For banks, supervision within the European framework
The supervision of credit institutions is carried out within the framework of the European banking union, which is built on three pillars established in 2014: the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and a European Deposit Insurance Scheme (EDIS). The European Banking Authority (EBA) is the authority that works to ensure effective and consistent prudential regulation and supervision in the banking sector.
The SSM provides for integrated supervision of credit institutions in the euro area, as governed by Council Regulation (EU) No 1024/2013 and Regulation (EU) No 468/2014 of the European Central Bank (ECB). The ECB is responsible for the direct supervision of significant institutions and the indirect supervision of less-significant institutions.
The ECB's Supervisory Board organises its supervisory tasks within the SSM and prepares the decisions for adoption by the Governing Council via the non-objection procedure. Any differences of views between the two bodies are resolved by a Mediation panel.
The ECB directly supervises significant institutions at the national level through Joint Supervisory Teams (JSTs). The ACPR contributes actively to this supervision by providing the recognised technical expertise of its staff and their in-depth knowledge of the operating conditions and environment of the supervised institutions
Direct supervision of insurance undertakings
The ACPR is solely responsible for supervising insurance undertakings, and is responsible for their prudential oversight. The ACPR is a member of the European Insurance and Occupational Pensions Authority (EIOPA) and plays an active role in implementing the legislation applicable to these players, in particular the Solvency II Directive.
The ACPR thus has overall competence it can exercise independently thanks to its organisational structure centred around a general secretariat, which includes all the operational departments, as well as around several decision-making bodies : a Supervisory College, a Resolution College and a Sanctions Committee.
To perform its duties, the ACPR is vested with supervisory powers, administrative police powers and sanctioning powers.
