2013年-FSB全球金融稳定委员会_Policy_Framework_for_Addressing_Shadow_Banking_Risks_in_Securities_Lending_and_Repos_91页_908kb

France's Implementation of G20/FSB Recommendations (2013 IMN Survey)

I. Refining the Regulatory Perimeter

France has taken steps to refine its regulatory perimeter to align with the FSB's recommendations, focusing on shadow banking oversight and the integration of previously unregulated entities into the prudential framework.

• Key Actions:

  • Money Market Funds (MMFs): The AMF applies comprehensive rules, including the CESR Guidelines on MMFs, which entered into force on 1 July 2011. These guidelines impose requirements on eligible assets, average maturity, valuation methods, and credit quality. The AMF rules are more stringent than the CESR guidelines.
  • Alternative Investment Funds (AIFs): France transposed the AIFM Directive (2011/61/EU) into national law by Ordinance n° 2013-676 of 25 July 2013, effective from 22 July 2013. This includes registration requirements, transparency, and supervision of AIFMs.
  • Finance Companies: France is working on new legislation to align the regulatory framework with the CRD4/CRR definition of credit institutions. This is expected by the end of 2013, allowing finance companies to be subject to supervision similar to Basel III.
  • Broker-Dealers: Regulated under MiFID as "investment services providers."

• Progress:

  • The regulatory perimeter refinement is ongoing or completed.
  • The AMF has fully applied FSB recommendations once finalized.

• Next Steps:

  • Adoption of new legislation for finance companies by end of 2013.
  • Continued alignment with EU-wide standards and FSB recommendations.

II. Hedge Funds

France has implemented a comprehensive regulatory framework for hedge funds, including registration, transparency, and risk management requirements.

• Key Actions:

  • Registration and Oversight: Hedge funds and their managers must be registered and comply with reporting and transparency requirements. This is under the AIFM Directive.
  • Leverage and Risk Management: AIFMs are required to comply with minimum own funds, leverage limits, and risk management procedures. They must also maintain appropriate credit and trading limits.
  • Information Sharing: Cooperation arrangements under the AIFM Directive have been signed with non-EU authorities, facilitating information sharing for oversight of globally active fund managers.

• Progress:

  • Implementation completed as of 22 July 2013.
  • The AMF has fully complied with the ESMA Guidelines on ETFs and other UCITS issues.

• Next Steps:

  • Signing additional cooperation arrangements with non-EU authorities.
  • Implementation of the Basel III framework in 2014 through the European CRR regulation.

III. Securitisation

France has implemented measures to improve the risk management and transparency of securitisation activities, aligning with both IOSCO and BCBS recommendations.

• Key Actions:

  • Risk Retention: Banks must retain a 5% net economic interest in securitisation instruments, effective from 31 December 2010. This requirement is also being applied to insurance companies under Solvency II, expected to be in force from 1 January 2014.
  • Transparency: Enhanced transparency requirements for structured finance instruments are in place, including ongoing disclosure on a central website.
  • Governance and Risk Management: The Solvency II framework requires monoline insurers to have robust risk management systems, covering underwriting, market, counterparty, and operational risks.

• Progress:

  • Risk retention requirements for banks completed by end 2010.
  • Implementation of transparency and risk management frameworks ongoing.

• Next Steps:

  • Finalization of the Omnibus II Directive to adapt Solvency II to the new European supervisory framework.
  • Continued work on incentive alignment and risk retention across jurisdictions.

IV. Key Recommendations and Implementation Status

V. Conclusion

France has made significant progress in implementing the G20/FSB recommendations, particularly in the areas of hedge fund oversight, securitisation risk management, and regulatory alignment. The country continues to work on finalizing legislative measures and enhancing supervisory frameworks to ensure consistency with international standards and to address systemic risks effectively.