budget and performance monitoring

    Changes in contributions for the cost of supervision 151

    Insert contents

  • 4

    Christian Noyer ACPR Chairman and Governor of the Banque de France

    Editorial

  • 5

    ACPR 2013 ANNUAL REPORT

    In 2013 the responsibilities of the Autorité de contrôle prudentiel et de résolution (ACPR) were further strengthened with the Banking

    Separation and Regulation Act of 26 July, which confers on it new

    powers for preventing and managing banking crises.

    This new responsibility entrusted to the ACPR is consistent with all of its actions to safeguard finan- cial stability and consists in ensuring the continuity of the activities and services of credit institutions whose failure would have damaging conse- quences for the economy. The implementation of resolution plans will increase the protection of depositors, while minimising the call for public funds in the event of a credit institution experienc- ing severe difficulties.

    In this respect, a specific Resolution Directorate was set up within the ACPR, as well as a new Resolution College, which will work, as of 2015, within the framework of the European Single Resolution Mechanism (SRM). The latter is one of the three pillars of Banking Union along with a common system of deposit protection and the Single Supervisory Mechanism (SSM). Furthermore, new responsibilities have been conferred on the ACPR in order to ensure the effective separation of activities; it has also stepped up its powers in terms of checking the fit and proper requirements of senior managers as well as of members of Boards of Directors and Supervisory Boards in banking and insurance sector entities.

    As expected, 2013 saw a large number of changes to the regulatory and institutional framework for both the banking and insurance sectors.

    2013 was marked by two major developments: the preparation of the Single Supervisory Mecha- nism, which is expected to become operative in November 2014, and the launching of a large-

    scale pan-European exercise to assess credit institutions in the SSM area (comprehensive assess- ment). At the same time, in 2013, the ACPR participated in specific data collection operations aimed at defining and progressively implement- ing the risk assessment system and the supervisory review and evaluation process at the level of the SSM.

    This was also, for all credit institutions and the ACPR, a year of intensive preparations for the new capital requirements set out in the Capital Requirements Directive (CRD 4) and the Capital Requirements Regulation (CRR), which were adopted on 26 June 2013, allowing the Basel III standards to be implemented in Europe.

    In the insurance sector, the final rounds of discussions on the Omnibus II Directive were held. They gave rise to a political agreement at the European Council on 13 November 2013 and the Directive was adopted by the European Parlia- ment on 11 March 2014. Solvency II is therefore set to enter into force on 1 January 2016.

    Lastly, since 23 February 2013, market participants have had to adapt to the European Market Infra- structure Regulation (EMIR), which mainly covers OTC derivatives.

    All of these developments required major efforts by ACPR staff, both at the European and interna- tional levels to reach these agreements, and with institutions and entities under its supervision, in order to provide as much assistance as possible with their transition to compliance with these new regulatory arrangements.

    In 2013, France’s six main banking groups1

    generated an aggregated net banking income of EUR 136.5 billion, up 1.1% on 2012. The action plans implemented by these banks enabled them to reduce their management costs by 0.8%, and the cost of risk fell by 2.7%.

    1. BNP Paribas,

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