Michel Prada
Encyclopedia
Michel Prada is a lawyer and administrator who became a French
civil servant, holding a number of senior positions.
.
He attended the Institut d'études politiques de Bordeaux
, and then the Ecole Nationale d'Administration
from 1964 to 1966.
He graduated from the University of Law and Economics with a Masters degree in Law.
Prada is married and has 5 children.
He has been awarded the titles of Commander of the "Légion d'Honneur
" and Great Officer of the "Ordre National du Mérite
" and is also Chevalier of the "Ordre des Arts et Lettres".
He has been Chairman of the Board of the Orchestre de Paris
and of the Board of the Institut d'Etudes Politiques de Bordeaux.
He was then transferred to the Ministry of the Economy in the Directorate of Public Accounting, becoming a Director of Accounting in 1978. He was appoint Budget Director in 1985. In 1987 he was promoted to Inspector General of Finance.
From 1988 to 1995 he was Chairman of Crédit d'Equipement des Petites et Moyennes Entreprises (Credit Facilities for Small and Medium Businesses), a bank.
He was a member of the Economic and Social Council and of the National Credit Council between 1994 and 1995.
Prada was Chairman of the French Securities Regulator from 1995 until 2002.
He was Chairman of the Executive Committee of the International Organization of Securities Commissions
(IOSCO) from September 1996 to September 1998, and Chairman of the Technical Committee from September 1998 to May 2000.
He was again Chairman of the Technical Committee from 2006 to 2008.
In November 2003 he became Chairman of the Autorité des Marchés Financiers, which regulates the stock market.
Prada was a founding member of the Financial Stability Forum
, the Forum of European Securities Commissions and the Committee of European Securities regulators.
In the wake of a series of corporate scandals including the collapse of Enron
and WorldCom in the United States
and of Parmalat
in Europe
, Prada led a collaborative effort by members of the international financial regulatory community to establish the Public Interest Oversight Board
(PIOC) in 2005. The PIOC would oversee standards-setting activities of the International Federation of Accountants
to ensure they were in compliance with the public interest.
After retiring from the Autorité des Marchés Financiers in December 2008, Prada became chair of the Conseil de Normalisation des Comptes Publics (Public Sector Accounting Standard Council) at the Budget Ministry of France.
He also became a board member of the International Centre for Financial Regulation
(ICFR) and co-chair of the Council on Global Financial Regulation.
Prada was appointed a member of the Financial Crisis Advisory Group set by the International Accounting Standards Board
and the US Financial Accounting Standards Board
, with the mandate of considering financial reporting issues uncovered by the global financial crisis.
French people
The French are a nation that share a common French culture and speak the French language as a mother tongue. Historically, the French population are descended from peoples of Celtic, Latin and Germanic origin, and are today a mixture of several ethnic groups...
civil servant, holding a number of senior positions.
Background
Prada was born on 2 April 1940 in BordeauxBordeaux
Bordeaux is a port city on the Garonne River in the Gironde department in southwestern France.The Bordeaux-Arcachon-Libourne metropolitan area, has a population of 1,010,000 and constitutes the sixth-largest urban area in France. It is the capital of the Aquitaine region, as well as the prefecture...
.
He attended the Institut d'études politiques de Bordeaux
Institut d'études politiques de Bordeaux
Sciences Po Bordeaux, or Institut d'études politiques de Bordeaux, is a French political science grande école situated on the university campus of Pessac, 8 km from the centre of Bordeaux and is attached to the Montesquieu University - Bordeaux IV. It was established in 1948...
, and then the Ecole Nationale d'Administration
École nationale d'administration
The École Nationale d'Administration , one of the most prestigious of French graduate schools , was created in 1945 by Charles de Gaulle to democratise access to the senior civil service. It is now entrusted with the selection and initial training of senior French officials...
from 1964 to 1966.
He graduated from the University of Law and Economics with a Masters degree in Law.
Prada is married and has 5 children.
