face - to - face customer identity verification of new customers – identified as one of the main regulatory irritants for fintechs – while maintaining an equivalent level of security ; ( ii ) we have raised the awareness of crypto - asset service providers and assisted them with understanding the application of aml / cft rules. the traceability of blockchain technologies appears to be a useful feature for analysing the behaviour of suspicious portfolios, even though such tools require further development ; ( iii ) we have established an initial dialogue between fintechs and traditional banking players in order to improve their access to bank accounts. today, i would like to urge banks to participate, in a constructive manner, in the transformation of the financial sector, without undue concerns. fintechs are not our enemies, but key players in the modernisation of the financial sector and a catalyst for reflecting on the transformation of the banking model in order to address the needs of their customers. this is particularly the case for open banking, which is now regulated by the revised payment services directive ( psd2 ), because shared security rules are needed. i believe and hope that the difficulties of its implementation are largely behind us. moreover, if banks and fintechs did not both know how to innovate, and often innovate together, bigtechs would ultimately reap the rewards. furthermore, we take very seriously the commitments we made to you last year : we have therefore worked with you this year on the deadlines and visibility of the stages in the authorisation process of fintechs. in this context, i am pleased to announce that a fintech charter will be adopted and published before the end of the year. this charter will clearly explain, in great detail, the stages in this authorisation process, from their first contact with the acpr to their obtaining the required authorisation or registration. it will contain specific commitments on the part of the acpr, firstly in terms of the visibility of the process : the appointment of a dedicated analyst, an indication of the additional information to be provided, and an authorisation certificate to facilitate procedures with investors. secondly, in terms of deadlines : at each stage of the process, acknowledgement of receipt will be provided within two days and a response will be given on the content of the request within two weeks. the charter will also clarify our requirements regarding authorisation applications so that they can be prepared as well as possible. in order to help entrepreneurs

of a stock market crash for example, if they are open - ended and have no system of gates. to achieve this, we need to develop, jointly and at a global level, a harmonised framework for systemic stress tests : the fsb already recommended such tools in 2017, but there is a real risk that they will remain in the exploratory phase, and that no action will be taken at the level of the financial system. the third and last priority is to regulate. following the finalisation of the basel iii reform in december 2017, the main focus for financial regulation is no longer bank solvency, but non - bank liquidity. we nonetheless need to avoid making two mistakes. the first would be to favour one sector over another, be it banks or shadow banking : the existence of opportunities for regulatory arbitrage could to lead to the transfer of capital - intensive activities to less regulated, or even unregulated entities, which would be counterproductive. the other mistake would be to impose banking regulation on shadow banking, as the risks are not the same ; in particular, the same 2 / 3 bis central bankers'speeches capital requirements cannot be applied. at the global level, the non - bank sector needs to be provided with microprudential and macroprudential regulations that are tailored to its particular business model and risks. with regard to macroprudential regulation, france is a pioneer in this field with its decision to introduce, as of 1 july this year, a measure regarding large enterprises that also takes into account their market debt. we shall publish details on how it will work this week. but we need to be honest with ourselves and admit that our experience of using macroprudential tools outside the bank sector is still very limited. one of our priorities in terms of regulation should also be to develop liquidity management tools for investment funds, and to refine the measurement of their leverage, two issues that, fortunately, the fsb has already identified. it is also important that we increase the transparency of shadow banking activities. in this respect, the entry into force of the european regulations emir2 and sftr should be a considerable step forward. as i ’ ve been talking about macroprudential measures regarding large corporations, and our subject is financial stability, i ’ d like to bring you up to date on bank lending in france : lending to the private sector – to households and businesses – is growing rapidly in france, at a rate of close