The banking law has established a Committee for Coordination and Surveillance of Systemic Risks (CCSRS) in which ACAPS is represented alongside the two other regulators of the Moroccan financial market; Bank Al-Maghrib and the Moroccan Capital Market Authority as well as the Ministry of Economy and Finance.
The latest international financial crisis has highlighted the need for tools to identify and assess systemic risks and to consolidate existing regulatory frameworks to mitigate the effects on the financial system. It also highlighted the importance for regulators to strengthen the macro prudential framework to contribute to the stability of the financial system.
Established under the banking law, the Committee for Coordination and Surveillance of Systemic Risks (CCSRS) is a macro-prudential supervision and risk prevention mechanism. This Committee is in charge of analyzing the risks to the stability of the financial system and proposing appropriate measures to mitigate the effects of such risks. By participating in this committee, ACAPS actively contributes to the stability of the financial system through a permanent analysis and monitoring of the risks weighing on the insurance and social security sectors.
The committee's mission is as follows:
- Coordinate the actions of its members in supervising the institutions subject to their supervision
- Coordinate the surveillance of the bodies that monitor the entities forming a financial conglomerate and the joint regulations applicable to those bodies
- Identify systemically important financial institutions and coordinate the joint regulation applicable to these establishments and their supervision
- Analyze the situation of the financial sector and assess systemic risks
- Ensure that all measures are implemented to prevent and mitigate systemic risks
- Coordinate crisis resolution actions affecting institutions subject to their supervision and that pose a systemic risk
- Coordinate the cooperation and information exchange with bodies responsible for similar missions abroad