#2010-76Ordinance No. 2010-76 on the Merger of Banking and Insurance Regulatory Authorities
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This law merges banking and insurance regulatory authorities into a single body to oversee financial stability and customer protection. It establishes the Prudential Supervision Authority to monitor compliance with financial regulations and ensure entities like banks, insurers, and investment firms adhere to solvency and liquidity requirements. The law provides the authority with control and sanction powers, and emphasizes international cooperation within the European Economic Area.
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Key Changes
- Creation of the Prudential Supervision Authority
- Merger of banking and insurance regulatory authorities
- Focus on financial stability and customer protection
Obligations
What this law requires
Regulated entities must comply with solvency requirements as monitored and enforced by the Prudential Supervision Authority (Autorité de contrôle prudentiel)
Regulated entities must comply with liquidity preservation rules for banking, payment services, and investment service entities as specified in Article L. 612-2(I.A.1°-4°)
Insurance enterprises, mutual associations, and provident institutions must maintain capacity to fulfill commitments to policyholders, members, beneficiaries, and reinsured enterprises at all times
Regulated entities must implement adequate means and procedures to ensure customer, policyholder, member, and beneficiary protection in accordance with applicable legislative, regulatory provisions and professional best practices
Regulated entities must submit to permanent financial surveillance by the Prudential Supervision Authority regarding their financial situation and operating conditions