Michel Prada (born 2 April 1940) is a lawyer and administrator who became a French civil servant, holding a number of senior positions.

Background

Prada was born on 2 April 1940 in

Bordeaux Bordeaux ( ; ; Gascon language, Gascon ; ) is a city on the river Garonne in the Gironde Departments of France, department, southwestern France. A port city, it is the capital of the Nouvelle-Aquitaine region, as well as the Prefectures in F ...

. He attended the

Institut d'études politiques de Bordeaux Institut d'études politiques de Bordeaux (), also known as Sciences Po Bordeaux (), is a French grande école located on the university campus of Pessac, Bordeaux. It is attached to the University of Bordeaux. Established in 1948, Sciences Po ...

, and then the Ecole Nationale d'Administration from 1964 to 1966. He graduated from the University of Law and Economics with a master's degree in Law. Prada is married and has 5 children. He has been awarded the titles of Commander of the "

Légion d'Honneur The National Order of the Legion of Honour ( ), formerly the Imperial Order of the Legion of Honour (), is the highest and most prestigious French national order of merit, both military and Civil society, civil. Currently consisting of five cl ...

" and Great Officer of the "

Ordre National du Mérite The (; ) is a French order of merit with membership awarded by the President of the French Republic, founded on 3 December 1963 by President Charles de Gaulle. The reason for the order's establishment was twofold: to replace the large number of ...

" and is also Chevalier of the "

Ordre des Arts et Lettres The Order of Arts and Letters () is an order (distinction), order of France established on 2 May 1957 by the Ministry of Culture (France), Minister of Culture. Its supplementary status to the was confirmed by President of France, President Cha ...

". He has been Chairman of the Board of the

Orchestre de Paris The Orchestre de Paris () is a French orchestra based in Paris. The orchestra currently performs most of its concerts at the Philharmonie de Paris. History In 1967, following the dissolution of the Orchestre de la Société des Concerts du ...

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 (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 Enron Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was led by Kenneth Lay and developed in 1985 via a merger between Houston Natural Gas and InterNorth, both re ...

and

WorldCom MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T. WorldCom grew largely by acquiring other telecommunicatio ...

in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and of Parmalat in

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

, 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 The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public prac ...

to ensure they were in compliance with the public interest. Prada was appointed a member of the Financial Crisis Advisory Group set by the

International Accounting Standards Board The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). ...

and the US

Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Secur ...

, with the mandate of considering financial reporting issues uncovered by the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. 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 was also appointed chairman of the Board of Trustees of the

International Valuation Standards Council The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international tech ...

a post he held until December 2011 when he was appointed as chairman of the International Financial Reporting Standards Foundation. He is a board member of the International Centre for Financial Regulation (ICFR) and co-chair of the Council on Global Financial Regulation.

Bibliography

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References

{{DEFAULTSORT:Prada, Michel Living people 1940 births People from Bordeaux French economists French accountants