He has been awarded the titles of Commander of the "Légion d'Honneur
Légion d'honneur
The Legion of Honour, or in full the National Order of the Legion of Honour is a French order established by Napoleon Bonaparte, First Consul of the Consulat which succeeded to the First Republic, on 19 May 1802...
" and Great Officer of the "Ordre National du Mérite
Ordre National du Mérite
The Ordre national du Mérite is an Order of State awarded by the President of the French Republic. It was founded on 3 December 1963 by President Charles de Gaulle...
" and is also Chevalier of the "Ordre des Arts et Lettres".
He has been Chairman of the Board of the Orchestre de Paris
Orchestre de Paris
The Orchestre de Paris is a French orchestra based in Paris. The orchestra performs most of its concerts at the Salle Pleyel.-History:In 1967, following the dissolution of the Orchestre de la Société des Concerts du Conservatoire, conductor Charles Munch was called on by the Minister of Culture,...
and of the Board of the Institut d'Etudes Politiques de Bordeaux.
Career
Prada was appointed an Inspecteur des Finances, holding this position from 1966 to 1970.He was then transferred to the Ministry of the Economy in the Directorate of Public Accounting, becoming a Director of Accounting in 1978. He was appoint Budget Director in 1985. In 1987 he was promoted to Inspector General of Finance.
From 1988 to 1995 he was Chairman of Crédit d'Equipement des Petites et Moyennes Entreprises (Credit Facilities for Small and Medium Businesses), a bank.
He was a member of the Economic and Social Council and of the National Credit Council between 1994 and 1995.
Prada was Chairman of the French Securities Regulator from 1995 until 2002.
He was Chairman of the Executive Committee of the International Organization of Securities Commissions
International Organization of Securities Commissions
The International Organization of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets....
(IOSCO) from September 1996 to September 1998, and Chairman of the Technical Committee from September 1998 to May 2000.
He was again Chairman of the Technical Committee from 2006 to 2008.
In November 2003 he became Chairman of the Autorité des Marchés Financiers, which regulates the stock market.
Prada was a founding member of the Financial Stability Forum
Financial Stability Forum
The Financial Stability Forum was a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. The Forum was founded in 1999 to promote international financial stability...
, the Forum of European Securities Commissions and the Committee of European Securities regulators.
In the wake of a series of corporate scandals including the collapse of Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
and WorldCom in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and of Parmalat
Parmalat
Parmalat SpA is a multinational Italian dairy and food corporation. Having become the leading global company in the production of ultra high temperature milk, the company collapsed in 2003 with a €14 billion hole in its accounts in what remains Europe's biggest bankruptcy...
in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Prada led a collaborative effort by members of the international financial regulatory community to establish the Public Interest Oversight Board
Public Interest Oversight Board
The Public Interest Oversight Board is an international body that oversees the International Federation of Accountants and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics....
(PIOC) in 2005. The PIOC would oversee standards-setting activities of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
to ensure they were in compliance with the public interest.
After retiring from the Autorité des Marchés Financiers in December 2008, Prada became chair of the Conseil de Normalisation des Comptes Publics (Public Sector Accounting Standard Council) at the Budget Ministry of France.
He also became a board member of the International Centre for Financial Regulation
International Centre for Financial Regulation
The International Centre for Financial Regulation is a non-partisan organisation focused entirely on financial regulation . It is the product of a collaboration between International Financial Services institutions and the UK Government...
(ICFR) and co-chair of the Council on Global Financial Regulation.
Prada was appointed a member of the Financial Crisis Advisory Group set by the International Accounting Standards Board
International Accounting Standards Board
The International Accounting Standards Board is an independent, privately funded accounting standard-setter based in London, England.The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee...
and the US Financial Accounting Standards Board
Financial Accounting Standards Board
The Financial Accounting Standards Board is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles within the United States in the public's interest...
, with the mandate of considering financial reporting issues uncovered by the global financial crisis.