The Autorité de contrôle prudentiel (ACP) was formed on 9 March 2010 as the body responsible for supervising the banking and insurance sectors in France. It had its first full year of activity in 2011. The Authority’s main duty is to maintain financial stability and to provide protection for banks’ customers and for insurance policyholders and beneficiaries. The ACP also represents France for matters within its jurisdiction in Europe as well as in international negotiations. The ACP is an independent administrative authority attached to the Banque de France and funded by contributions from reporting entities. The General Secretariat has all the skills needed for the Authority to carry out its duties. Its staff of 1,008 makes every effort to ensure that the French supervisory framework is effective and serves the public interest.