Do not invest more money than you can afford to lose.
France’s Autorite de Controle Prudentiel et de Resolution (ACPR) has created a FinTech Innovation Unit, the regulator said on Monday. The new unit was set up on 1 June, 2016, and is directly attached to the ACPR’s Secretary General.
The FinTech Innovation Unit will serve as a point of entry for financial startups and will assist them in the ACPR licensing process.
In addition, the unit will analyze the impact of technological innovations on the banking and insurance activities as well as on the payment services. It will evaluate opportunities and risks related to innovations in the financial sector and, based on its findings, will recommend amendments to the regulatory framework and supervision practices.
The FinTech Innovation Unit will work on behalf of the ACPR and will cooperate with the Autorite des Marches Financiers (AMF), France’s financial regulatory body. Together they will launch a forum with the idea to find out what fintech professionals find challenging in the sector in terms of regulation and supervision and what improvements could be made. The regulators will use the information to come up with a common process in order to coordinate their actions regarding the regulation of innovative projects dealing with investment services.
The newly-created fintech unit has been headed by Nathalie Beaudemoulin, who also serves as deputy director of the licenses, authorizations and regulation department at the ACPR.
The ACPR is in charge of the supervision and regulation of the banking and insurance sectors in France. It make sure of the stability of the financial systems of those it supervises, as well as the protection of their customers, insurance policyholders, members and beneficiaries.