Fintech: regulatory landscape, issues and procedures for applying for authorization and control from the regulator, according to PWC
PWC carried out a study on the regulatory landscape of fintech, in particular regulated by the ACPR which ensures compliance with regulatory provisions. The study summarizes the different challenges facing fintech and identifies several keys to responding to them. Among the most important is the anticipation of control missions, requiring a solid system to be put in place to anticipate difficulties.
🕵🏻♂️ Regulatory landscape and competent authorities for obtaining status/authorization/approval
Depending on their activity and the services they offer, fintechs are subject to different legal regimes, administered by separate competent authorities, such as the ACPR or the AMF.
????Procedures for submitting the fintech authorization or approval file to the ACPR
The fintech authorization and approval process with the ACPR is divided into several stages, from the presentation of the project to the ACPR authorization department (the entity, the planned activity, the regulatory services envisaged, the structure and financing arrangements of the project, etc.) until the ACPR makes a decision regarding the status of the project leader.
🎯 Focus on ACPR controls
The on-site inspection of a regulator aims to verify compliance by the controlled establishment with the legislative and regulatory provisions applicable to it. Carrying out such an inspection requires the implementation of a solid system to ensure that it runs smoothly and anticipate any difficulties.
(I.e.️ Preparing for controls
Faced with the challenges of a regulator's control mission, it is essential to prepare for each phase of the mission and to ensure the implementation of numerous logistical, technical and operational elements. Certain key points and golden rules have been identified to help you best respond to these control missions, before and during their implementation.
