The Prudential Control and Resolution Authority (ACPR) published on Monday a charter aimed at facilitating the regulatory procedures of young start-ups operating in the finance sector.
This document specifies the course of a company to obtain the approval it wishes and commits the ACPR to response deadlines of two weeks maximum at certain stages of the course.
The charter also specifies the ACPR ‘s expectations vis – à – vis accredited applicants so that the files are prepared under the best possible conditions. This transparency process should allow project leaders to better take ownership of the regulations and will thus concretely facilitate their journey, underlined Olivier Fliche, director of the Fintech Innovation department of the ACPR, quoted in the press release.
For several years, European regulations have allowed the proliferation of new players, particularly in the field of payment.
Despite regulatory constraints that are lighter than for banks, owing to less strained possibilities on loan offers and savings products in particular, these companies must nevertheless obtain approval from the regulator.
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This idea came to us from fintechs themselves who told us that every now and then it was complicated to get the necessary permissions. Either took too long, or there was a bit of vagueness on the information required, explained in a presentation video Franois Villeroy de Galhau, governor of the Banque de France, which the ACPR is backed by.
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