RC: To what extent do you believe financial institutions in France are operating in an environment of increasing regulatory scrutiny and enforcement activity?

Samuelian: Over the past few years there have been many changes in financial regulation with regard to governance, anti-money laundering and prudential regulations. Furthermore, the supervisory framework has moved towards a consolidated supervision involving the European Central Bank, which supervises the systemically important financial institutions and the national supervisory authorities. Adjusting to these changes has required significant effort for financial institutions in France. Nevertheless, I believe that they have largely overcome this challenge by mobilising significant new resources – by creating new jobs and investing in significant new IT resources – in order to comply with each new legislation and in particular to be able to answer growing demands from supervisory authorities.

RC. Could you outline some of the broad legal and regulatory changes affecting the financial services sector in France?

Jul-Sep 2016 Issue