Even though there were lots of expectations of the same, there is hardly any doubt that the same is going to be seminal. Well, we are talking of the latest development in the realm of France; the inauguration of a novel regulatory body so as to administer its financial sector. However, it must also be stated at the same time that governments across the globe leave no stone unturned to fortify their regulatory systems in order to thwart a repeat of the credit crisis. Christian Noyer, Governor of Bank of France has been termed as the new chief of the ACP (Autorite de Controle Prudentiel) banking and insurance regulatory body.

What is the main function of ACP (Autorite de Controle Prudentiel)? ACP (Autorite de Controle Prudentiel) consists of erstwhile freestanding banking and insurance watchdogs and will work, as per the latest info, in conjunction with the French AMF stock market regulator. It is worthwhile to mention that France had made annunciations of plans to set up the ACP (Autorite de Controle Prudentiel) last year.

Speaking on the crucial development French Economy Minister Christine Lagarde, who held a joint news conference with Noyer to announce the launch of the ACP body, stated, "This will create a more efficient regulatory system for the future."  It has also been found that scores of

British politicians are looking into reforms to its financial regulatory structure, as the UK prepares for a general election.

If you can kindly recall, its current "tripartite" committee of the Treasury, Bank of England and Financial Services Authority (FSA) was extensively criticised for failing to discern the risks which did compel Britain to nationalise or adopt major stakes in Northern Rock, Lloyds and RBS banks.