regulatory challenges that will need to be addressed. with this in mind, the acpr has begun identifying potential avenues of regulation. these were set out in a paper published in october 2023. they include three measures : ( 1 ) first preserving the resilience of public and private dlt infrastructure via security standards ; ( 2 ) second, certifying smart contracts, even if this raises operational questions ; and ( 3 ) third, regulating defi entry points to protect investors against the risks of abuse. work is continuing in 2024 with stakeholders on one of the acpr's key proposals, namely the mandatory certification of smart contracts prior to their use. my fourth and last point is about the use of our second lever, the adaptation of the services we provide in cebm. it has taken the form so far of two major endeavours to prepare for such adaptation. first, the banque de france was the first central bank to launch an ambitious experimental programme on wholesale central bank digital currency ( cbdc ) for largevalue payments, in 2020, to support dvp and pvp settlement processes of tokenised financial assets, both domestically and cross - border. the experiments are now pursued under the aegis of the ecb. the banque de france's wholesale cbdc technical 2 / 3 bis - central bankers'speeches solution, based on our own dlt ( dl3s ), is one of the solutions currently trialed by the eurosystem. the banque de france is also taking part in several important international initiatives, notably those spearheaded by the bank for international settlements'innovation hubs, to explore the future of market infrastructures and interoperability between traditional systems and different types of dlt. in the latest project, agora ¡, the banque de france will represent the eurosystem, and will explore with six other central banks worldwide the tokenisation of cross - border payments using both tokenised central bank money and tokenised commercial bank deposits in an ecosystem that preserves the two - tiered architecture of the financial system based on the concept of unified ledger. the second major endeavour is our participation as a central bank of the eurosystem to the preparation of the digital euro, but i do not develop this aspect as my colleague of the ecb will tell you more on this. if and when we will deploy these cbdcs, wholesale and retail, remains uncertain as we speak. the only certainty we have and market participants should have, is

and supervisors, and i have great confidence in ravi menon ’ s leadership. beyond climate change, the ngfs is acting as a great catalyst on nature - related issues. in light of its march report, the ngfs launched in april a nature - related risks taskforce co - chaired by sylvie goulard, deputy governor of the banque de france, and saskia de vries from dnb, with the objectives to incorporating nature - related risks into the ngfs ’ s long standing workstreams within the next two years. as much as possible, let us have interim deliverables earlier. conceptual framing and research : as a problem well - stated is a problem half - solved. bridging methodological shortcomings and data gaps is a crucial pre - requisite for action, before jumping to any conclusions on the prudential or monetary front – these must come in due time. our priority as page 11 sur 13 central banks and supervisors is thus to build the capacity to further analyse and study empirical evidence of the financial implications of biodiversity and naturerelated risks. at the banque de france, we are fully committed to this effort, thanks to a dedicated team of experts within the climate change centre ( ccc ) who contribute both to ngfs and bdf research advances. we will strive to provide state of the art metrics, financial assessment, and, hopefully in a near future, scenarios analysis. the work plan of the ngfs taskforce includes the development of a unique conceptual framework adapted to our activities, which will be key to build a common understanding and address the knowledge, capacity and methodological gaps that we face. contribute through individual or national pilot initiatives be it on reporting, monitoring, or responsible investment. and let me underline here that france is leading the way, especially on biodiversity issues. article 29 of france ’ s energy and climate law extends climate - related risks reporting requirements for financial investors to biodiversity - related risks. the french prudential supervision and resolution authority ( acpr – part of the banque de france ) is assessing the compliance of our supervised entities with article 29 of the insurance companies we supervise. we received the first reporting last september, and – not so surprisingly – early control checks indicate that reporting entities are facing challenges in the access to relevant biodiversityrelated data and mostly relied on third party providers. as required by law, entities that are not able to disclose on all required information will have to disclose on their plans for continuous