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Updated: May 8, 2010 (Initial publication: May 7, 2010)

Contributions

Bibliographical Report (Insurance, Banking, Finance): Speech given by Jean-Pierre Jouyet, President of the ‘Autorité des marchés financiers – AMF’ (French Financial Markets Authority), on April 30, 2010, on the occasion of the signature of an agreement between the ‘Autorité des Marchés Financiers’ (French Financial Markets Authority) and the ‘Autorité de Contrôle prudentiel’ to create a joint consumer information service.

Updated: May 7, 2010 (Initial publication: April 7, 2010)

Sectorial Analysis

II-6.10 : Two decrees implementing Ordinance n° 2010-76 of 21 January 2010, relative to the merger of approval and supervisory authorities for the banking and insurance sectors, were published on 3 March 2010.

Main information

After the publication of the 21 January 2010 Ordinance implementing the Autorité de contrôle prudentiel (ACP - Prudential Control Authority), two decrees published on 3 March 2010 complete this legislation and define the institutional and budgetary workings of the new Authority.

Updated: May 7, 2010 (Initial publication: May 5, 2010)

Bibliographic Reports : Grey Litterature

III.2.4: Pierre Fleuriot’s report of February 2010 on the Directive on markets in financial instruments (MiFID) questions the deregulation of Multilateral Trading Facilities and calls for a more transparent and tightened regulatory framework, backed up by the soon to be EU Securities and Markets Authority.

After two years of implementation of France, the 2004 Directive on markets in financial instruments is to be reviewed at the European level in 2010. The French report, elaborated by Pierre Fleuriot, examines whether or not the directive’s main objectives –the deregulation of markets and the lowering of trading costs- were achieved in an efficient way.

Updated: May 7, 2010 (Initial publication: May 5, 2010)

Contributions

Bibliographical report (grey literature) : Pierre Fleuriot’s report of February 2010 on the Directive on markets in financial instruments (MiFID) questions the deregulation of Multilateral Trading Facilities and calls for a more transparent and tightened regulatory framework, backed up by the soon to be EU Securities and Markets Authority.

Updated: May 6, 2010 (Initial publication: April 12, 2010)

Sectorial Analysis

II-6.13 : Three Ministerial Orders nominate the President, members, and General Secretary of the new "Autorité de Contrôle Prudentiel - ACP (Prudential Control Authority)

Main information

Two Ministerial Orders of 5 March 2010 and a Ministerial Order of 8 March 2010 nominate the members of the Autorité de Contrôle Prudentiel (Prudential Control Authority), created by the Ordinance of 21 January 2010. Besides the Presidency, which will be exercised by Christian Noyer, governor of the Banque de France, the composition reveals the prevalence of banking regulators, which is a pragmatic consequence of the fact that insurers propose products equivalent in risk to those proposed by banks.

Updated: May 6, 2010 (Initial publication: April 7, 2010)

Sectorial Analysis

II-6.12 : Decree of 15 January 2010 relating to the Authority of Accounting Standards (ANC – Autorité de normes comptables)

Main information

Following the creation of the Authority of Accounting Standards (ANC – autorité des normes comptables) by the Ordinance of 22 January 2009, the Decree of 15 January 2010 defines its operational structure.

Updated: May 6, 2010 (Initial publication: April 7, 2010)

Sectorial Analysis

II-6.11: The Ministerial Order of 19 January 2010 modifies the Banque de France’s Comité de la réglementation bancaire et financier's (Banking and Financial Regulatory Committee) Regulation n° 97-02 of 21 February 1997 relating to the internal control of banks and investment firms.

Main information

The Ministerial Order of 19 January 2010 introduces a new approach to risk management within banks and investment firms : a transversal approach to risk, that is expressed through the creation of ‘risk departments’ (filière risques) within banks.

Updated: May 6, 2010 (Initial publication: Feb. 25, 2010)

Sectorial Analysis

II-6.6 : The Basel Committee on Banking Supervision: International Framework for Liquidity Risk Measurement, Standards and Monitoring - Consultative Document (issued for comment as of 16 April 2010), dated December 2009.

Main information

The Basel Committee on Banking Supervision approved a package of new proposals to strengthen global capital and liquidity regulations for consultation, as part of its comprehensive response to the international financial crisis.

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